· If you’re ready to buy a home now, and you’ve found a competitive mortgage rate, first-time homebuyer grants and programs are available to help complete the process.Here are six programs that can help you get into a home without a huge down payment.
First Time Home Buyers’ Program. Exclusive to British Columbia, the First Time Home Buyers’ Program is intended to exempt first-time buyers from one of the major costs associated with the purchase of your first home: the property transfer tax. The program reduces or eliminates the amount owing for tax, depending on certain qualifications.
First, get approved for a loan. Doing this before looking at houses helps you a lot. Here are some of the benefits: You’ll get an approval letter that shows real estate agents and sellers you’re able to afford a house. You’ll find out how much house you can afford.
This fixed-rate loan often works well for first time home buyers because it allows individuals to finance up to 96.5 percent of their home loan which helps to keep down payments and closing costs at a minimum.
Any buyer using an MHDC program or lender to purchase their first home is eligible. You must pay an insurance fee of 1% of the loan amount, but this is a small obstacle to achieve serious long-term savings.
Federal Housing Administration Loan Requirements Program Description. This program helps homebuyers or homeowners save money on utility bills by helping them get loans to cover the cost of adding energy saving features to new or existing housing as part of a federal housing administration insured home purchase or refinancing mortgage.
Where you may be required to put down 5% or more for a conventional home loan, FHA loans allow you to put down as little as 3.
If you want to know more about buying your first home, choose how you’d like to get in touch – online, in branch or over the phone. You can also browse our mortgage FAQs. If you want help choosing the right mortgage for you, you’ll need to call us to speak to a mortgage adviser.
First-time home buyers love fha loans because of the low credit and down payment requirements. In 2017 approximately 46% of first-time buyers used an FHA loan to buy their first home. However, you do not need to be a first-time homebuyer to qualify, you can use FHA loans multiple times.
FHA Loan Qualification Requirements. The first and easiest loan for a first time buyer to qualify for is the FHA or Federal Housing Administration loan. While the program wasn’t specifically intended for first-time buyers, it’s become the top choice simply because it’s easier to qualify for.
Pros Cons Fha Loan Pros, Cons, and Misconceptions of FHA condo approval 2019 We are constantly asked, "What are the pros and cons of FHA condo approval?" But before we get to that, it’s important to clear up a few things about the FHA and their role in the housing market: