First Time Home Buyer Programs | Monday Minute

So you are looking to buy your first home.  This is an exciting time!  You are getting ready to take a part of the American Dream of homeownership and all of the benefits that it has to offer!As a First-Time Homebuyer, there are a few benefits that you can take advantage of, saving you some money on your first home purchase!As a first time home buyer, there are a number of different down payment assistance programs and grants available to you.  A lot of these programs do have some income qualifications and eligibility requirements, and some even a home buyer education class.Depending on the different programs, you get money to help pay for closing costs, reduce the down payment amounts on the loan, and in some cases with programs like the Maryland smartbuy program, even pay off student loan debt!  These types of programs are not offered by every mortgage lender, so this is something we can help guide you to the right lenders who offer such programs.  This is another reason why it's important to not choose just any mortgage lender.Additionally, as a first time home buyer, you can save costs on transfer charges.  For example, in the state of Maryland, first time homebuyers get a waiver on their portion of transfer taxes which is the equivalent to 0.25% of the purchase price.  The best part is that you only need to show that you are a first time home buyer to get this savings.  It's rare that the states ever give a discount, so it's nice to be able to take advantage of that cost savings.If you are a first time homebuyer and have questions about the process to buy your first home, or want to learn more about first time home buyer mortgage programs, give us a call today.  We look forward to helping you!