Take Advantage of First Time Home Buyer Programs
The reach of home ownership is not an impossible thing. Many people assume that it’s difficult to manage, but it’s not true at all. If you are ready to purchase a home, and have never done so before, there are programs that exist that can help you get a helping hand. There are several first-time home buyer programs that you can take advantage of today. The following are just a few options that you can pursue and can help you garner a bit of help with purchasing a home you love.
FHA Loans
The federal government has made it possible for people to garner a great deal of opportunities to get a home. One option that many people qualify for is the option of a FHA loan. The federal government will help people get a loan that is competitive in terms of interest rates, and can be procured with a credit score of at least 580. However, there are some individuals that can get a home loan of this type with less than stellar credit, with a higher down payment. The minimum down payment for FHA solutions starts at 3.5% and can raise upwards of 10% depending on credit score.
USDA Loan
Every wanted to get away from it all? Want to live on a farm or in a rural area? The USDA will help individuals get a loan with faster processing, and a lot easier management of loan opportunities and payments. However, you’ll need to have a credit score of 640 to get this. Oh, and of course, you’ll want to live on a farm or in a rural area, as there are limitations for this program.
HUD/Good Neighbor Next Door Loan
Moving forward with loans, you’ll find that this solution that has been introduced by HUD will allow for home costs to drop by 50% for those that want to live in “revitalization areas” in major metropolitan cities. This is open to anyone that is in law enforcement, medical care, teachers, firefighters, and requires people to live in the home for no less than 36 months.
FHA Section 203(k)
The next type of loan you may want to look into is that of the FHA Section 203(k) loan. This is a solution that lets you get a loan for a home that is considered a “fixer upper”. What this means is that you will be able to get a home loan easily, with the costs of fixing up your purchased home without having to worry about the value after the fact. There’s a little more to this than that, but you can get the financing to fix up your house here in one loan solution.
3 Tips for a First time home buyer.
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