First-time homebuyers have unique access to mortgage programs that can save you a lot of money and help you become a homeowner faster. So if you’re getting ready to buy your first home, congratulations! Keep reading to learn how it works and find out if you’re eligible.
Related: Find out if you qualify as a first-time homebuye
One of the biggest obstacles for many first-time homebuyers is the down payment.
The good news is you don’t need to put 20% down to get a competitive rate on your mortgage.
In high-cost areas, the average home could be around $750k, requiring a 20% down payment of $150k. Even if you have the funds available, is it still a smart move to invest the full amount into your home? High-income buyers might want to invest that money elsewhere. And for lower-income buyers, a large down payment might not be possible.
The following mortgages are a popular option for first-time homebuyers. Why? They can help lower your down payment and get you into a house without making you cash-poor or depleting your assets.
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Samuel D. Iohannis
Connect with a local mortgage advisor to see if you qualify as a first-time homebuyer. Start the process early and ask your lender to show you which home loan programs will give you the best advantages. We’d love to help.
