There are programs available to help first time buyers purchase a home.
Doing this can be a daunting experience. You’ll need to go back to school to learn the financial terms that you’ll face. And be forewarned that you’ll get writer’s cramp while filling out all the mountains of paperwork necessary. But in spite of all that, 74% of first time buyers think that the largest challenge that they face is to save the down payment.
However, there are a few grants and programs that may be able to help those first-time buyers to achieve the American Dream. And in addition, often it’s possible to have the seller pay some or all of your closing costs. As a result, you’ll need to save even less cash.
Of all the programs available, this is the most widely known and most popular. That’s because it allows for a low down payment. However, you’ll need to pay mortgage insurance along with it. Although, lower credit scores are permissible.
The Department of Agriculture guarantees these loans. Similar to FHA, however sometimes there can be no down payment involved. And no, you don’t need to run a farm to be eligible for this.
This is a great program for past and present military veterans and surviving spouses. With a VA loan, lenders to offer mortgages with special features, such as no down payment.
These government sponsored entities work with local lenders. They can offer mortgages, grants and programs for low to moderate-income families
Many states and counties have grant monies available to help first-time home buyers. Don’t get too excited over this program, because income restrictions apply. Quite often if your income is low enough to qualify for these programs, you probably don’t have enough income to qualify for a mortgage unless you have a very large down payment. But hey – it’s worth a try.
This great program is for people who want to buy a fixer-upper to live in. This loan considers what the property will be worth after it has been fixed up. Additionally, you can borrow the funds you need to not only purchase the home, but also to do the necessary renovations. With this program, both the purchase funds and the renovation funds are included in your mortgage payment
For details, please speak with a mortgage professional. If you need a referral, contact us.
When you’re ready to begin looking for a home, contact us.
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