If you’re a first-time home buyer help, there are plenty of resources out there to help you navigate the process. Some of these include mortgage and down payment assistance programs, grants, and financial education courses.
How do I get a good agent?
The right mortgage can make a big difference in your homebuying experience, whether you’re buying your first home or not. The type of loan you choose depends on several factors, including your debt-to-income ratio, credit score and employment history.
Down payment: The size of your down payment can impact your monthly payments and the total amount you pay in interest over time. Many lenders require a down payment of 20 percent or more, but there are loans specifically designed to help buyers with less cash.
First-time homebuyer grant: The state and federal governments offer first-come, first-served cash grants to eligible first-time homebuyers. These grants can cover down payments, closing costs and mortgage rate reductions.
Closing cost assistance: These plans often pay the entire cost of closing, including title fees, transfer taxes and mortgage fees. They’re available to buyers in low-income neighborhoods and can be a great way to reduce the cost of a new home purchase.
FHA Plus: The State of New York Mortgage Agency offers a mortgage program that combines down payment and homebuying assistance with an FHA-backed mortgage. This program is especially helpful for first-time buyers who are looking to buy a fixer-upper and renovate it over time.