I have an accepted offer on a house I would like to buy. I have applied for an FHA loan and I have a total of $35,000 to put down. I would like to know if there are any programs or grants that help out with first time home buyer in Danbury, Connecticut. I am looking at a mortgage payment of $2600 and really feel more comfortable with a $2000 mortgage payment. If someone know of any programs please let me know. I have submitted all my paperwork to the bank and seller is looking to close in three weeks. Thank you.::confused:

There are some tax advantages for first time buyers. But are you sure you want to do this? A large part of the mortgage crisis is people buying more house than they can afford.

I definitely want to do this because I am tired of renting and helping my landlord pay his mortgage. I just need to know if there are any resources out there for first time home buyers.

I guess our question is, if you can really afford 2000 a month why are you buying a home that is going to cost 2600 a month. Should you not be looking for a home in a lower price bracket. Perhaps a foreclosed property, one on the market for over a year and so on.

The reason there are so any foreclosures is this exact problem, people buy more home than they can afford.

I don't know what the housing market in Danbury CT is, but 2600/mo is an awfully expensive house. Before factoring taxes in that is probably in the 300K range. Is that the price of a typical starter home in that part of CT?

Bottom line is this - if 2600 is more than you want to pay a month, find a different house. $600 a month extra for housing is no joke and it is going to weigh on you EVERY month for the next 30 years.

As for resourses for 1st timers - what are you looking for? There is a $7500 tax credit for 1st timers in 2008 that you can get if you close before July 1, 2009, but that gets paid back. There is an 8000 credit in the proposed stimulus for the 2009 tax year. Not sure if that gets paid back or not.

What kind of program are you looking for? I hope one that counsels on overspending.

But to actually return to your qestion, most assistance in buying a home is done though local level, For example a few years ago if you would risk moving back into the inner city, you could get a large help with the down payment if the owner lived in it, and stayed for a number of years.

In another place, there was a reduced rate loans back by the county if you lived in the home for a number of years, if you moved out early the interest rated converted to another rate and was due from time of purchase.

Your local real estate agent will know of programs in your area.

Thank you for your responses!