You’ve been daydreaming about it for years. You’ve been saving up for almost as long. And now it’s time to buy your first home.
But if you haven’t checked out the first time buyer incentives available to you, you could be missing out on some important benefits. It’s time to focus on the basics. The information you learn can lead you to make an informed decision by saving money through qualifying for all the right incentives.
If you’re looking to buy your first home, you may have access to:
If you are a prospective first time homebuyer, lower mortgage rates and government incentives are making this a very smart time to make a purchase. There may be options on both the federal and state level, so ask your mortgage officer about which government incentives you qualify for. These can make a substantial difference in the cost of buying your first home. Keep in mind that becoming a homeowner is daunting even in the best of markets, so make sure you understand all the available opportunities before you make any financial commitment.
If you don’t have pristine credit, you don’t have to panic yet. Government-assisted options are available at both state and federal levels for a wide range of financial profiles. This means that you don’t have to have the most stellar credit score in order to get a loan. Better yet, credit leniency means it’s more likely that you qualify for a better mortgage now than if you made the decision to wait on purchasing a home.
Time is of the EssenceWhen the housing market is in flux, taking advantage of new opportunities is essential. Remember, it’s a closing window. Grants and programs that maximize your mortgage options are based on state-by-state resources, and often undergo regular changes as the market shifts.