<p> If you are purchasing a home for the first time, it would be beneficial for you to look into the different assistance programs available for first time home buyers. A first time home buyer is essentially someone who hasn't purchased a property three years prior to giving in a loan application. There are different programs available that qualify homebuyers for financial assistance, home loans, and even counseling for home ownership preparation. </p><p> The U.S. Department of Housing and Urban Development or HUD offers many of these. Their programs are often offered to low-income households to enable them to have home ownership. To carry out these programs, HUD works alongside housing authorities, local government offices, and also approved lenders. </p><p> The Federal Housing Administration or FHA offers first time home buyer insured loans. This program provides more opportunities for homebuyers to be eligible for a home loan due to its lenient requirements for credit and down payment. Since December 2010, those applying for an FHA loan must have at least a credit score of 640 and 3.5% down payment saved up to purchase the home. The list of approved lenders who can finance these FHA insured loans can be found on the HUD site. </p><p> The American Dream Downpayment Initiative or ADDI also offers a maximum of $10,000 for down payment expenses and closing costs to first time home buyers who qualify. To be eligible for this program, the home buyer has to meet the income level requirements. Financial assistance is basically a deferred loan wherein repayment is not required unless the property is refinanced, sold, <a href="https://www.home247.co/%E0%B8%82%E0%B8%B2%E0%B8%A2%E0%B8%84%E0%B8%AD%E0%B8%99%E0%B9%82%E0%B8%94%E0%B8%A1%E0%B8%B7%E0%B8%AD%E0%B8%AA%E0%B8%AD%E0%B8%87-%E0%B8%A3%E0%B8%B1%E0%B8%8A%E0%B8%94%E0%B8%B2/" alt="คอนโดมือสอง รัชดา">คอนโดมือสอง รัชดา</a> or if the owner doe not reside in the home any longer. </p><p> There is also a Homeownership Voucher Program, which is for individuals who are dedicated to achieving home ownership. Home buyers who are qualified can transfer their rental assistance voucher into one for mortgage assistance. In order to do this, the home buyer should have a continuous employment history and also must be approved for a loan from a lender. Anyone who is interested in this program should go see the local housing authority in their area. </p><p> For more information on how to get assistance as a first time home buyer, you should consider talking to any of HUD's approved housing counselors. A good counselor can help you figure out how much you can afford when it comes to paying for the mortgage along with other expenses that come with purchasing a home. Often times these services are free so it doesn't hurt to get help if you need it. </p><p> There are just some of the assistance programs available for homebuyers. Research thoroughly and check your local Housing Authority to find out about others that may be offered. </p>
