Are you working hard to purchase your first home? If so, the cost of a new home can easily cause you to feel a bit discouraged, especially if you aren't ready to make a down payment or deal with high monthly mortgage rates. Well, if you are a first-time home buyer, buying your first home can be much easier than you think, especially if you obtain a first-time home buyers loan. This sort of loan will make buying a home far easier than a traditional home loan, as there are many benefits, such as:
Affordable Down Payments:
Saving for your home's down payment can take years, as some home loans lenders may require you to put down a payment as high as 20% of the home's value. This can be a large sum of money, especially if you are seeking a high priced home. Well, rather than worry about saving forever, you will definitely find it easier to deal with the down payment with a first time home loan. A first time home loan has much easier terms when it comes to down payments, as you may only have to pay as high as 3.5% of the home's value, which is far less than a traditional home loan.
Not only is making the down payment for your home easier with a first-time home buyer program, but you will also receive many tax breaks as well. With a first time home loan, you can deduct your property taxes and your mortgage interest on your taxes, which will help you save a great deal of money. This will make your first year of living in your home a bit more affordable.
More Buying Power:
Because you don't have to put the 20% down of the home's value down as a down payment, you will be able to have more buying power with the benefit of only putting the 3.5% down. This will allow you to have a much larger selection of homes to choose from, which will make buying your new home easier and more enjoyable.
With these benefits and services, you won't feel so overwhelmed to get started on your home purchase, as your requirements just got easier to fulfill. So, before you consider applying for a traditional home loan, definitely look at the benefits of a first time home loan, as you may be able to reap the benefits of this type of home loan.
Hello, my name is Ivan Cruthers. After obtaining my first job after graduating college, I had to take the bus to work every day. I ended up showing up way too early or several minutes late due to traffic and bus schedule discrepancies. I felt like my job was in jeopardy, so I frantically looked for a way to buy a vehicle. I finally ended up talking to the loan officer at my bank about financing options available to me. The auto loan application only took a few minutes to fill out and process. By the end of the visit, I was authorized to buy a fairly nice car from a local lot. I would like to talk about auto loan options in detail to help others obtain financing. I will also explore the application process on this site. Thanks for visiting.