Yellow's Green

The Adventures of Money Blog.

Tuesday, September 19, 2006

Low-Income Homeownership

Erik and I would like to get ourselves edjumucated on first-time home buying. We're doing very well not spending much of the money we bring in, but it would be good to have a better idea of what we're saving towards, and when we can use that saved money.

We know there are all sorts of incentives and helps for first-time home buyers.

Here is our dream:
-Buy some land (2-5 acres) close (meaning as close as possible) to the family.
-Build our own small home and farm the remaining land.

Here are some questions we have:
-Would it be better to make a strong effort now to find a home -any home- while we can still qualify for benefits for those in the "very low income" range in the area?
-How much can we afford to pay per month in a home where we'd still like to be saving toward our dream.
-Where can we find a free class on first-time home buying?
-How in the world do people with our income afford to live in homes?
-If we keep going just as we are now, how long will it be before we can afford what we want?

Tips? Pointers?

1 Comments:

  • At 12/18/2006 3:02 PM, Anonymous Anonymous said…

    check out fannie mae.org or freddy mac.org, both have some good info for first time homeowners especially the low-income type.Other housing organizations may offer other incentives for first timers. Talk to you City or County's Housing Authority.
    -kay

     

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