I'm in the process of buying my first home, and being under a certain income has granted me a few great incentives in my city. I qualify for a down payment assistance program. I only had to take a free 8 hour class (split into 2 sessions) to qualify. Up to 20% of the home price, including closing costs, is given as a 0% interest forgivable loan by the city. I also am going through a USAA approved realtor, which guarantees a credit back based on the price of the home sold. I also qualify for a mortgage credit certificate, which means I should get a 40% credit back on mortgage interest paid (not to exceed $2000) when I file my taxes. So, I urge everyone who is looking to buy their first home, and has a low income, to see what sort of programs and incentives are available in their areas. There are even more that I didn't qualify for due to being above the poverty line and buying a home in a nicer area of town.
September 11, 2017 at 10:30PM
