Qualifications for First Time Home Buyer Assistance Programs
When you’re applying for first-time home buyer assistance programs, there are some requirements that you’ll need to meet. These can be strict and the exact qualifications you’ll need to satisfy will vary depending on where you live and the types of programs you’re applying for. Here are a few things you’ll need to know before you apply.
Your Credit Score
Most first-time home buyer assistance programs are designed to help people with fair to good credit. Your score doesn’t have to be perfect, by any means, but it should be above 620 to qualify for most programs.
If you have tons of money at your disposal, first-time home buyer assistance programs won’t benefit you much. You’ll be better off applying for a standard mortgage and proceeding with the purchase the normal way. But if your income is on the lower end and buying a house on your own would otherwise be too costly, you’ll likely qualify. Just make sure to discuss your income with your mortgage broker.
Your Down Payment Amount
Down payments help show lenders you’re serious about buying a house, but if you don’t have one or can’t afford much, you may qualify for assistance. The exact amount you’ll qualify for will vary, but be up-front about what you can reasonably afford to pay.
Get Into Your Dream Home Today
No matter what type of first-time home buyer assistance programs you’re looking into, you’ll still need a mortgage to pay for your house. Apply today and get pre-qualified now.