Buying a home can be as challenging as it is exciting and
we're here to help you meet that challenge.
Below are some important tools in guiding you
toward the purchase of your dream home.
Loan Programs Available for First-Time Buyers
First time home buyer loans allow buyers to get into
a house more easily. However, just because you’re
a first time home buyer doesn’t mean you should
use a first time home buyer loan. These programs have
restrictions and strings attached. While they are a
perfect fit for some, first time home buyer loans are
the wrong choice for others.
A person’s first home purchase is a big deal.
It takes time, energy, and money. To help with the money
hurdle, some people use first time home buyer loans.
These programs vary depending on where they’re
offered, but the general idea is this: first time home
buyer loans give financial assistance to qualified borrowers.
They may do this in the following ways:
- Allow for a very low (or no) down payment
- Subsidize interest costs (they pay all or part
of it)
- Offer grants
- Forgive loans
- Limit fees that lenders are allowed to charge
- Defer payments
Note that first time home buyer loans available to you
might offer any or none of the benefits listed above.
A good place to research first time home buyer loans available
in Michigan is the HUD Web site on home buying programs.
Visit the HUD website for more FHA information and guidelines
- HUD
website.
Who Gets First Time Home Buyer Loans?
As you might imagine, individuals who have never owned
a home are good candidates. In addition, some programs
offer first time home buyer loans to people who have
not found a home within the last three years. You may
have to meet certain income restrictions to qualify
for a subsidized first time home buyer loan. In general,
these programs try to limit benefits to people with
low and moderate income levels. If you earn too much,
you won’t qualify for the program. More on FHA.
FHA Loan Programs - Click
Here | HUD info for Ohio
- Click
Here
How Much Can I Afford
There are a host of calculators available to assist
you with determining how much home you can afford. check
our mortgage calculator to see what feels comfortable
to you. In the end, your mortgage broker can best assist
you with what you can afford by going over the loan
process and expenses that lenders use to calculate loan
determinations.
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