A home is a excellent long term investment. When a consumer is renting, they write their monthly check and that money is gone forever. However, when a consumer owns their home, they can deduct the cost of their mortgage loan interest from their federal income taxes, and usually from their state taxes. This will save them a lot each year, because the interest they pay will make up most of their monthly payment for most of the years of their mortgage. Consumers can also deduct the property taxes they pay as a homeowner. In addition, the value of the home may go up over the years. Finally, they will enjoy having something that's all theirs - a home where their own personal style will tell the world who they are.
Consumers can become a homebuyer even if they have bad credit, and don't have much for a down-payment. Consumers may be a good candidate for one of the federal mortgage programs. FHA loans require only 3% down - along with closing costs.
Closing costs - which the buyer will pay at settlement can average 3-4% of the price of their home. These costs cover various fees the lender charges and other processing expenses. When the consumer applies for the loan, the lender will give them an estimate of the closing costs, so they won't be caught by surprise. If they decide to buy a HUD home, HUD may pay many of the closing costs.
A consumer interested in one of these programs should start by contacting one of the HUD-funded housing counseling agencies that can help them sort through their options. Also, they should contact their local government to see if there are any local homebuying programs that might work for them. A free consumer organization called "Bad Credit MD" also provides useful tips and resources for individuals and families seeking a low down payment first time home buyer program with bad credit. Their information can be found at http://www.badcreditmd.com/mortgages/.
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Bad Credit MD, is a free On-line consumer information guide that helps people with credit problems in Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
Bad Credit MD has been in business helping consumers with bad credit since April of 2007 and is a subsidiary of Enticing Designs Publishing. The staff has various backgrounds in the financial and mortgage industry. This self-help site has over 500 pages of credit advice and articles. Its staff has researched its information with various governments around the world to provide the most comprehensive and accurate information free of charge.
To contact the company spokesperson, go to https://plus.google.com/u/0/104692534381789121018/posts
