3 Kinds Of First-Time Home Buyer Assistance

Performance Property Real Estate Question

Q: I have been trying to save the 20% down payment to buy a house for a long time. Are there any programs that can help me get my first home? Shamise, Union, NJ

A: The typical home buyer spends over 6 years saving money for a down payment to buy a house. There are literally dozens of first-time home buyer grants and programs designed to assist 1st time home buyers that are sponsored and backed by both governments as well as public and private banks.

Here are 3 kinds of first-time home buyer assistance programs:

  1. Low-down payment mortgages that require a down payment of 5 percent or less
  2. Mortgages that don’t require a down payment at all
  3. Mortgage loans that give interest rate discounts to first-time buyers

It’s important to seriously analyze your specific financial situation before you make a commitment to purchase a home, which for most people is their biggest financial investment. Remember, that getting a mortgage is a vital 1st step, however, planning to make sure you can afford to consistently make the monthly payments over the life of the mortgage loan is just as important. Thanks for your question, Shamise.

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