Sadly, tens of thousands of people would love to buy their first home but because of one reason or another, they think they would never qualify. The truth is that today, you will find a laundry list of special programs designed specifically to help first time buyers get into a home. As you will discover in this article, you have viable options. Keep in mind that these solutions for buying a first home are just some examples with there being many more to consider. If none of these appears right for you, then take time to meet with a lender to find out what other solutions are available for you.
Low Down Payment – Most people believe that buying a first home means coming up with a huge down payment, up to 20%. For young couples just starting out, this type of money is not usually an option. However, you can actually purchase a first home for as little as 3% down. You will discover a special program designed for first time buyers, as long as you can qualify. Of all programs for first time buyers, this one is considered the most successful. In addition, many of these programs include the closing costs and fees in with the loan so you are not required to come up with any additional money.
HUD Home – The Housing of Urban Development (HUD) is an option for first time homebuyers. These homes have been taken over by HUD due to the previous owner not being able to meet the payments. With this, the home is foreclosed on and sold at a huge discount. The federal government offers a number of special programs specific to HUD homes. Therefore, if you find that you are short on money, you might contact HUD to learn more about what they can do to help you get into a home.
These programs again are just a few options that might work for you but there are many others to consider. If you have your heart set on buying a home but feel you will never qualify, know that you have great possibilities through any number of special programs.