Loans Available for First Time Home Buyers

Loans Available for First Time Home Buyers

Young couples and people looking to purchase a home can sometimes find it more difficult because of student loans that have come due and because they are still relatively new in their career. There are many types of loans available to first time home buyers that can alleviate some of the pressure of having to come up with a large down payment. You can choose one of several loans that is geared towards the first time buyer. The advantages of a first time home buyers loan are:

* You can make a low down payment.
* Interest can be subsidized.
* You can avail of grants.
* Loan forgiveness.
* The fees that lenders charge are limited.
* You can choose deferred payment plans

Government Aid for First time Home Buyers

First time home buyers get excited when they find out they can get a loan with little to no money down. The Housing and Urban Development department supplies states with funds that can aid low to medium income home buyers with covering their closing costs on their first home. These loans for first time home owners can be $10,000 or more.

There are some loans that are forgiven when the home owner stays in his home for more than 3 years; there are also programs that offer a 10% discount on the price of the home. Most people who qualify for these loans are usually earning less than 80% of their region’s average income.

If you are looking for a particular loan, you can contact your state housing finance agency to find the loan that is right for you. Or you can get online and research home buyer loans for first time owners and come up with more than enough information to get you started.

There are places to go in your own community to help you find the right loans; all you have to do is know where to look. Churches and local organizations are great sources when it comes to finding the right loan for you.

There are many loans and grants to be had by the first time home buyer so it is better to take your time and research them well. There are rules to be followed and sometimes they can become irritating but what better price to pay when you are actually able to find free money for the purchase of your very first home.

Some grants make the potential owners take certain classes that can add up to several hours of class time. They are taught the basics about finding good lenders and learning their credit scores along with a lot of other information that proves to be helpful to first time home buyers. Doing it right the first time can save a lot of heartache in the end with a loan that goes south on you. Take the time to research and you will be one step ahead of the game.

Buying Tips for First Time Home Buyers

tips for first time home buyers
Tips for First Time Home Buyers

Tips for First Time Home Buyers – First Things First

There are many people jumping in to buy their first home and do not even have a clue as to how it works. Asking questions can sometimes get you vague answers and knowing just what to do during your first home buying experience can be scary. The first two tips for first time home buyers are simple, getting a real estate agent and finding a home.

Tips for First Time Home Buyers – Getting a Real Estate Agent

The first tips for first time home buyers that you have to learn about is the real estate agent. There are two types of agents: the selling agent and the buying agent. If you are looking at a home, you do not want to look at the home with the selling agent because they are contractually bound to the seller and must try to get the best deal possible for the seller. Ask your friends about a good agent; chances are if they are homeowners, they will easily be able to point you to a reputable agent.

When meeting your agent for the first time, pay attention. Does he answer your questions professionally? Does he have frequent interruptions during your meeting? Does he respond in a timely manner when you call or email? All of these are important factors. If he seems too busy for you at your first meeting, that is a sign he will always be too busy during the next meetings. Getting the right real estate agent is your first of two tips for first time home buyers.

Tips for First Time Home Buyer – Getting a Home

Now that you have found an agent you like, the next set of tips for first time home buyers is getting a home. Check out all of the possible choices. If you are trying to stay within a budget, you can find foreclosed homes and even HUD homes that may fit the bill. Housing and Urban Development (HUD) homes are usually sold as is so it is important to know just what you’re getting yourself into. If you choose to buy a HUD home, you should know that you will need an agent that is approved for HUD home sales.

Consider the value of the home before making an offer. Choose a home that will rise in resale value and you should have no problems. Up and coming neighborhoods are a great way to get a low cost home that will appreciate over time.

Make sure the home of your choice has no deed restrictions. Make sure if you want to add a pool to your new home that it is allowed without restrictions on the deed or you will soon find yourself in deep water without a pool.

Make sure you get the inspections done before buying your home because what you don’t see is sometimes what will cost the most in the long run to repair.

Finally, make sure that all is running smooth in the purchase. If you have questions, get them answered before it is too late. The last thing you want to do is buy a home that you are not happy with. Two important tips for first time home buyers are essential and will help you get the home of your dreams.