| Are you one of those people who have dreams of | | | | They offer a very low or no down payment at all or, |
| owning their dream house but can't make it a reality | | | | subsidize interest costs, offer grants, forgive loans and |
| due to financial constraints? Well, there are first time | | | | limit fees that lenders are allowed to charge, and also |
| home buyer loans which can get you very close to | | | | allow for deferred payments. Of course all this sounds |
| owning your dream house. | | | | very easy and may sound very tempting. |
| Just because they are first time home buyer loans, | | | | But you must keep in mind that the first time Home |
| doesn't mean that you have to go for them. Most of | | | | Buyer Loans don't work out so well for everyone. |
| these loans come with strings attached. They sure | | | | There are some disadvantages that come along with |
| ease the burden on you financially for the moment, but | | | | these loans. For example, you may have a very limited |
| you will be stuck paying the mortgage on the house | | | | choice of the repayment options like 30 years for a |
| for a very, very long period. When you are purchasing | | | | fixed rate mortgage. Also, this loan may not be what |
| your first house, there is a lot of time and energy | | | | you are looking for in the sense that in case they offer |
| involved. You have to make choices between which | | | | a subsidized loan, the home value that is offered may |
| house you want to buy and which location, what | | | | be lesser than you were looking for. And when you |
| budget, and many other constraints and criteria. | | | | want to sell the house soon, you may lose out on the |
| First time home buyer loans are very helpful to people. | | | | long term benefits. |