Benefits for First Time Home Buyers Your local Realtor -Kate MeyerPurchasing a home is one of the biggest decisions that you will make as a young adult! First time home buyers have a lot of;
Benefits for First Time Home Buyers
Dated: September 22 2021
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Benefits for First Time Home Buyers
Your local Realtor -Kate Meyer
Purchasing a home is one of the biggest decisions that you will make as a young adult! First time home buyers have a lot of advantages. So make sure to take full advantage of the potential benefits!
There are two types of benefits when it comes to being a first time home buyer. The first is financial benefits, and the second is more relaxed requirements. For example you could qualify for buying a home with a lower credit score and financial assistance. They also have down payment assistance to help cover your down payment and closing costs.
There are several mortgage loan programs available to first time home buyers. An FHA loan is a loan where you can put as little as 3.5% down on a home with an interest rate as low as 3%. For example you could purchase a 200,000 dollar home with 7,000 down. To qualify for this loan most mortgage lenders will require a credit score of 580 or higher, 2 years of continuous employment, and a reasonable debt to income ratio. There is another type of FHA loan called FHA 203. This particular loan allows you to purchase a home in need of updates. The loan covers the purchase price of the home as well as the cost to update the home. The requirements are the same for both FHA loans, however the FHA 203 loan requires the home to be appraised at the purchase price, needs at least 5,000 dollars worth of repairs, and is at least 1 year old.
Another loan that could be used by first time home buyers is a conventional loan. This loan is not backed by a governmental agency. Conventional loan requirements are different depending on what mortgage lender you use. With a conventional loan you could put as little as 3% down. Most conventional loans require a 600 or higher credit score, employment history, and a reasonable debt to income ratio.
As a first time home buyer you may also qualify for down payment assistance through grants or loans. This could cover your closing costs. Requirements for this are usually based on income and the size of the house you are purchasing.
Do not forget about your tax breaks. After home buyers purchase their first home they often overlook the financial advantages of tax breaks. As a homeowner you can write off the interest you pay on your loan up to 750,000 dollars. Another write off to take advantage of are writing off your property taxes. You can also deduct your home insurance premiums. If you happen to work from home, you can write off your home office too!
Now that you’re aware of all the benefits to being a first time home buyer, you can start your home search today! Message me via text or call at (314)681-1809, Email Katemeyer314@gmail.com, or contact me on my website at www.katemeyer.worthclark.com.
Kate Meyer
Kate is a dedicated realtor specializing in property investors, first time home buyers, and VA home buyers. Serving St. Louis and surrounding areas! Kate grew up in the South County area of....
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