I live in the great state of Georgia and am interested in buying a home, eventually. Not really sure when, because it takes so long to save up for a down payment. I recently realized there's all these programs for assistance with your down payment, especially for first-time home buyers... sometimes these even come in the form of a grant. A "grant" sounds like free money to me, but understandably there are going to be considerable restrictions.
I'm new to discovering these, so I haven't gotten a lot of research in yet, but I would like information/opinions from you guys as the intelligent and un-biased community that you are. I found this website
downpaymentresource.com which seems pretty awesome. My main concern with reaching out to real people and resources is that they will be giving me one-sided and beneficial-to-them information (i.e., "yeah of course it's a great time to buy even with what little cash you have! Here, for a small fee let me get you set up with this xxxx-type of loan-pre-approval/home search analysis etc.")
Questions:
At what point in your financial life did you say "OK, I think I should go get pre-approved for a loan to buy a house"?
Slightly different question: At what point in
my financial life would you
recommend saying "OK, I think I should go get pre-approved for a loan to buy a house?"
How should the timing of the "loan shopping" correspond with the time frame you actually buy a house?
Can a down payment assistance type program be mustachian?
Can someone just explain from a candid point-of-view what all this down payment assistance and HUD stuff is about (or point me to a good resource I can read it myself)?
More info: I am 24 with a good paying and secure job right in the city. I'd like to spend around $150k, but that could vary widely in the end. (There are super cheap places to live within short distances from work, but they are either a rough area or really poor condition houses. On the other end of things, $200k might be a better price range to be in to help mitigate getting something real crappy, unforeseen problems,etc. )
Last note: Yes this topic is spurred on by a sweet property I found that makes my heart throb with wild home-ownership, grass cutting, garden tending, floor sweeping domestication day-dream fantasies. Which I at once snapped myself out of and said I need to get serious about learning some more stuff here.
Thanks for any input and guidance!