If you are considering utilizing first time buyer incentives for your home purchase, these facts will help you in your search.
As a prospective homeowner seeking to purchase your first home, you want to investigate all of your options, specifically first time buyer incentives, before making a move on any potential loans. Being a first time homebuyer actually puts you at a great advantage, as you are able to qualify for certain incentives.
However, it’s important to know what to look for and how to know whether you can qualify for specific incentives. Consider these facts about first time buyer incentives to help you in your research:
- Being a first time buyer works in your favor. In an effort to flush the housing market with new buyers, first time buyer incentives are becoming more available. If you have never had your name on the deed to any form of real estate, you may qualify for financial assistance in your house hunt. These mutually beneficial programs make it possible for new buyers to make an informed, smart purchase while boosting activity in the real estate market.
- Leniency is your friend. The goal for you right now is probably to make getting a loan for your first home as easy as possible. The good news is that for first time buyers, the restrictions will be less severe. Through taking your credit score and other important aspects of your financial history into consideration, lenders become more likely to qualify you even if you don’t have the perfect profile.
- Government programs may be a smart choice. In addition to lending companies with promising first time buyer incentives, there are several federal and state programs designed to assist you through this process. Be sure to explore these incentives before you settle on a closing price, as they can impact how much you’re required to pay up front. There’s no question that first time buyer incentives are a huge motivating factor with many borrowers choosing to make moves towards their first home purchase while the market is favorable.
For more information about first time buyer incentives, contact us.