Would you believe me if I told you that you can buy a home with no or little money down? It’s true!
Here are some first-time homebuyer programs to know about.
1) FHA loans: Backed by the Federal Housing Administration (FHA), these loans are a popular option for first-time buyers. Why? Think low down payment options and flexible and income requirements.
2) VA loans: These loans are available to eligible military members and veterans and offer competitive interest rates with zero down payment.
3) USDA loans: Available to homebuyers in rural areas, USDA loans offer low (or no) down payment options, flexible credit requirements, and the option to finance repairs and closing costs into the loan.
4) State and local programs: Many states and localities offer homebuyer assistance programs, such as down payment assistance, grants, and tax credits. Ask your realtor or lender about local programs for first-time homebuyers.
5) Homebuyer education courses: Some programs require first-time homebuyers to complete a homebuyer education course, which can help them understand the process and prepare them for homeownership. It may seem like a drag, but the more you know, the smoother it’ll go!
If you’re thinking of buying this year, take a deep breath and start exploring your options – homeownership is within reach.