First Time Home Buyer Overview and Quick Tips

Mortgage and Lending with Independent



There are some great benefits in being a First Time Home buyer but what exactly defines a First Time Home Buyer and what are the benefits you may ask?

A First Time Home Buyer is considered an applicant who has not have held an ownership interest in a principal residence within the past three years.


Benefits of being a First Time Home Buyer:

  • Eligible to qualify for State Specific Finance Companies like VHDA for Virginia for instance which provides down payment and closing cost assistance up to 103% financing.
  • Check with your Local Mortgage Expert and Real Estate Agent for they might have First Time Home Buyer Discounts and Specials.  For Example with my clients I have $300 off closing costs for First Time Home Buyers.
  • Last but not least, we can't forget that First Time Home Buyers biggest benefit is finally accomplishing the American Dream of Home Ownership!



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Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor


Certainly some great pointers for First Time Home Buyers!


Tom Davis

World Class Delaware Realtor

Sep 09, 2008 10:03 PM #1
Kathy Fey
Fey & Associates - Dacula, GA

I love working with first time buyers.  They are a lot of work, but the rewards are enormous.

Sep 09, 2008 11:52 PM #2
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Great tips.

Sep 10, 2008 12:02 AM #3
Yvette Smith
LONG & FOSTER - Williamsburg, VA
Realtor In Williamsburg VA, Homes for Sale


What a nice picture you chose, sweet & innocent.  Of course the info is awesome.  Have a great one!

Sep 10, 2008 01:30 AM #4
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Pictures always help, don't they Justin. Good information.

Sep 10, 2008 04:47 AM #5
Justin Williams
Independent - Virginia Beach, VA
Loan Officer

@ Tom - Thanks Tom for commenting!

@ Kathy - First Time Home Buyers are definitely a joy!

@ Will - Thanks!

@ Yvette - Why thank you, I thought so too :)

@ Fred - heh thanks for the comment!

Sep 10, 2008 03:22 PM #6

Checking the reviews of Active Rain beforehand, I noticed that there were a lot of positive remarks. Like James who commended the blog for being awesome, informative and entertaining. I expected nothing less and I was not disappointed.

Before reading the article, I thought I knew who a first time home buyer was, and I also considered myself as one. Going through this post on the other hand has led me to realise that there are actual criteria to set in place before one can be labelled a first time home owner.

There are also benefits of buying a house for the first time which I was not previously aware of. These benefits which range from lowered MIP cap on FHA loans, through access to grants, funds and discounts, to eligibility to qualify for state specific financing.

Most importantly, I get to fulfill my lifelong dream of owning my own home and being aware of all this help, is something I am glad to have gotten from this article. I also found some more interesting and educative articles at where I found out about FHA, conventional and veteran affairs loan options. It wouldn't hurt to take a glance at them.

How do I get to apply for the loans and grants, really?

Feb 18, 2019 03:28 AM #7
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