First Time Home Buyer
First Time Homebuyer
You've decided to buy a home!
Now what? Before you start panicking, take comfort in knowing that you don’t have to figure it all out by yourself. After decades of working in the quickly changing real estate industry, the experts at Independent Home Loans have seen and done it all and are ready to guide you through the entire process.
To start, we recommend that you sit down with a trusted loan consultant who can assess your current situation. There are many options available for assistance with your down payment and closing costs, which includes charitable and government-sponsored programs.
Types of First-Time Home Buyer Programs
Down payment Assistance
Most home buyers run into issues with the down payment, which is a large initial expense when you buy a home and is required for most types of mortgages.
DPA Loans
These loans are used for down payment assistance (DPA) through a few specific types of loans to reduce the amount you have to put down. This includes options such as second mortgages, deferred payment loans and forgiven loans. These all have different requirements that you can discuss with your financial advisor or loan officer.
DPA Grants
These grants don’t have to be repaid, but program requirements vary, so it’s best to check with your local or state government or contact us today for details on any first-time buyer down payment assistance programs.
Government-Backed Loans
These are loans backed by the federal government and can help qualified first-time home buyers purchase with no down payment.
Tax Deductions
You’re able to save money on your taxes through various deductions. Federal and state deductions can lower your taxable income. A few examples are deducting the full amount of your mortgage insurance costs or the cost of interest paid during the year on loan amounts.
Closing Assistance
These government-sponsored and private programs help you pay closing costs, which are additional fees you pay at the end of the mortgage process. Closing costs are typically 3-6% of the total cost of your home loan. This assistance can come through a grant or a loan.
