First Time Home Buyer Programs

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about First Time Home Buyer Tips and other Mortgages topics.

Are Their Mortgage Programs Just For First Time Home Buyers?

First Time Home Buyer Programs

There are numerous opportunities for mortgage financing for first time home buyers. Most states have programs tailored for first timers, many of which involve little or no money down, limited credit reference requirements, and free mortgage information to help new buyers navigate the process with success. So called “government loans” can also be a perfect choice. The Federal Housing Administration (FHA) and the Veterans' Administration (VA) offer mortgage programs that have helped millions of people own their first home. FHA programs allow down payments as low as 3% and also allow many buyers to include most of their closing costs in their new loan. For many first timers, having sufficient cash is a major problem, but FHA loans can eliminate this issue. If you are an active or retired military person, you can obtain a certificate of eligibility for a VA loan, which may qualify people for a no money down loan. The VA also provides pre-purchase counseling to give a new buyer valuable information to help simplify the mortgage process.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Mortgages Tip Site? Request a Tip Now!


Guru Spotlight
George Sayour