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:
- On FHA Loans the MIP Cap of 2.25% can be lowered to 2.0% if the client is 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.
- Access to Government Funds and Government Grants found here First Time Home Buyer Grants
- 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!
Thanks for checking out my blog! Feel free to leave a comment or subscribe, much appreciated!
Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-692-3464)