Federal homebuying incentives make taking out a mortgage easy and affordable. If you’re a first-time buyer worried about having to make a large down payment and upping your credit score before beginning the process, consider taking out a Federal Housing Administration (FHA) loan, which is meant for first-timers. FHA down payments could be as low as 3.5% and you don’t have to worry about having impeccable credit to get prequalified. Plus, part of your closing costs could be covered or supported by another federal incentive.
The Department of Housing and Urban Development (HUD) Homeownership voucher is an option available for first-time buyers who have at least one member of the household working full-time and are willing to participate in a homeownership counseling program. The voucher is offered to those who meet a low-income requirement.
Other opportunities include those available to rural residents, service members or veterans, and state-level incentives. The U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act currently offers mortgage assistance as part of the pandemic economic stimulus package.
Source: Level One Bank
For more information on these programs, give me a call today! Dani