Many
people dream of owning a home but the home loan process can be confusing
for many first time home buyers. Mortgage lenders offer first time
buyers with many home loan options and assist the buyer in finding
the best home loan for them. First time home buyer programs can
offer lower interest rates, low down payments, or reduced taxes.
If you have not owned a home in 3 years you are considered a
first time homebuyer and can be eligible for first time homebuyer
programs.
Ask your mortgage broker about what first time home buyer programs
that are available to you. You might even qualify for a down payment
assistance program. There are several down payment assistance
programs, that may be able to grant you the money for your down
payment. The grant must be agreed upon by both the seller and
buyer, and must be in the offer to purchase. The grant money does
not need to be paid back, and could help you qualify for your
first home!
There are some differences in Buyer's Assistance programs though.
Some programs will actually put a lien on the property for a certain
period of time. As long as you own the home for that time period
the lien will be released and won't have to be paid back. You
might want to ask about the program if you are looking at this
option to determine if it will fit into your needs.
