FIRST TIME HOME BUYER PROGRAMS
What is a first-time homebuyer loan program, and who qualifies as a first-time homebuyer?
A first-time homebuyer loan program is designed to assist individuals who are purchasing their first home. Qualifications for first-time homebuyers may vary but typically include those who haven't owned a home in the past three years.
What types of first-time homebuyer loan programs are available?
There are various first-time homebuyer loan options, including FHA loans, VA loans (for eligible veterans), conventional loans with low down payment options, and state or local government programs.
What are the main benefits of first-time homebuyer loan programs?
Pros of first-time homebuyer loan programs include lower down payment requirements, more flexible credit standards, and sometimes reduced interest rates or closing costs.
Can I combine a first-time homebuyer loan with other incentives, such as tax credits?
Yes, some first-time homebuyer loan programs can be combined with other incentives, including mortgage interest deductions and state or federal tax credits. Check with your tax advisor for specific details.
Can I use gift funds from family members for my down payment on a first-time homebuyer loan?
Many first-time homebuyer loan programs allow the use of gift funds from family members to cover part or all of the down payment.
How do I apply for a first-time homebuyer loan?
To apply for a first-time homebuyer loan, you'll need to gather financial documentation, including proof of income and employment history, and complete our online application.