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First Time Home Buyer Programs
First time home buyers are in luck as there are many different programs for them to choose from to help them purchase their first home. There are many benefits to buying your first home. It establishes your credit and makes you eligible for different tax benefits. Let’s take a look at the different programs that are available for first time home buyers.
FHA Mortgage Loans
Federal Housing Association mortgage loans are loans that are given through the U.S. Department of Housing and Urban Development. These loans are perfect for first time home buyers because they offer very low down payments that can be borrowed through relatives. If you’re worried about qualifying for a loan, you need to choose this program because it makes it easier to be accepted for a loan. One of the greatest things about these loans is that they are usually assumable, which means that someone else can choose to take them over if you decide to sell.
Veteran Affairs Home Loan Service
These mortgages are government loans that are available only to veterans of the armed services, or those who are on active duty or in the reserves. Even widows of veterans can apply. These loans have certain guidelines that you must follow in order to qualify for them. Some of these loans don’t require any down payment. Expect to have a limit on these loans, but know that they are typically large and usually cover the price for a middle sized home in the United States.
The American Dream Down payment Assistance Initiative is perfect for first time home buyers who are having a hard time coming up with a down payment on their first home. This unique initiative uses $200 million annually to help individuals all across the country. You must be a first time buyer who is purchasing a home in the single family housing area in order to qualify for this program. These funds can be used for single family homes, condo units, manufactured housing, or a cooperative unit. You can’t have an income that goes over the 80 percentile of the area median income.