Exclusive Buyer

class, which include topics such as home economics, budgeting, saving, pre-qualifying for a mortgage, and homeownership responsibilities. By doing so, these individuals stand a greater chance of qualifying for a mortgage and increasing their chances of eligibility for a federal grant. Besides pre-qualifying for a mortgage, you will need to get your credit checked (and possibly fixed, depending on what the report reveals), and your income level (and proof thereof) will play a factor, as well. For the majority of grants, you’ll need to find a balance between demonstrating that you do, in fact, require down payment assistance (or financial assistance in other areas, such as closing costs), but also that you are making enough money to be able to qualify for a home loan and afford monthly mortgage payments. It can be a fine line. Application There are steps to follow when applying for a buyer grant. First, find a home buyer grant that fits you. Then, check the requirements of that grant program. Finally, find an approved lender and fill out all the application forms correctly. The HUD website is a great resource for buying a home, whether it’s your first or your tenth! (https://hud.gov) Specific Homeowner Tax Breaks PENALTY-FREE IRA WITHDRAWALS. First-time home buyers are eligible to withdraw $10,000 during their lifetime from their Individual Retirement Accounts (IRAs) without paying the 10% penalty for withdrawal before the age of 59 ½, assuming certain requirements are met —mainly that the money must be used to buy or build a primary residence. MORTGAGE INTEREST DEDUCTION. This is one of the most

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