If you haven’t owned a house in the past three years and you qualify as a first-time homebuyer, you may be eligible for many different benefits. These benefits, which can sometimes be worth a lot of money, include low- or no-down-payment loans, down payment assistance, grants, and other valuable perks. However, you may be wondering how to qualify for the perks that come with being a first-time homebuyer; continue reading. Here, you will learn how to qualify for these benefits.
How to Qualify for the First-Time Home Buyer Benefits
To qualify for a first-time home buyer loan or other first-time homebuyer benefits, you will need to meet certain requirements. The basic qualifications for a lot of these programs include:
- You must not have owned a house or condo within the last three years.
- You must also be a citizen or a permanent resident of the United States.
- You must be able to afford the home you wish to buy – this is determined by a down payment and monthly payment evaluation.
- You must be able to prove you are making enough income to be able to maintain the home you intend to buy.
- There are also other requirements, but these are the basic qualifications. In most cases, you must be able to document that you have not owned a house within the previous three years.
What are the First-Time Home Buyer Benefits?
The first-time homebuyer benefits are numerous and can be worth up to $45,000. While these benefits are primarily designed for first-time homebuyers, there are exceptions. For example, a family of five who has owned a house in the past, but now wishes to move to a new home, would still qualify for many of these benefits. Before looking at the specifics of the benefits, take a look at the following benefits and see if any of them are especially interesting to you:
- Low or no down payment loans
- Low or no down payment loans
- Low closing costs
- No mortgage insurance
- Grant money
- Down payment assistance
- Low interest rates
These are only some of the many benefits that first-time homebuyers may take advantage of.
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Today's Mortgage RatesWhat Are The Requirements to Qualify?
There are a few basic requirements that must be met in order to qualify for first-time homebuyers’ benefits:
- You must not have owned a house or condo in the last three years.
- You must be a U.S. citizen or permanent resident
- You must be able to afford the home you wish to buy
- You must have a stable income
- You must have good credit
In order to qualify for the first-time homebuyer benefits, you must first find a home that you can afford to buy. This is where your local real estate agent will be of great assistance. He or she will be able to help you find a home that is just right for your family, which will make the entire process much smoother.
Final Note
The first-time homebuyer loan programs and other first-time homebuyer benefits are designed to help you get started in homeownership. With the help of online information and the expert guidance of your local mortgage agent, you can use these helpful benefits to find your perfect first home.
Contact MidAmerica Bancorp Inc. Today!
If you are buying a house for the first time, contact MidAmerica Bancorp Inc. at (708) 237-4050. We offer a range of mortgages for the first time and returning homebuyers with low down payment options. Products include FHA, VA, conventional, and jumbo mortgages. We service Oak Lawn, Burbank, Hickory Hills, Chicago, or throughout the states of Illinois, Indiana, Florida, Michigan and Wisconsin. Contact us today!
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Today's Mortgage Rates
