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First Time Home Buyers
First Time Home Buyers
There’s a lot to think about when buying a house – and it’s normal to have questions, especially if it’s your first time. You might be wondering about some general first-time home buyer tips, or the best way to get down payment assistance or help with your closing costs.
Here, we’ll cover some of the most advantageous programs for first-time home buyers, so you know what options are available.
Down Payment Assistance
A down payment is a large initial expense when you buy a home, and it’s required for most types of mortgages. Though many first-time home buyers believe that they need a 20% down payment to get a mortgage, First Option is a mortgage lender in Indianapolis, IN who issue loans to first-time buyers with as little as 3.5% down.
Government-Backed Loans
Government-backed loans can allow you to get a home with a low down payment or poor credit. The government insures government-backed loans, meaning they pose less of a risk to a lender.
This also means that lenders can offer you a lower interest rate. There are currently three government-backed loan options: FHA loans, USDA loans and VA loans. Each program has its own list of qualifications.
Good Neighbor Next Door
Are you a pre-K – 12 teacher, emergency medical technician, firefighter or law enforcement officer? You can take advantage of the Good Neighbor Next Door program sponsored by the Department of Housing and Urban Development (HUD).
The Good Neighbor Next Door program offers a generous 50% off select HUD properties. The properties available are foreclosures and are very affordable, even without the discount. You can view a list of available properties on the HUD program website.
