First Time Home Buyer Programs
If you are buying a home for the first time, it can be daunting and exciting. Many people find it a stressful process of getting mortgage, saving for down-payment, finding a property and many other things.
One of the main problems is the money. Saving the money to be able to afford a home. Majority of first time buyers are near the beginning of their working life, so they didn’t have enough income or time to accumulate enough money for such a large purchase. That is why renting during the younger years is the most attractive option. But everybody knows that it is important to get on the property sooner than later.
If you are a property owner, it is usually much easier buying your next property as in general property value will increase and you will have more capital for your next purchase. But, if you are a first time buyer, you don’t have such benefits, which is a reason to look for some of many first time home buyers programs across the country.
Depending on state where you live, these programs vary. They can help in number of areas such as:
- First time home buyer grants
- Educational programs teaching buyers how to get on the property ladder
- Help with the down-payment
- Help with closing cots
- Help with a loan purchase
- Low interest mortgages
These programs vary from state to state. Here’s a brief look at a few state programs:
Maryland programs include settlement expense loan and down-payment program (DSELP)
Arizona has few programs. 2005 low interest mortgage financing and mortgage revenue bond program
Alabama includes mortgage credit certificates, rural Alabama mortgage, American down-payment initiative and more
There ate many more state programs and they will all offer help for the first time home buyers, but they vary from state to state. That is why it is recommended to take some time to read more about all these options.