10 Programs to Help First Time Home BuyersJonathan
Many first-time home buyers are looking for ways to get into a house – here are ten programs that can help!
1. FHA Loan – This is most common assistance loan and you may already be familiar with FHA loans, these are widespread and help buyers with lower credit scores and less money saved for a down payment. 2. USDA Loan – are for lower-income borrowers in rural areas (but check with us you may not realize you are in a rural area 🙂 3. VA Loan – this is a great option for those who have service in the military and their families as it allows no down payment! 4. Fannie Mae/Freddie Mac Loan – these are conventional loans that are a good option for those with good credit scores but can put down as little as three percent. 5. Good Neighbor Next Door Loan – this HUD program provide aid for first responders and teachers. 6. FHA Section 203k Loan – if you are getting a fixer-upper this is a great option as home improvement costs can be rolled into the FHA primary mortgage. 7. HomePath ReadyBuyer Program – this is program pays ups to 3% of closing cost assistance for Fannie Mae properties in foreclosure (you must complete an educational course as well) 8. Native American Direct Loan – this program is for Native American veterans on federal trust land. 9. Energy-efficient Loans – there are a few federal programs that allow for savings on homes rated as energy efficient or loans that allow the borrower to add efficiency upgrade costs into the primary mortgage. 10. Local State and City Programs – last but definitely not least there are many local options people often don’t know about that can provide assistance to first time home buyers! Check with us and we can review your situation and help you decide if any of these are a good fit!