Posts Tagged ‘mortgage for first time buyer’
Financial Help for First-Time Buyers
If you are planning to buy your first home, you may be surprised at the abundance of deals there are right now for first-time buyers, especially as the economic climate has been so poor recently. There are actually a number of programs out there, many more than you might expect, specifically targeted at young people who are buying a home for the first time.
The combination of interest rates being at a record low and property prices having suffered a decline in recent years means that first homes are more accessible now than they have been for a long, long time. So contrary to what you might think, this actually an excellent time to get on the property ladder.
Not only that, but in the US, as a first-time buyer, you might also qualify for an FHA mortgage, which would give you mortgage protection as well as even lower interest rates. If you are struggling to find the money for the down payment, there are even assistance programs available that can help you with that. You might not be able to find a 100% mortgage, or even a 95% mortgage for that matter, but with the wealth of federal and state assistance packages available, that may not matter. If you are buying in Florida for example, you might be able to receive up to $25,000 assistance with your down payment, through the combination of local, state and federal packages.
On top of that, there are various tax credits available that you can take advantage of too. So make sure you look into all of the various options available to you if you are buying your first home. These programs are designed to help you. If you ignore them, not only could you could be missing out on a tidy sum but also you might miss purchasing that dream home you always wanted!