3 Benefits Of Being A First-Time Home Buyer

Are you a first-time home buyer? If so and you are getting ready to shop for your first home then you may want to consider utilize and taking advantage of a first-time home buyers program. Mortgage loans for first-time home buyers can be extremely helpful, as there are many financial benefits that allow you to have an easier and more enjoyable home buying experience.

When shopping for your first home, be sure to take advantage of all the benefits that first-time home loan programs have to offer:

Tax Breaks

When filing your taxes for the first year as a new homeowner, there are many things that you will be able to write off as deductions with a first-time home loan program. You will be able to write off deductions like the sales tax of your home, interest on the mortgage, and you will be able to receive a tax credit, which can deduct any outstanding tax balance that you may have.

This can be incredibly helpful, and make buying your first home much easier than it would be if you were to obtain a traditional home loan.

Co-Signer Help:

Chances are when buying your first home you may not have the best credit score in the world. Because of this issue you will likely face a hefty interest rate or very strict terms and conditions on your mortgage. However, with a first-time home loan program, you will be able to include co-signers onto your loan, which can make your application appear much better than if you were to apply independently.

With co-signers who have strong and excellent credit history, you will be able to receive a much better mortgage rate, which will lower your interest rate and the overall conditions of your home loan.

Low Down Payment Requirements:

Traditional home loans may require you to pay up to 20% of the home's value as a down payment, which can be nearly impossible if you haven't already been saving for years. However, with a first-time home buyer program, you can purchase your home with as little as 3.5% down. This can save you a tremendous amount of money on the upfront cost for your home, which can make buying your home easier and less of a financial struggle.

With these benefits and perks, you will find it much easier and less stressful to shop for your first home. This program will allow you to have a better buying opportunity, without the hassle and struggle of paying a large sum of money upfront. Take advantage of this program and you will be able to shop for your first home much sooner than you think.

To learn more, contact a company like CU Mortgage Service with any questions or concerns you have.