I was driving down Main Street the other day and saw the new sign that Southern States Lending has put out. I wanted to comment on it...
Free Money from the government IS possible - believe it or not!! Here is the little bit that I know...
The program that I am most familiar with gives a $10,000 (or is it $5000) grant to first time buyers purchasing a home in the city of Cartersville. If you live in the home for 5 years the debt is forgiven and the money is yours free and clear. If you move before your 5 years are up then you pay them back the grant money. (I'm not sure of the repayment terms) There is only so much money available and it runs out quickly so you have to be first in line for it and you have to purchase a house that qualifies for the grant. I've known several buyers who have used this money and it has meant the difference in their being able to purchase a property or continuing to rent.
There are other loan programs out there similar to this that are not necessarily money from the government but are still worth checking out - Here are a couple that quickly pop into my mind...
Down payment assistance programs (Nehemiah is a popular one) help give you the money you need for a down payment so you don't have to come out of pocket with the money.
Rural development loans (that most all of Bartow County qualifies for) help in purchasing homes in less developed areas.
These programs are still out there (as far as I know) and can be used by buyers so be sure and ask your lender or Realtor about them!!
For your information and to double check my facts (as well as other loan options) - I'm forwarding this post to some of my lender friends for their comments. After all - I'm just a Realtor - I know houses not loans - I leave the money to the experts!! So stay tuned and see who all posts and what great advise comes back because in this economy FREE MONEY is always a GREAT thing!!
Leigh Anne
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