| No doubt the biggest dream of any family is to have | | | | purchasing a house for the first time or in some cases |
| their own home, and to accomplish this most people | | | | a person is eligible if they have not owned a house in |
| seek help from the different mortgage plans that are | | | | the past three years. The borrower usually has a |
| available. However, most of these programs have | | | | relatively low income profile. The borrower must also |
| been devised for those who are relatively well off and | | | | use the house as his or her primary residence and |
| have a good stable income. Acquiring a mortgage | | | | should not rent it out or use it for any other purpose. |
| without having prior knowledge can be quite confusing. | | | | Normally these loans are available only for less |
| You can now get help in all of this with the First Time | | | | expensive properties and hence they give you credit |
| Buyer Programs that have come into force in recent | | | | for only relatively small loan amounts. |
| years. | | | | As good as this sounds, most first time home buyer |
| Details of the first time buyer program vary according | | | | programs have their own set of drawbacks. For |
| to where you live and the company you are getting it | | | | example, in exchange for the benefits offered and |
| from. However, in general first time home buyer | | | | greater risk being assumed by the lending institution |
| programs are devised to make loans more attractive | | | | you may have to sign for a longer term mortgage |
| to more people. For example, a person who is a first | | | | than you would like - perhaps as long as 30 or 40 |
| time home buyer may be unable to get a mortgage | | | | years at a fixed interest rate. |
| with the usual terms but may qualify for a sponsored | | | | You will also probably be restricted to buying a home |
| loan that charges you little or no interest. The interest | | | | under a certain value, and sometimes this may mean |
| rates may be better than usual, and the repayment | | | | your choice of location and home style is restricted as |
| terms more manageable, at least for the first few | | | | well. You may also have to pay increased state or |
| years. | | | | federal tax on some of the benefits you receive from |
| Buying a home for the first time is an exciting time in a | | | | the program, |
| family's life, but it is also filled with stress. In order to | | | | You will need to evaluate these points on your own |
| make things more palatable, some first time home | | | | terms and make a decision as to whether or not such |
| buyer programs offer easier terms with little or no | | | | a program will benefit you. Building or purchasing your |
| down payment. Some companies also allow you to | | | | own home could be the wisest decision you can make |
| make smaller payments over a longer period of time. | | | | in your lifetime provided you are able to get a proper |
| Normally, in order to qualify for a typical first time home | | | | plan to fund it. Such a plan should not be one that will |
| buyer plan the borrower should be building or | | | | ultimately make your investment a poor one. |