First-time home buying can be an exciting and daunting experience. But the good news is that there are a variety of benefits and programs available to help make the process easier. From grants and special loans to down payment assistance programs, first-time home buyers have a lot of options to help them purchase their dream home. In this blog, we’ll explore the definition of a first-time home buyer, the perks and benefits available, and the different state and local programs available to help. Whether you’re a single parent, haven’t purchased a home in the past three years, or owned a property that wasn’t secure to a permanent foundation, you may qualify as a first-time home buyer. So, if you’re ready to take advantage of these opportunities and start building your financial future, read on!
Who’s a first-time home buyer
A first-time home buyer is an individual who is purchasing a primary residence for the first time or has not owned a home in the past three years. According to the U.S. Department of Housing and Urban Development (HUD), a single parent who only owned a home while married, or those who owned a property not attached to a permanent foundation, are also considered first-time buyers.
You’re a first-time home buyer if:
- you haven’t purchased a home in the last three years from your closing date
- a single parent who only owned a home while married to a previous spouse
- Owned a property that wasn’t secure to a permanent foundation, such as mobile homes
What are the perks?
It’s important to research and take advantage of the various programs available to first-time home buyers, as they can greatly assist in the home-buying process. For example, contacting your local housing authority can provide information on state and local assistance programs. Shopping around for low-down payment loans can save you money and make homeownership more achievable. Remember that not all marketing ploys for first-time buyers are actual benefits, so it’s important to stay informed and realistic about your options.”
State and Local assistance programs
There are so many programs on a state and local level that assist the first-time homebuyer that one should not expect your lender to know even a fraction of them. There are just too many! An excellent way to learn about these special programs is to contact your local housing authority and see what programs cater to your need.
<Florida Housing Authorities by county>
Low-Down Payment Loans
Quite a few loans are outstanding for first-time buyers, although they are not first-time homebuyer loans. FHA Loans are popular (More on FHA), but some conventional loans offer low down payment options, some as low as 3%.
- HomeReady
- Home Possible
- Home Path Ready Buyer
- Home One
In conclusion, being a first-time home buyer comes with a plethora of benefits and programs. By taking the time to learn about these programs and exploring your options, you can make a well-informed decision when buying your first home. If you have any questions or would like to learn more, feel free to get in touch with me via email at jclarington@prmg.net. I am always happy to help.
Great info! Didn’t know about the single parent married qualification to be a first time home buyer. Thanks