First Time Home Buyers

March 16, 2017|  Article By : 

One of the biggest challenges for most first-time homebuyers is coming up with enough cash to cover the required down payment and closing costs. The required cash to close can really add up. to help lower the amount of cash you need to buy a home, your state, city, county or non-profit housing agencies may offer a Down Payment Assistance Program, it can significantly lower the amount of cash you need to have saved in order to purchase a home.

There are different kinds of down payment assistance.
1.- Down Payment/Closing Cost Assistance Grant Program
Program is designed to assist low to moderate income homebuyers with the purchase of the home by providing the down payment/closing cost assistance in the form of a nonrepayable grant.
2.- Fl Bond – Conventional
3.- Down Payment Assistance Provides funding to eligible first time homebuyers

VA Home Loans – If your are a U.S. Veteran you should definitely ask your lender about federal or state VA loans that are available to you. The federal VA Loan is a great product because it is still one of the rare 100% financing loan options available to cash-strapped first-time homebuyers. Coming up with enough cash to cover the down payment and the closing costs can really add up, so by using a VA loan the amount of cash you need to close will be about as low as you can go. The rates on a VA Loan are also very comparable to standard rates offered by lenders.

 

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