Many homebuyers rely on mortgage assistance programs to help them purchase a home. The majority of these programs are geared towards first-time homebuyers in an attempt to promote homeownership.
First-Time Homebuyer Defined
Unfortunately the term "first-time homebuyer" can be misleading when considering many of these programs. The result is that many buyers who are qualified for these programs mistakenly pass up the opportunity to apply for assistance.
The little-known reality is that what qualifies as a "first-time homebuyer" under many of these programs is someone who hasn't owned a home in the last three years, or longer.
This can be confusing for many buyers because of the term "first-time" that is so often used. Applicants who were homeowners more than three years ago and are back in the market today pay little or no attention to these programs as they assume they don't qualify for them.
First-Time Homebuyer Programs
There’s a lot of misperception about what it takes to qualify for these programs. In addition to not realizing that they could have owned a home before to qualify, people are also confused by income levels, thinking they make too much for these programs. This can potentially cost them thousands of dollars and even worse for some, millions of families today wouldn’t be able to buy a home without assistance.
Be sure to check your state and local housing agencies for additional assistance. You can search programs by state on HUD’s website.
If you’re ever unsure about a program’s qualification requirements, terms and rates, contact us at Harbor View Funding. We are your first-time homebuyer experts in Irvine, CA and will explain the qualification for these programs in detail while also helping you obtain any mortgage assistance possible.
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