Purchasing own home is a dream almost everyone cherishes. However, it was never such an easy and enjoyable affair for those youngsters who are at the initial phase of their work life and don’t have a big capital to raise off-hand to instantly invest. However, things have changed lately and now there are a lot of support available for the savvy and smart first time home buyers through many first time home buyer loans in Florida.
Many people have a doubt as to what is the different between a general home loan and first time home buyer’s loan? Basically, the first time buyers’ home loans come with a lot of unique benefits including;
- Government grants
- Lower interest rates
- Financial support for down payment
- Education to the first timers about real estate essentials.
A word of caution here is that you should also know that as you are buying your first home, it is not mandatory to choose first time home buyer loans in Flordia only. These loans also come with many restrictions too. First time home buyer’s loans may be perfect for many, but sometimes it may be a bad choice too in some specific cases. So, explore all available options and choose wisely by identifying which is the best one for your purpose.
What is First Time Home Buyer Loan?
Buying the first home is a big deal for most. It takes a lot of time and energy at the first point, and also requires a lot of money and effort. Even if you are willing to take all other pains associated with it, crossing the money barrier is often the biggest challenge for youngsters who are aiming at their maiden property purchase.
In such a situation, we can consider first time homebuyer loans as something god sent. The major advantages of this financial aid include;
- Offering loans at a minimal or no down payment at all.
- Funding the interest cost paying just in part or in full.
- Offering various grants by government and banks for the first time buyers.
- Forgive the loans
- Capping process fees usually charged by lenders
- Reschedule the payments etc.
Who can avail?
As the name suggests, it is basically for first timers. It means the applicants should have never owned a house before. However, there are some similar loans also offered to those who haven’t bought a home in the last 5 years. The terms and conditions may vary at different places. The first time home buyer loans in Flordia eligibility criteria include some income restrictions too. In general, these loans are meant for those who are of the low to medium income categories. Some other restrictions include;
- There may be a capping on the price of the property you can purchase with such loans.
- You may have to invest in a property, which falls under the lower strata of the real estate market.
- The property you purchase has to be made your primary residence and renting out is out of question.
- The property you purchase should be in prime condition without any safety concerns.
If all such restrictions meet with your purpose, no doubt that first time home buyers loans can set open the ideal doorway for you to get on to the property ladder at right time.