| A variety of first time home buyer programs exist | | | | for people with bad credit, and flexible mortgage terms. |
| offering financing options, down payment assistance | | | | Mortgage refinance and first time home buyer |
| and tax incentives to individuals purchasing real estate | | | | programs can be located at |
| for the first time. In order to receive house buying | | | | Home buyers with low FICO scores and credit |
| benefits, applicants must meet eligibility requirements. | | | | blemishes might qualify for financing options available |
| First time buyers should conduct online research or | | | | through the Federal Housing Administration. Buyers |
| consult with a real estate advisor to determine which | | | | with inconsistent employment history or those who |
| program is best suited for their needs. | | | | previously filed for bankruptcy sometimes find it easier |
| Popular first time home buyer programs include Fannie | | | | to qualify for FHA loans. |
| Mae financing, FHA loans, VA loans and various | | | | At present, the FHA down payment requirement is 3-1 |
| programs offered through HUD. Home buyers might | | | | 2 percent. Borrowers are allowed to obtain down |
| also be eligible for the Worker, Homeownership and | | | | payment funds from outside sources such as a |
| Business Assistance Act which provides an $8000 | | | | monetary gift or loan from family, friends or charity. |
| first time home buyer tax credit toward real estate | | | | FHA loans are the only home loan program allowing |
| purchased by April 30, 2010. The Recovery Act also | | | | down payment assistance from a third party. |
| grants up to $6500 in tax credits to homeowners that | | | | The Department of Housing and Urban Development |
| have resided in their home for a minimum of five years | | | | offers a variety of first time buyer programs. While |
| and ready to move into a higher priced property. | | | | HUD programs vary by state, most grant opportunities |
| Fannie Mae engages in first time home buying | | | | to purchase HUD homes at substantially discounted |
| programs and mortgage refinancing. One of the more | | | | prices. |
| popular home buying programs is Home Path® | | | | Teachers, law enforcement agents, and public service |
| which offers a variety of homes for sale. Fannie Mae | | | | professionals such as firefighters and paramedics |
| Home Path properties include foreclosed real estate | | | | might qualify for HUD's 'Good Neighbor Next Door' |
| sold at reduced prices through approved realtors. | | | | program. This home buying program allows the |
| Fannie Mae home buying incentives include low down | | | | aforementioned professionals to purchase HUD |
| payment requirement, no appraisal fee, home financing | | | | homes at up to half off real estate listing prices. |