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First Time Home Buyers

All articles tagged with #first time home buyers

"Biden's Housing Agenda: Proposals, Solutions, and Re-Election Impact"

President Biden will propose a new set of housing initiatives, including a $5,000 tax credit for first-time home buyers to offset high mortgage rates and encourage people to move out of starter homes. The proposals also include a one-year credit of up to $10,000 for families who sell their starter homes, as well as an expansion of the low-income housing tax credit and a new neighborhood homes tax credit. The administration aims to address the housing market's strain by providing financial relief to home buyers and renters, while also pushing for unilateral actions to reduce closing costs and help struggling renters.

via The Washington Post|

#affordable-housing #biden #first-time-home-buyers

real-estate2 years ago•2 min saved

"California Revamps Homebuyer Program with New Lottery for Down Payment Funding"

California's Dream For All Shared Appreciation loan program, aimed at helping first-time homebuyers with down payments, is relaunching with changes including a new lottery system to handle the high demand, lower income limits, and a larger fund allocation. Prospective home buyers have until April to find a state-approved lender and start working on the application, with 1,700 to 2,000 winners receiving vouchers. The program aims to reach a more diverse group of potential home buyers statewide and ensure equitable distribution of funds across different regions.

via KTLA Los Angeles|

#california #down-payment-assistance #first-time-home-buyers

real-estate2 years ago•4 min saved

Top Suburban Market in Upstate NY Tops List for First-Time Home Buyers

Irondequoit, a town just 5 miles outside Rochester, N.Y., has been ranked as the No. 1 market for first-time home buyers in 2024 due to its affordability and expected home-price appreciation. The median listing price is substantially lower than the national median, but low inventory is leading to homes being snapped up quickly. The area's popularity has grown due to its affordability, proximity to the Finger Lakes region, and the presence of notable universities and attractions in Rochester. Other promising markets for first-time buyers in 2024 include Benton, Ark.; Winterset, Iowa; and Newington, Conn., all known for their affordable housing options.

via MarketWatch|

#affordability #first-time-home-buyers #housing-market

real-estate2 years ago•5 min saved

"Millennials prioritize down payment cash over wedding gifts for affordable housing market"

As housing market affordability becomes increasingly strained, more millennial and Gen Z couples are opting for cash contributions towards a down payment on a home instead of traditional wedding gifts. This trend of establishing "first home funds" on wedding registries has gained popularity in recent years, with 16% of couples registering in 2022 creating such funds. The rising cost of weddings, coupled with the challenges of affordability and competition in the housing market, has led couples to seek alternative ways to achieve homeownership. Despite the difficulties, first-time home buyers are getting creative by using multiple sources, including savings and gifts from family or friends, to finance their down payments.

via Fortune|

#affordability #first-time-home-buyers #home-funds

real-estate2 years ago•6 min saved

Home loan assistance program depleted in record time with $300 million in demand.

California's $300 million Dream for All Shared Appreciation Loans program, aimed at helping first-time homebuyers with a 20% down payment, was entirely reserved for applicants currently under contract to buy their first homes in just 11 days. The program's popularity speaks to the tremendous desire for homeownership, but a lack of inventory could make things even more frustrating for homebuyers in this already-competitive local housing market. The state encourages people to explore other homebuyer assistance programs posted on its website and work with a lender well-versed in financing options that'll fit their budget needs.

via KCRA Sacramento|

#california #first-time-home-buyers #home-loans

real-estate2 years ago•1 min saved

High Demand Pauses California's Homeownership Assistance Programs.

California's new mortgage relief program for first-time home buyers, the "California Dream for All Shared Appreciation Loan" program, has been paused due to overwhelming demand less than two weeks after it began. The program, aimed at lower- and middle-income borrowers, was designed to provide loans amounting to 20 percent of a home’s purchase price. The $300 million allotted for the program was expected to last for months, but instead, it became evident within days that the money would run out almost immediately. The program was helping 2,300 Californians buy their first homes, and its pause has left many applicants in limbo.

via The Washington Post|

#affordable-housing #california #first-time-home-buyers

real-estate2 years ago•1 min saved

US Housing Market: Mixed Results in Sales and Prices Across Regions.

A recent study by Rocket Homes compared 383 major metropolitan areas to find the best ones for home buyers with household incomes of $65,000 or less. Midwestern metros fared well, helped by lower prices and protection from coastal climate hazards. Wausau, Wis., with a median home price of $228,770 and an estimated monthly mortgage payment of $1,482, came out on top, spurred by low rates of unemployment and crime. Cities in Indiana, Missouri and North Dakota followed. Pittsburgh came in seventh, thanks in large part to the health of its residents. And Chambersburg, Pa., came in eighth, helped by its low crime rate.

via The New York Times|

#budget #first-time-home-buyers #home-buying

real-estate2 years ago•4 min saved

"California Launches Loan Program to Assist First-Time Home Buyers with Down Payments"

The California Housing Finance Agency is launching the "California Dream For All Shared Appreciation" loan program to help first-time home buyers with low and moderate incomes. The program will provide 20% of the home's cost to help with the down payment, and when the homeowner sells the house, the state gets a portion back to help the next first-time buyer. The state plans to provide $300 million in payments to help 2,300 first-time buyers.

via KCRA Sacramento|

#affordable-housing #california #down-payment