First time home buyer programs offer a low down payment, reduced interest, and limited fees. You can also receive a grant as a first time home buyer to assist with the down payment. You will generally still need some cash to cover closing costs and upfront costs such as taxes and insurance. Some programs allow buyers to use a contribution from the seller or a gift from family for closing costs and down payments. Also, you may still qualify as a first-time home buyer even if you’ve previously owned a home.
For lending purposes, a first time home buyer includes anyone who fits one or more of these conditions:
- An individual or spouse who has not owned a primary residence for at least three years. This means married couples may qualify as first-time buyers even if only one meets this criteria.
- A single parent who previously owned a home with a spouse while married.
- A person who has only owned a primary residence that was not attached to a permanent foundation.
- Displaced homemakers whose only previous ownership was with a spouse.
Would you like to learn more about first time home buyer programs? Give us a call today! (720) 881-2537