Many first time buyer incentives currently available are easy to qualify for and can dramatically simplify the daunting task of finding and owning a home. Make sure you understand the entire spectrum of resources and financial incentives made available by both state and federal governments before you write off owning a home.
An appealing part of this government program is the inclusion of a tax credit for first time buyers. This tax credit for 10% of the purchase price (up to $8,000) doesn’t require repayment and is available as long as first time buyers sign a mortgage within the year. Getting your loan insured by the FHA will protect first-time borrowers from potential losses with private lenders. Federally backed loans also tend to have more flexible credit requirements, so it’s easier to become a homeowner if you examine all your options.
Many other grants and financial programs are contingent upon state regulations. While the FHA provides impressive national incentives to first time buyers, you may also qualify for other local aid packages.
For more information about first time buyer incentives, visit http://www.midlandmortgagecorp.com/mortgage-applications/overview