For a first-time buyer, purchasing a home might be difficult. After all, there are a lot of processes, tasks, and regulations, and you don’t want to make a costly error. First-time homebuyers, on the other hand, benefit from several particular benefits designed to attract newcomers to the real estate market.
Being a First-Time Homebuyer Has Its Advantages
Purchasing a home remains an important part of the American ideal. If you don’t have the standard minimum down payment—ideally, 20% of the purchase price for a conventional loan—or are a member of a specified group, you may be eligible for state programs, tax benefits, and federally backed loans as a first-time buyer. Even if you aren’t a rookie, you may qualify as a first-time buyer.
First-Time Buyer Qualifications
According to the US Department of Housing and Urban Development (HUD), a first-time homebuyer is someone who meets any of the following criteria:
- A person who hasn’t owned a primary residence in three years. If you’ve owned a home before but your spouse hasn’t, you can buy a property as first-time homebuyers together.
- A single parent who has only ever shared a home with a past spouse.
- A displaced housewife who has only ever owned a house with her husband.
- An individual who has only owned a primary dwelling that is not properly affixed to a permanent foundation as required by law.
- A person who has only held a property that did not meet state, local, or model building codes and could not be brought into compliance for less than the cost of erecting a permanent structure.
Getting the Right Mortgage Loan — Midgate Mortgage Can Help
Ready to take the step of purchasing a home or refinancing a mortgage? You can count on us to help you locate the loan program that’s the best fit for you. We have a team of mortgage experts to guide you through this major financial decision. For guidance in finding the appropriate program for you, feel free to contact us at 310-791-0854.
