The Costs of Homeownership Drive First-time Buyers Away

CNBC’s Diana Olick talks with Mark Calabria, newly confirmed Chief of the Federal Housing Finance Agency, about Fannie Mae and Freddie Mac, the outlook for housing finance and more.Freddie Mac speeds up availability of streamlined loan mods Using Streamlined Modification to Save Your Home Without. – Fannie Mae and Freddie Mac are currently offering a streamlined modification program. This program allows struggling homeowners to get relief without having to fill out any paperwork or forms. This program can help the borrower overcome the barriers that are put up by the documentation and application process.

Some buyers might put down $200, while others will write a check for $2,000. Buyers can typically get this money back if the deal falters; otherwise it’s often applied to a down payment or closing costs. VA buyers often put this money toward closing costs – or get it back in full – because of the program’s $0 down benefit.

This guide walks you through the basics of how to apply for a mortgage, how to find assistance programs for first time home buyers, how to make an offer on a home and other important steps. Learn about closing costs and the real cost of home ownership.

 · The Montgomery Homeownership Program allows buyers to take advantage of several incentives, including: The deferrable zero-interest loan equal.

Delays push foreclosures to 40-month low in April  · Foreclosure activity last month dropped 9 percent from March 2011 and 34 percent from April 2010, according to RealtyTrac’s latest U.S. Foreclosure Market Report.Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were reported on 219,258 U.S. properties in April, the lowest level in more than three years.

With an average price tag of $377,800 in December 2014, according to the United States Census Bureau, new homes are one of the biggest investments a person can make. Not included in that hefty.

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11 unknown costs of homeownership Buying your first home is all about smart budgeting – saving enough for a downpayment, crunching numbers to determine how much mortgage you can afford, allocating funds to DIY your fixer-upper into move-in condition.