Comments on: Less Help for First Time Home Buyers with a Decent Income

By: Anon

Anon — Wed, 28 Nov 2007 20:14:39 +0000

“After all, we were in fact first time home buyers and this would be the only time weâ€™d be able to claim this title.”

Actually in most places if you haven’t owned a home (i.e. sold and moved, then rented before buying again) for somewhere between 2-5 years you’ll qualify again as a “first time homeowner”

By: jj

jj — Tue, 27 Nov 2007 22:28:13 +0000

In Los Angeles county, they have a program for moderate-income first time homebuyers. You can less assistance but it does make a difference. Unfortunately house prices are still too high and unaffordable if you’re low to moderate income.

By: Minimum Wage

Minimum Wage — Tue, 27 Nov 2007 07:26:46 +0000

Basically all we had to do was go to this class about home buying for a few hours and then we would get a certificate and that would make us eligible for the program. In this program we could get a mortgage with no down payment, no private mortgage insurance, and a low rate of 5.875% (which could have been even lower if we decided to buy it down with points).
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Sounds great, where do I sign up?

By: Brian

Brian — Mon, 26 Nov 2007 00:54:52 +0000

That’s too bad. What was the purpose of the class? Were they trying to sell you something else? or was it just to teach you about home ownership?

If it make you feel any better I didn’t get a first time mortgage special either.

By: mike

mike — Sun, 25 Nov 2007 22:02:20 +0000

This is the old ‘bate and switch’ ploy. In other words, a great offer sucks you in (but the proprietor has no intention of honoring it). The thinking is get you interested, encounter a roadblock then offer a clever solution. That’s more than you would ever commit to (under ordinary circumstances) This tactic is often used in high cost/high commitment items. Surprisingly, most people faced with this trick, fall for it. You did the right thing by walking away. Thank your lucky stars.