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The Biden-Harris administration has introduced programs designed to help buyers, ordinary people, make buying a home more affordable and achievable for the first time. In this video, I will tell you how you can take advantage of this plan and take the first steps to buying your dream home!
First, we will go to the real estate website and check how things are in different states.
Yes, if we mark new housing with a “heart” several times as liked, or, make the NEW Construction option, then the site algorithm will increasingly offer us new options for new housing under construction under this program.
And here we can see the price category of these new houses in different states. For example, in states such as Carolinas, Alabama, Iowa, and West Virginia, the average price is from $ 143 thousand to 500 thousand and above. To taste and color, as they say - choose a state, place, and house according to your preferences and possibilities. Google to the rescue: for example, you can ask the question, how much annual income do you need to buy a house worth $400 thousand?
And here we see that you need to earn about $100 thousand or more per year - this is your net income.
This Plan is aimed at making home ownership more affordable through tax credits, financial assistance, and increased housing affordability. This plan helps first-time homebuyers, especially in low-income communities, find affordable housing in today's competitive market.
One of the most interesting features of this plan is the first-time homebuyer tax credit. If you qualify, you can get up to $15,000 for a down payment or other costs associated with buying a home. This credit can be applied immediately after purchasing a home, without waiting for tax season. For example, you can use them to purchase additional options for the purchase of a home: a larger lot, outbuildings, a carport to the backyard, a fireplace, landscaping near the house and other goodies to make the house look like your dream home.
FHA loans are a great option for first-time homebuyers, and the White House administration is making these loans even more accessible. With lower down payments — sometimes as low as 3.5 percent — and flexible credit requirements, FHA loans make it easier to get approved and buy your first home.
The plan also addresses the housing shortage, with 3 million homes planned to be built over 5 years. As more homes are built, you’ll have more options, especially in high-demand areas where housing can be hard to find.
Ready to get started? Here’s a simple step-by-step guide to buying your first home with the AFFORDABLE HOUSING plan:
• Step 1: Check your credit score.
A credit score is one of the most important indicators of a person’s financial reputation, and lenders use it to approve or deny your loan applications.
• Step 2: Explore lending options like FHA loans.
A FHA loan is a loan provided by an approved lender but protected by the Federal Housing Administration (FHA) in the United States.
• Step 3: Save money for a down payment. (from 3.5%)
• Step 4: Get a mortgage pre-approval. (mortgage pre-approval)
• Step 5: Find a real estate agent who knows the local market and will represent your interests in the transaction.
• Step 6: Start looking for a home.
• Step 7: Make an offer and close the deal! You may want to do this with your agent.
By the way, almost all developers have their own brokers, lenders (lenders), and realtors (agents).
Therefore, it is convenient to simply contact the developer's office, choose the house you like and the rest of the home-buying process will happen according to the established scheme. Here, your agent will supervise you. He will represent your interests.
In addition, the participation of your agent is the best way to conduct a transaction while maintaining your requirements and wishes. Well, I wish you good luck in finding and buying the home of your dreams!
https://www.whitehouse.gov/briefing-r...
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