First-Time Homebuyers

Did you know… Even if you’ve owned a home in the past – you are considered a “First-Time Homebuyer” if you haven’t had ownership interest in a property within the previous three years?

Most people don’t know this! But yes! After 3 years, all of the First-Time Homebuyer benefits come back to you!

  • Low down payment: 3% on conventional loans and 3.5% on FHA loans
    • Did you know that non – first time buyers only are required to put down 5% on conventional and 3.5% on a new FHA Owner-Occupied Residence
  • Down Payment Assistance Programs (with qualifying credit scores)
    • Up to 3% towards down payment and up to 3% towards closing costs
    • These are “silent 2nd and 3rd” mortgages that will be on Title but do not require you to make a payment until you refinance or sell the home

Buying vs. Renting

  • Did you know that it can sometimes be harder to qualify for a rental than buy a home?
    • When renting, you are required to make 3x the rent (in most cases), pass a credit/background check for each adult living in the rental home, find a place to rent (which can be tricky), and then beat out all other applicants (who may look better on paper than you)
    • Most rental properties want you to have a higher credit score than is even required to buy a home?
    • Sometimes required is first and lasts month rent PLUS deposit
      • Depending on how high the rent is, you may have enough already saved to purchase a home with the help of a Down Payment Assistance Program
  • Why pay someone else’s mortgage/ownership expenses, when you could be investing that money into your own property and building equity?
  • Certain tax write-offs! (talk to your tax professional)

Benefits of Homeownership

  • Stop wasting money, paying for someone else’s mortgage/ownership expenses!
  • Investing in your own piece of property
  • Peace of mind and stability with your housing situation
  • Able to make improvements and changes to your living space 
  • Building appreciation (home value’s have a historical trend of increasing in value over time)
  • As your value grows and your mortgage decreases, you are building Equity, which you can tap into for any reason!
  • Tax benefits (talk to your tax professional)

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