First Time Homebuyer Program
These programs help first-time homebuyers purchase their first homes by offering lower downpayment options, down payment and/or closing cost assistance, flexible qualification criteria and in some cases, government backed insurance.
Indications - this program is a good choice for:
- If you need financial assistance to afford the down payment and closing costs, first-time homebuyer programs often offer grants, or other forms of financial aid to eligible individuals.
- These programs also may have more lenient eligibility criteria compared to traditional loans, making it easier for individuals with limited credit history or lower income to qualify.
What are the benefits?
- Ownership Requirement: Buyers must not have owned their primary residence in the past three years to qualify for this program.
- Educational Counseling Requirement: Many of these programs require educational counseling to help buyers understand the homebuying process, improve financial literacy, and make informed decisions.
- Qualifying and Credit Standards: Products have credit and qualifying standards that must be met.
- Occupancy: Typically, only available for Primary Residence loans.
Typical Disqualifying Considerations?
- Flexible loan terms.:
- Tax Credits.:
- Down payment and Closing cost assistance.:
- Educational resources and counseling.:
- Government backed insured loans such as FHA, VA, and USDA:
Alternative Programs
