Buying a home is an amazing adventure that includes many steps along the way. Finding the house itself can actually be seen as the last leg of the journey because all of the preceding elements culminate in the physical signing and possession. Before you can reach this point, you'll need to get the proper financing so you can use it to guide your search. If you want to learn about potential mortgage deals, read below to check out why you should ask your lender about first-time home-buyer programs.
Your Previous Buying Experiences Could Be Outdated
When you hear the phrase, "First-time homebuyer," it's natural to think this term only applies to people who have never bought a house before. That sentiment makes perfect sense on the surface but the truth could be far different. Even though you may have already bought one or more houses in the past you might still qualify for a first-time homebuyers mortgage. The only way to find out is to ask your lender and complete the application!
Generally speaking, you are considered a first-time homebuyer if you have not owned a property in the last three years. For example, what if you bought a house ten years ago, lived there for two years, sold it to move into an apartment, and are now back on the market after being out of a house for more than five years? This kind of situation could put you right where you need to be to qualify as a first-time homebuyer.
Get More Bang For Your Buck
First-time homebuyer mortgages are so desirable because of the immense benefits that come along with them. Instead of having to save up a huge down payment, you may be able to get one of these loans and walk into your next house with little to no money down. In addition, there could be grants out there to help cover the closing costs and your interest rate might be much more reasonable than the one you receive via a conventional home loan. Getting a lower interest rate could mean you're able to afford a larger house without a ballooning monthly mortgage payment that is well outside of your budget.
First-time homebuyer mortgages are a tremendous boon that can really make a difference. Contact your lender today to see if you qualify as a first-time homebuyer so you can take advantage of these allowances right away.