First time home buyer- Question(s)

[Account Closed]

Good morning BP

I am new to real estate, looking to invest in a nice starter home to live in New Jersey (south). I just began my search and looking into the price range of 130-170k.

My credit score is good, and I qualify for both USDA and FHA. I am leaning towards USDA as I could use the extra money to cover closing costs and have a security fund.

I have been researching first time home buyer's grants and wondering if I can get some more clear cut information about what programs I should be looking for and whether or not they are eligible for a USDA lender. Ultimately, it would be great to have a grant that covers the closing costs of the house. Does anyone have experience with first time home buyers grants? 

FHA appeals to me because it is a fixed interest rate, does USDA have this also?

I am new to all of this so disregard any ignorance I display in my post. Thanks!

[Chris Torres]

Alex, 

When buying a home a real estate attorney has your back when writing up a contract. He/She is able to write up an agreement with the seller to make sure you do not get screwed on the sale of purchase. For example, under contract you have 14 days for home inspection YOUR attorney can state that if you hire a home inspection and do not like what the home inspection report states you can back out assuming their is a home inspection clause. Just little things like that can help you secure the seller from taken advantage of you since we are starting out. Also Cheryl might be able to help you since she is more familiar with first time home buying programs.  USDA is for mostly West Jersey typically rural areas but did you check the eligibility in the USDA website you can see which towns and cities USDA covers this can be very helpful.(Look into this seriously) Any other questions let me know. I have no problem on helping out.