Having one’s own home is the outcome of many years of dreaming and saving! First Time Buyers Home Loans are always at your service when you are undergoing a financial crunch and cannot afford to buy a house.
What Are First Time Buyers Home Loans?
First Time Buyers Home Loans were constituted in 2008 to help property buyers deal with the aftermath of the global recession.
The purchase of one’s first home is a matter of immense importance. It involves a lot of time, stress, and capital strength. In order to facilitate your finances, you can seek help from First Time Buyers Home Loans providers. These types of loans, which are offered to qualified borrowers, have the following properties:
- Involves very low or no down payment
- Endows interest costs
- Offers grants
- Defers payments
What Are The Eligibility Criteria Of These Types Of Loans?
- People seeking these loans should be first time home buyers.
- A person having a steady and high rate of income is not granted this loan. The main objective of these types of loans is to benefit the neediest people.
- Most deals give an upper limit on the cash price of the property you are intending to buy.
- First Time Buyers Home Loans are not granted if you purchase a property in order to rent it. It is mandatory that you live there.
What Is an FHA Home Loan?
An FHA home loan allows first time home buyers to acquire a home with a down payment of less than 3.5% of the home’s value.
The basic requirements of FHA Home Loan are:
- At least 2 years of steady employment.
- In the last 2 years, the income should be increasing or steady.
- Bankruptcy with unflawed credit, since emancipation must be at least 2 years old.
The purchase of your own home is an investment and empowers you with a sense of self-satisfaction. A First Time Home Buyers Guide can take you through the whole process, and it renders help in making the perfect deal for you without having to undergo many hazards.
What Are the Drawbacks of First Time Buyers Home Loans?
- Because you have to choose a home within a price limit, your choice automatically becomes limited.
- A first time buyers home loan is certainly not the best idea if you are going to sell the home soon after.
- A recapture tax could be levied on you for the benefits you receive.
What Is the Best Way to Go About the First Time Home Buyer Credit?
If big names and brands don’t really matter to you, and you are more interested in finding a small and cosy home for your family, opting for First Time Buyers Home Loans is an excellent idea. Once you have done that, you need to find the right agent to ensure that your hard-earned loan doesn’t go down the drain. Hiring a no-frills real estate agent is a popular idea among first time buyers. The flat-fee rate of commission irrespective of the property’s price is a great idea.
Visit http://www.no-frills-real-estate.com/1st-time-home-buyer.html to find highly efficient and well-trained agents and fulfill your dream of having a home of your own.