A person’s first home purchase is a big deal. It takes time, energy, and money. To help with the money hurdle, some people use first time home buyer loans. These programs vary depending on where they’re offered, but the general idea is this: first time home buyer loans give financial assistance to qualified borrowers. They may do this in the following ways:
Allow for a very low down payment
You should research first time home buyer loans available in your area. A good place to start is the on home buying programs.
As you might imagine, individuals who have never owned a home are good candidates. In addition, some programs offer first time home buyer loans to people who have not found a home within the last three years. Again, check to see what’s available to you.
You may have to meet certain income restrictions to qualify for a subsidized first time home buyer loan. In general, these programs try to limit benefits to people with low and moderate income levels. If you earn too much, you won’t qualify for the program.
Most programs put a dollar limit on the property you’re buying. You probably can’t use a first time home buyer loan to buy the more expensive properties in your area. Instead, you’ll be limited to properties on the lower end of the spectrum. Again, the idea is to benefit people who have the most need.
You also have to live in the home as your primary residence. Finally, the home you buy most likely has to meet some physical requirements. It must be in good condition and free from any safety hazards (such as lead-based paint, for example).
There are few moments in life where the moment is so big and so beautiful that you remember all the details… And buying your first home is certainly one of those times.
Our job is simply to make sure it’s as easy and beautiful as possible. Even when you’re nervous about the road not yet traveled.
Check out our blueprint cheat-sheet below. Hopefully it helps. And if you’d like us to be a more active partner on the journey, obviously we’d love to help with that as well.