Buying your first home can be incredibly stressful if you’re not prepared. Even when you have an experienced real estate agent on your side to help you find the perfect house, you’ll still have to find a way to pay for your new home. Though many first-time buyers decide to handle everything on their own, you don’t have to. Believe it or not, there are many government-sponsored programs to help you navigate the process while saving money at the same time. Here’s what you can expect.
Down Payment Assistance Is Real
Most states offer down payment assistance programs that help you secure your mortgage and get into your first home without having to pay the full 20 percent down payment out of pocket. For most low-income families buying their first home, these programs can make getting into a house possible in the first place. The details vary by state, so take your time and research the programs available in your area. You may qualify for a down payment grant or low-interest loan to help cover the cost.
First-Time Buyer Loans Are an Option
FHA loans are best for lower to mid-income individuals interested in buying their first home. These loans have more flexible credit score requirements and won’t penalize you if your finances aren’t perfect. Keep in mind that these loans do have strict income requirements. If you earn too much, you won’t be able to qualify and will need to look for alternative assistance options.
Rural Ownership Has Benefits
If you’ve wanted to get out of the city and embrace a more relaxed pace of life in the country, you may be able to qualify for a USDA loan. These programs make buying your first home in a rural area both affordable and easy. The loans themselves have low interest rates, so you’ll save money over the life of the loan. That said, you must be willing to live in a qualified rural area. If you have your heart set on living in the city, you’ll want to look into state-specific assistance programs.
The Government Will Help You Buy Your First House!
There are many different assistance programs to make buying your first home easy and affordable. However, the only way to know which ones you qualify for is to speak with a loan expert. Contact our team and discuss your options today. We’ll help you get into the home of your dreams without breaking the bank.