Buying a home for the first time can be an intimidating process. There's paperwork, fees, terminology to learn, and multiple people to work with. It's natural to want to say yes to everything in an attempt to get through the process as fast as possible, but it's important to take your time with big decisions and keep your financial well-being at the top of mind.
There are several programs available to help first time homebuyers save money and get into their dream home. Taking some time to familiarize yourself with them may save you a boatload of cash when it comes time buy.
If your credit is less than stellar, this may be the program for you. The Federal Housing Administration guarantees a portion of home loans, which allows lenders to broaden acceptance standards. With an FHA loan, borrowers can qualify for loans with as little as 3.5% down.
The U.S. Department of Veterans Affairs helps service members, veterans, and surviving spouses buy homes, often without a down payment.
The U.S. Department of Agriculture has a loan program that targets rural areas and allows 100% financing. There are income and zip code limitations, so check your region's details for more information.
Good Neighbor Next Door
Teachers, firefighters, emergency medical technicians, and individuals who work in law enforcement may be eligible for a 50% discount on the list price of a home in a revitalization area. There's no catch - you just have to commit to living on the property for at least 36 months.
If you're not afraid of a renovation, there are also home upgrade programs that allow you to buy a fixer upper - giving you more home for your money. Talk to a trusted home mortgage lender to learn if you qualify for any of these loans.
Citywide Home Loans make the loan process simple. Visit www.citywidehomeloans.com/ to see how much home you can afford and find a loan program that's right for you.