OPTIONS FOR FIRST-TIME HOME BUYERS

For many first-time home buyers, the process can be daunting and inherently overwhelming; however, the benefits available to all those looking at purchasing their first home can make it worthwhile.  Plain and simple, while many new homeowners view large purchases as a burden, buying not only allows you to secure a house which suits your needs, but it also creates the opportunity for additional tax benefits, healthy credit establishment, and income that’s not continually thrown away on rent.

With this, while most first-time buyers are obviously focused on keeping their mortgage payments low, it’s important to be aware of the fact that there’s an array of loan programs available to help make the process more affordable.

1.) First-Time Buyer Programs—While often overlooked, many programs offer wonderful educational support, which helps prospective buyers obtain guidance and advice when it comes to clearing any existing credit/debt problems. 

2.) Does “First Time” Really Mean First Time?—Yes, the statement is “first-time home buyer;” however, many programs won’t disqualify you for being a previous owner.  Generally speaking, if it’s been over three years since you’ve bought a home, you may actually qualify again.

3.) Look for Other Programs—In addition to checking the requirements for first-time home buying programs, it’s also important to pay attention to the terms of other federal and private services, which may offer similar advantages.  For example, the U.S. Department of Agriculture offers a Rural Development Guaranteed Housing Home Financing option that gives homeowners (who live in areas with a population of 20,000 or less) 100% financing.

In the end, if you have reasonable credit, pay your bills on time, and keep a steady job that puts money in your pocket, the probability is good that you’re going to qualify.  A great lender will help you navigate the waters, so with a little financial monitoring, you should be on your way!