Well, today we get a quick look at some new federal money to help first time buyers avoid financial and unaffordable borrowing pitfalls. Previously established, housing counseling had been cut back last year with various budget cuts by Congress. However, after some strong prodding, some funds for the program have been restored to HUD's budget.
Basically, these funds, totalling $42 Million, will be used mainly for counseling to first time buyers so that they intelligently can analyze and proceed on the mortgage part of their purchase.
If you have any questions about the program, contact HUD directly. Good Luck!
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