Are you a first-time homebuyer struggling to finance your first home purchase? If so, this slideshow is a must-read. All first-time homebuyers have grants, government-backed loans and even local assistance options available to them and all potential buyers need to do is know where to look.
In the following slides, you will learn about government loan programs such as FHA Loans, grant options and other financing knowledge that will help you find the best way to finance your first home purchase.
If you are a first-time homebuyer, there are many options available to help you finance your purchase. In order to help stimulate the housing market, the government and many mortgage agencies work hand in hand to make the process of purchasing a home a little easier on first-time buyers and those experiencing financial hardships.
Government-backed loans such as FHA loans, VA loans, USDA loans and Fannie Mae loans are especially helpful for homebuyers who are struggling to reach the coveted 20 percent down payment most lenders and sellers expect.
Some of these government-backed loans are only available to specific homebuyers, while others are available to first-time homebuyers in general. For example, VA home loans are provided by the Department of Veterna Affairs and only available to eligible veterans and the surviving spouses of eligible veterans, while FHA loans are available to all first-time homebuyers who meet the limited criteria.
In addition to government-backed loans, first-time homebuyers also have the option to qualify for grants.
Some grants are specialized, like the Good Neighbor Next Door Grant, which is only available to law enforcement, teachers and first responders, but many are general home-buyer grants that anyone can apply for and take advantage of.
One of the best grants available to first-time homebuyers is the National Homebuyer Fund (NHF) grant, which can help partially cover down-payment costs on new homes and is available to anyone.
Because of the financing options available between loans and grants, it is important to review all these options and see which ones apply to you and which ones benefit you most. In the following slides you will learn more about the criteria for each program to help you decide which ones suit your needs best.