How to Find a First-Time Buyer's Program for a Home Loan

By eHow Personal Finance Editor

Rate: (7 Ratings)

If you're looking to buy your first home, lots of first-time buyer's programs are available to help you. You'll be better off if you determine what program you are eligible for before you choose a home and make an offer.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

  • Real Estate Brokers
  • Online Mortgage/finance Services
Step1
Contact a local real estate mortgage broker and ask about programs it offers for the first-time home buyer.
Step2
Look under your phone directory's county listings for the housing department. If there are any publicly funded programs, this would be the place to find them.
Step3
Check with your employer. If you are a teacher, police officer or member of a large labor organization, you may have access to special programs. Ask your personnel or employee relations department.
Step4
Look into the online mortgage companies. Some have programs for first-time buyers.
Step5
Determine which programs you qualify for based on your income and other prerequisites.
Step6
Decide which program best fits your financial needs.
Step7
Provide the required documentation to complete the loan process.

Tips & Warnings

  • Sometimes certain geographical areas are targeted for special publicly funded financing. Find out from your county's housing department where such areas are and decide if you are interested in living in one of them.
  • Some programs allow first-time buyers to make smaller down payments to purchase a property; some provide a monthly payment (subsidy) directly to the buyer to assist with the mortgage payment; and others relax the terms of prequalification to allow more borrowers to qualify.
  • Most first-time buyer's programs will allow you to take advantage of their programs if you have not owned a property within the past 3 years.
  • Each first-time home buyer's program is different. Most have income limits that you must fall within to qualify.

Comments

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Anonymous

Anonymous said

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on 11/22/2005 It's important not to disqualify yourself just because you've owned a home or been on title of a residence in the past! Ask what the qualifications are: they could be not owning a home for 2 years or renting out your home rather than living in it.

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