First Time Home Buyer

First Time Home Buyer

A first time home buyer is considered to be someone who has never owned a home or who has not owned a home for at least three years prior to them wanting to own a new home. A first time home buyer can be a couple where one spouse is a homeowner and the other spouse has never owned a home before. A first time home buyer can also be someone who owned a home that was not a permanent house on a foundation such as a mobile home. Finally, a first time home buyer does not need to purchase a traditional single family home in order to qualify for the first time home buyer program.


Being a first time home buyer can bring you some advantages to owning a home. First time home buyers can have access to certain loan programs that will be able to assist them in getting a home quickly and the least expensively. A first time home buyer has programs available to them that could help with the down payment, the interest of the loan and a limit on the fees that lenders may charge them. A first time home buyer is usually not required to have a big down payment, the down payment will often be reduced to either $0 down or up to a 3% down payment. A first time home buyer could also qualify for some subsidized interest programs, where another party will pay the interest on your loan. By doing the subsidized loan program, this can help a first time home buyer have a more manageable mortgage payment and enable the first time home buyer to pay off their mortgage quicker. Finally, a first time home buyer needs to know that all of these programs are usually only available to individuals or couples who plan on living in the home as their primary residence. The home will need to be in good condition that does not have any safety hazards.