Is there a discount for first-time home buyers? A tax benefit for first-time home buyers was available, but it expired over the summer. Aside from that, many government agencies provide first-time house purchasers with some options. Each program has its own set of requirements, and not everyone will be eligible for all of them.
Visit each program’s website, such as the VA, FHA, Fannie Mae, and HUD. Find out what programs they offer and if you qualify for any of them. Review the prerequisites for each application before downloading and filling it out. Don’t waste your time attempting to sneak into programs for which you are not qualified.
A local lender or real estate agent is another wonderful place to look for programs. These experts should have a solid sense of what’s accessible, and because they know a little bit about you and your position, they should be able to point you in the proper way. This can save a lot of time.
When some people see how many distressed homeowners are out there, it deters them from purchasing their own property. It doesn’t have to. While bad things can happen in life, you’ll be fine if you go into your home transaction with your eyes wide open.
Poor planning has put many homes in difficulties today. The banks approved them for mortgages that were higher than they could afford. They were either adjustable-rate mortgages that became impossible to pay as interest rates rose, or they were stretched to the limit of their budget and had no money set aside for a rainy day. You’ll be alright as long as you don’t commit those mistakes.
You can get a great price on your new house because there are so many distressed properties on the market. This, combined with low mortgage rates, makes this one of the best periods in history to buy a new house.
Remember to include your insurance and property taxes when calculating your monthly payment. Even if your bank does not need you to escrow your property taxes and insurance, you should do it still. When the time comes, you won’t have to worry about running out of money because of it.
You’ll be alright as long as you take control of your finances and don’t be pushed into buying a home that you can’t afford. Do not wait for things to ‘improve’ before entering the housing market. You’ll have to spend a lot more on your home once that happens. The entire process will pay off if you use your intellect rather than your emotions.
There is no special first-time home buyer discount, but several agencies offer help. Choose the one that best suits your needs.