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FIRST TIME
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Many home
loan programs have been specifically created for first time home
buyers. These loans feature low down payments and approval guidelines
that make it easier to qualify. Some of the more popular first
time homebuyer programs are listed below. To get started immediately
click here for our on-line application.
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Many people dream of owning a home but the home loan
process can be confusing for many first time home buyers. Mortgage
lenders offer first time buyers with many home loan options and
assist the buyer in finding the best home loan for them. First time
home buyer programs can offer lower interest rates, low down payments,
or reduced taxes.
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First time homebuyers often experience the most difficulty amounting
a significant down payment and everyone should have the opportunity
to buy a home. For this reason the Federal government has developed
two loan programs to assist homebuyers that have a little or no
down payment. These programs are called the Federal Housing Administration
(FHA) and the Veteran's Administration (VA). These programs are
not solely intended for first time home buyers; your home loan advisor
will be able to determine if you qualify and if so which program
is acceptable for your needs. FHA and VA loans can be especially
advantageous when combined with a HFA or MCC first time homebuyer
program.
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First time home buyer programs are designed to help borrowers who
may not have enough money to pay the full cost of the down payment
or the closing costs on a mortgage. These programs make obtaining
a mortgage more cost effective. There are even programs specifically
for residents of each state. First time home buyer programs are
available to those who have not owned a home for the past three
years.
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Escrow is a deposit of funds, a deed or other instrument by one
party for the delivery to another party upon completion of an event.
In simpler terms, escrow is where the transaction changes hands
and prevents the seller from not receiving the money from the sale
and prevents the buyer from not receiving the home that was purchased.
Escrow is important to both buyers and sellers during the mortgage
process.
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A Mortgage Credit Certificate or MCC is a certificate awarded by
your local government agency authorizing the home loan borrower
to take certain federal income tax credits. The credits awarded
help to free up funds and make the monthly home loan payments more
affordable for the homeowner. First time home buyers are typically
the candidates eligible for an MCC but in special cases that you
may discuss with your home loan advisor this requirement may be
waived. Income and purchase price requirements also vary state to
state and should be covered in conversations with your home loan
representative.
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At Empire Mortgage Services Inc our Somerset mortgage brokers offer
a wide variety of first time buyer programs to Somerset first time
buyers. First time buyer programs in Somerset can make securing
a Somerset home loan easier and more affordable. Contact your Somerset
mortgage lenders at Empire Mortgage Services Inc to begin your first
time buyer loan.
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