Posted by chris on April 12, 2000 at 03:16:13:
What you mentioned are good ideas. How about taking advantage of the first time homebuyer programs local govt has? Your cousin may qualify for all sorts of good things as a first time homebuyer-and that is a loose term. Many of these programs define first time homebuyer as someone who has not purchased a home in three years. Some of these programs have excellent features such as down payment and closing costs will be taken care of and do not need to be repayed as long as the homeowner lives in the property for a certain period of time. The mortgages are below market rate and are fixed rate. They may not even need to pay anything out of pocket. The income level can be pretty loose also.
Each area has different programs and rules. You or your cousin will need to do some calling to get the info for your area mailed to them. Look in the government pages of your phone book and contact the city/county housing and community development departments. The State Housing Finance Agency also should have programs available.
These departments are also handy for a homeowner who needs to fix up their residence. I have seen a zero % interest fix up loan in the past.
-Good Luck to you and your cousin, Chris