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Programs to Help First Time Buyers

Purchasing your first home can be a daunting experience. You’ll need to go back to school to learn the financial terms that you’ll face. And prepare to get writer’s cramp filling out all the mountains of paperwork necessary. But in spite of all that, 74% of first time buyers think that the largest challenge that they face to achieve the American Dream is to save the down payment.
Here are a few grants and programs that may be able to help those first-time buyers
FHA loan.
This is the most popular, it allows for a low down payment and you’ll need to pay mortgage insurance along with it. Also lower credit scores are permissible.
USDA loan.
The Department of Agriculture guarantees these loans. They are similar FHA, however sometimes there can be no down payment. And no, you don’t need to run a farm to be eligible for this.
VA loan.
This is for past and present military veterans and surviving spouses.  This allows lenders to offer mortgages with special features, such as no down payment.
Fannie Mae or Freddie Mac.
These government sponsored entities work with local lenders to offer mortgages, grants and programs for low and moderate-income families
First-time home buyers.
Many states and counties offer grants to help first-time home buyers.  Don’t get too excited over this program.  Income restrictions apply.  And I find that if your income is low enough to qualify for these programs, you probably don’t have enough income to qualify for a mortgage unless you have a very large down payment.
FHA 203k Loan.
This is a great program for people who want to buy a fixer-upper to live in.  This loan  considers the value of the property  after it has been fixed up. And it lets you borrow the funds you need to not only purchase the home  but to do the necessary renovations. And both the purchase funds and the renovation funds are  included in your mortgage payment
For details, please speak with a mortgage professional..
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