Buying a home can be financially challenging, especially if you’re a first-time homebuyer. But don’t give up if you think you can’t handle the financial burden alone. There various assistance programs geared toward first-time homebuyers. However, confusion about who qualifies can pose problems, which has lead millions of families not been able to buy a home. In this article, we’ll explore some programs the first-time homebuyer can apply for.
Who Qualifies As A First Time Homebuyer?
By definition, a first-time homebuyer is an individual who is purchasing a residential house for the first time. You may be qualified as a first-time homebuyer according to the following criteria:
Grants And Programs For First-Time Home Buyers
If you think about buying a house and don’t have all the funds you needed to acquire a piece of property, then there are alternatives way to purchase your home. Below are some of the first-time homebuyer loan programs you should apply for.
FHA loan help more first time home buyers become homeowners than any other type of mortgage program available. FHA loans are a good option for anyone who doesn’t have 20% to put toward a down payment or first-time homebuyers with poor credit. Below are the requirements needed to qualify for this loan.
You can benefit from V.A. loan from the Department of Veterans Affairs if you are in the military. V.A. loan is available for first-time homebuyers in partnership with several lenders. V.A. loan requires NO down payment. Below are the requirements needed to qualify for this loan.
You may qualify for financing through the USDA loan program if you are considering a home in a rural area. This home loan program from the U.S. Department of Agriculture is for low-to-moderate-income home buyers in rural areas of the country. It’ s perfect for first-time homebuyers because there is NO down payment required and the credit requirements are much lower than what other lenders look for. Below are the requirements needed to qualify for this loan.
Having your own house is one of the greatest things that could ever happen to you, but the process isn’t always straightforward. Fortunately, you can achieve your goal with the assistance programs above. If you are a first-time homebuyer looking for a loan, then contact HQM Loans today.