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Who To Talk To About First Time Home Buying


First-time home buyer costs can seem overwhelming. But, luckily, there are several loan programs for assistance with your down payment and closing costs, including charitable and government-sponsored programs. Local and federal tax credits can lessen the bite, and educational programs can offer help at every step.




who to talk to about first time home buying



Fannie Mae offers first-time home buyers the chance to buy a foreclosed property for as little as 3% down with their HomePath program. You can even apply for up to 3% of your closing costs back through the program as well. Fannie Mae homes sell in as-is condition, so you may have to repair a few things before your new place is move-in ready. However, closing cost assistance can help make it more possible to cover these expenses.


Most government home buying assistance comes through state and local programs. Individual programs vary depending on location. You can view a complete list of state-specific buying resources on the HUD website.


Some states also provide first-time homeowner assistance specifically for student loan borrowers. Home buyers who have a qualifying amount of student loans or have graduated recently could qualify for programs that reduce their mortgage rate, provide down payment assistance or offer specialty loans. Check your state website or consult a real estate professional to see what options are available to you.


Employer-sponsored programs are entirely up to the discretion of the employer and state sponsor if there is one. Many state-employer partnership programs also use the previously mentioned 3-year rule for deciding who is and who is not considered a first-time home buyer.


First-time home buyers have access to many grants, loans and financial help that can make buying a home easier. First-time buying assistance can include help with down payments and closing costs, tax credits or education. You might be able to get help from your local, state or federal government if you meet income standards.


Buying a house can take as little as a few days if you're buying in cash, or can take years if you're counting the amount of time it takes you to save money for a down payment and decide where to live. In a competitive housing market, you may put in multiple offers on homes before one is accepted. Conversely, mounting worry over a housing recession could lead more sellers to pull their homes from the market, making it more difficult to find a suitable property. If you already have your money saved and have a good idea of the neighborhoods and type of home you want, the process will probably take you two to six months. Ask a local real estate agent for a more accurate timeline based on your local market conditions.


One of the most important priorities of the Federal Housing Administration (FHA) is helping home buyers with the purchase of their first home, and this includes assisting borrowers with their down payment. If you qualify as a first-time home buyer, you may have access to state programs, tax breaks and an FHA loan.


Your reason for buying a home will be your north star for making decisions about your purchase. If your goal is to dip your toe into real estate investment, a duplex may be the perfect option for you.


Andrew Dehan is a professional writer who writes about real estate and homeownership. He is also a published poet, musician and nature-lover. He lives in metro Detroit with his wife, daughter and dogs.


Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.


Spending all or most of your savings on the down payment and closing costs is one of the biggest first-time homebuyer mistakes, says Ed Conarchy, a mortgage planner and investment adviser at Cherry Creek Mortgage in Gurnee, Illinois.


How this affects you: Any new loans or credit card accounts on your credit report can jeopardize the closing and final loan approval. Buyers, especially first-timers, often learn this lesson the hard way.


What to do instead: Consider other mortgage options. You can put as little as 3 percent down for a conventional mortgage with PMI, and FHA loans only require 3.5 percent down if your credit score is 580 or above. With some other types of loans, you might even be able to secure a mortgage with no down payment at all. Plus, check with your local or state housing programs to see if you qualify for housing assistance programs designed for first-time buyers.


There are lots of programs out there to help first-time homebuyers. This can range from local government or community programs that offer free classes about home buying and homeownership to grants that give you cash to put toward a down payment.


Partner agencies in Massachusetts provide education, mortgage programs and more assistance for families and individuals to find the right home. Although DHCD does not provide mortgages directly to first-time homebuyers, there are many resources available.


My Mass Mortgage is a guide for potential homeowners and first-time homebuyers interested in homeownership. The website provides in-depth information on mortgage products, education courses and counseling for potential homeowners.


Please use the list of DHCD assisted Affordable Units for Sale to check the list of affordable units currently for sale to income-eligible first-time homebuyers. For application information, call the number listed.


First-time homebuyer education courses are offered throughout the Commonwealth and are required for most first-time homebuyer programs and loan programs. Check the Additional Resources to find a course near you.


Although DHCD does not provide mortgages directly to first-time homebuyers, there are many resources available. Check the Additional Resources for information on a number of state and federal mortgage products for first-time homebuyers. Many Massachusetts banks offer products for first-time homebuyers, call your local lender for more information.


Step 3: Look for Available Programs & GrantsOne advantage for first time buyers is the opportunity to receive grants to supplement your mortgage or to put towards your down payment. The programs and grants you could be eligible for include:


Q: How can I get approved as a first-time home buyer in NC?A: The first step is to talk with an experienced loan officer who can answer all your questions and walk you through the prequalification process.


Ready to embark on your journey to homeownership in North Carolina? Our team of experts awaits you! Contact Blue Water Mortgage today and speak with a member of our first time home buyer team to learn how we can help you land the home of your dreams.


In addition to all the programs, HUD funds approved housing counseling agencies throughout the country that can provide advice on many housing-related topics, including buying a home. Use this map to find one in your state.


The main takeaway here is that down payments are flexible. Yours should depend on your monthly income, what you currently have saved, how expensive the home is, and what your overall home buying goals are.


First-time home buyer grants are often available at the state or local level. These are typically known as down payment assistance (DPA) programs, which can help cover all or part of your down payment and closing costs.


These are real savings for first-time home buyers. One study estimated that buyers using down payment assistance saved almost $6,000 at closing, on average, and another $11,000 over the life of their loans.


The U.S. Department of Housing and Urban Development (HUD) offers a directory of first-time home buyer loan programs by state. For more information, see our complete guide to first-time home buyer grants and loans in your state.


One of the biggest mistakes first-time home buyers make is not shopping around for a mortgage. They might simply get prequalified with the bank they already use for checking and savings. Or they might get a quote and go with the first lender they speak to, assuming rates and prices are the same everywhere.


Remember that the Golden State offers plenty of assistance in the form of home buyer education, special mortgages, and down payment assistance. So eligible first-time buyers could be in line for some real help if they apply.


For California home buyers, a good place to start looking for assistance is the California Housing Finance Agency (CalHFA)4. This agency offers a wide range of first-time home buyer loan programs at its own special interest rates.


The Forgivable Equity Builder Loan is a newer California home buyer program that aims to help first-time homeowners buy property more affordably. Via this program, buyers can get a loan of up to 10% of the purchase price which is forgivable after five years, provided they continue to live in the property full-time during that period.


The City of Los Angeles Housing and Community Investment Department (HCIDLA) has a couple of programs that can help first-time buyers. These include the Low Income Purchase Assistance (LIPA) program and the Mortgage Credit Certificate (MCC).


Via the SDHC, San Diego first-time home buyers might be eligible for down payment or closing cost assistance up to $10,000 or 4% of the home purchase price, whichever is less. The city even offers a deferred-payment assistance loan of up to 22% of the purchase price. 041b061a72


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