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First Time Home Buyers Have success Here What are the steps to buying a home for the first time?

First Time Home Buyers today are more and more likely to find the home of their dreams because the market favors home buyers v/s sellers. When interest rates increase, home purchases will slow down, which creates more inventory and less buyers.  In a slow market, First Time Home buyers are able to be more selective when buying a home for the first time. They may be offered perks such as discounts on the price, closing cost incentives and repair incentives on homes that otherwise would not be offered in a booming market.  During a slow market lenders also look for ways to attract buyers, such as offering 100% financing to First Time Home Buyers, allowing larger seller assist options to help with down payment issues as well as Extended Mortgage Terms to help transition a First Time Home Buyer in to a home for the first time.

Many First Time Home Buyers often have little to no credit. Lenders across the country realize there is a growing market for those type of borrowers and are consistently finding creative ways to assist those buyers into home ownership.  You can also read or order a booklet from fannie mae to better understand home ownership from First Time Home Buyers. Visit www.fanniemae.com for many related topics that all pertain to First Time Home buyer question and answers.

Did you know that First Time Home buyers can receive grant money to help them into a property. There are plenty of web sites that offer help in getting this grant money. Below are some links that will take you to these sites.

All Money Grants from the Government for first time home buyers can make up the second portion of down payment assistance available. They have no seller contribution requirements. The only guideline requirement to satisfy government assistance housing is that your total income per family must meet the listed minimum thresholds listed below, which will vary depending on the number of dependents and the median household income for the area in which you intend to purchase your first time home.

Example (This is only a SAMPLE - income levels typically are higher)

Dependents
Assistance Per Ind:

Grant For
Very Low Income
$5000.00
Grant For
Low Income
$3750.00
Grant For
Moderate Income
$2500.00
1 (individual) $0 - $16,000 $16,001 - $24,000 $24,001-$34,000.00
2 $0 - $18,000 $18,001 - $27,000 $27,001-$37,000.00
3 $0 - $22,000 $22,001 - $30,000 $30,001-$39,000.00
4 $0 - $25,000 $25,001 - $34,000 $34,001-$43,000.00

The most popular down payment assistant program which is recognized by most major lenders across the country is http://www.ameridream.org/. When you contact you local lender, be sure to ask for this program and there are money others than are available from a local level in your own community. So get all of the help you need to move into home ownership for the first time.

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