Your House Can Be Your Biggest Source of Savings

Jan. 19, 2011 — -- If you want to save a lot of money (and who doesn't?), then you need to look at where you spend a lot of money. Remember that 1980s movie The Money Pit? Actually the movie wasn't very memorable at all, but I've always remembered it because it was about a house. A house in need of tons of ultra-expensive repairs. Even if your home is in good shape, it's still your most expensive undertaking. BUT it can also be your biggest source of savings. I'll say it again: if you want to save money, figure out where you spend money.

Here's a roundup of helpful websites that can help you SAVE BIG on a house when you initially buy it and then as you own it.

Buying the House for Less

Almost every state offers first-time homebuyer assistance programs that can be pretty dramatic. They may be able to help you afford a home faster, by helping with your down payment or closing costs or mortgage rate. And the funny thing is "first-time homebuyer" is defined very loosely. If you haven't owned a home in three years, many of these programs consider you a first-timer. To see a listing of programs state by state, Click here

If you live in a rural area --or would like to-- you need to know about Section 502 Loans. They are special low interest mortgages guaranteed by the US Department of Agriculture as an incentive to get people to buy in less populated area. The mortgages are called Section 502 loans or Rural Housing Guaranteed Loans. To learn more, visit the U.S. Department of Agriculture's website. Click here