Buying a home for the first time as an American is an exciting event. Not only that, but it can be costly, if you aren’t aware of how to get assistance. This is a brief guide to help get you started on your journey.
First Home Buyer Programs
Most banks and providers offer a FHA loan, which is a loan that has been approved by the Federal Housing Administration. They are available across the U.S. and come in the form of grants and specialized loan programs. They will cover the cost of closing the sale, as well as allowing you to afford the down payment to begin with.
Some FHA loans will offer zero-interest, in certain situations and circumstances. The main idea for these loans is to help those who have never bought before, get onto the competitive housing market without going bankrupt.
Job Related Assistance
Some careers and jobs will offer support for home buying for their employees. This is especially true for employees who have been asked to move to a different state for their job. In some rarer circumstances, some employers may offer their employees accommodation out of their own back pocket.
For workers who work in the medical sector, such as a first responder, they may be able to get assistance in procuring a mortgage. There are home loans for nurses available from The Home Loan Expert, who offer free appraisals and benefits to healthcare workers who contribute a lot to society with their work. They can offer a customer first approach with their service, helping to walk you through the whole service.
The government offers their own unique programs to help first time buyers get onto the property market. Mainly they can offer assistance with affording down payments through grants or low-interest loans. The government also offer their own approved mortgages, which they subsidize, such as an FHA or USDA.
They can also provide homeownership vouchers to those on low income or public housed residents, to help knock off some money towards a home. This comes in a variety of shapes, but it largely for those who are first-time buyers.
These properties are usually released back onto the market through foreclosure listings, and can be purchased up to 15% cheaper than their market value.
Foreclosure homes can be bought via financing, such as a mortgage, or 100% cash, depending on your own preference. They will usually be offered cheaper due to the need from the sellers to get a quick turnaround.