First Time Buyers...Now is the time!

If you have been contemplating purchasing your very first home, now is the time to do it! First time home buyers have some great advantages with not only the market values but also the interest rates are at an all-time low, I have seen anywhere from 3.0 to 4.5% which is amazing! Homes that are sold as bank-owned foreclosures usually offer a 15 day period for owner-occupant buyers, this is one thing that gives first time buyers and advantage over investors to pick up some great deals. The first thing I tell my first time buyers or just buyers in general is to get with your bank and get pre-qualified. Getting pre-qualified lets you know exactly what price range you need to be shopping in so that when you find the perfect place you can move forward with an offer. Banks and lending institutions are offering some great programs that accompany these low rates. Here is a little info on some of the programs available:

USDA Program- This loan program is in my opinion the best for first time home buyers; it gives you the luxury of purchasing a home with almost zero money down. It is 100% financing and if you can get the seller to cover your closing costs then you literally come to the closing table with no money, a great feeling! The only downfall to the USDA is that is an "area restricted" loan. The home you are looking to purchase must be in what is called an eligible area, usually areas on the "outskirts" of town are eligible. Here is a link to the USDA website that you can plug in the address to their map and see if qualifie

Home Path Program- The home path is another great program that offers special offers to first time buyers. To qualify for this program you the home has to be a Fannie Mae foreclosure which you are starting to see make a trend in the market more and more. Some of the special offers include low earnest money deposit, in most cases only $500, a 2 year home warranty paid by the seller and up to 4% of total purchase price in seller paid closing costs. These loans do typically require 3% down so that is one downfall for a first time buyer that doesn't extra funds saved. Click here to learn more on these loans.

Written By:  Carly Gravely