First Time Home Buyer Down Payment Assistance
     

First Time Home Buyer Information

FIRST TIME HOME BUYER ASSISTANCE PROGRAMS

Many times when we hear about first time buyer programs, what we are really talking about is a standard FHA loan. This type of loan is guaranteed by the Federal Housing Administration. You still have to qualify to obtain financing, but FHA can be more forgiving than conventional loan programs. The biggest benefit of using FHA financing is that the down payment can be as little as 3.5%, while a conventional loan may require you to pay up to 20% of the purchase price as a down payment plus closing costs. FHA will also allow you to ask the seller to make a contribution toward your closing costs. You may also be able to accept a gift from a family member toward your closing costs.

There are also other assistance programs that actually help first time home buyers with the down payment. These are typically down payment assistance programs operated by local, state and federal governments. These programs may require you to attend home buyer classes, and may be strictly limited based on the economic status of the buyer. This can make them difficult to obtain, because you have to make enough money to qualify for the home loan. However, you cannot make too much money, or you may not qualify for the down payment assistance. These programs are also very under-funded and often do not have funds available to offer assistance. Many bank owned properties will not work with these types of assistance programs, because of the lack of funding and frequent delays.

Contact me at 407-924-7670 or SellMyHome@DavidWelch.com if you have questions about buying your first home. I can put you in touch with a mortgage professional who can answer your questions.

by David Welch

David Welch , Orlando Real Estate Blog


RE/MAX 200 Realty 954 S. Orlando Ave. Winter Park, FL 32789
Phone: Cell:

ResultsforYou | Why Choose Me! | Staff Profiles | Contact Us | Free Home Valuation | Find A Home! | Links | Rentals | Remax Difference | UCF Knights | Short Sale | Baldwin Park Condo | YouTube Videos | Gatlin Place | Conway | Zillow Search | First Time Buyer | Baldwin Park | Avalon Park | Twitter | House Hunters | Orlando Homes | VoicePad | SocialBio | First Time Buyers | For Buyers | Tell a Friend | My Properties | Selling Your Home | Area Homes | Sold by David | My Featured Properties | Search Yahoo!® | Home | Applying for a Loan | Neighborhood Prices | 9 Steps to Owning | Site Map | 15 vs 30 Year Mtg Calc | Maximum Mortgage Calc | Rent vs Buy Calc | Mortgage Calculators | Request Industry Info | Your Dream Home | 9 Steps to Ownership | How to Sell Your Home | Staging Your Home | Reasons Homes Don't Sell | Be Accessible! | Buying Foreclosures/REO's | Home Price Index | Daily Rate Lock Advisory | Real Estate Optimist | Boca Raton Buyers | Cape Coral Buyers | Clearwater Buyers | Fort Myers Buyers | Jacksonville Buyers | Kissimmee Buyers | Miami Buyers | Naples Buyers | Orlando Buyers | Sarasota Buyers | Tampa Buyers | Boca Raton Sellers | Cape Coral Sellers | Clearwater Sellers | Fort Myers Sellers | Jacksonville Sellers | Kissimmee Sellers | Miami Sellers | Naples Sellers | Orlando Sellers | Sarasota Sellers | Tampa Sellers | Relocation | New Construction

Copyright © 2014 RE/MAX 200 Realty
Portions Copyright © 2014 a la mode, inc.
Another XSite by a la mode, inc. | Admin LoginTerms of UseSite Map
All rate, payment, and area information are estimates and approximations only.



 
State:
County:
City:
Zip: