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Ask Shop Rate: Vince S., Boca Raton, FL

Posted by  on Apr 16, 2009
 
What First Time Homebuyer programs might be available for me and my wife? Check with your mortgage lender. Most First-Time homebuyer programs are administered at the state, country or local level. FHA programs offer lower downpayment options which are often attractive for first time homebuyers. A great place to start is the HUD website (Housing and Urban Development).

But do your homework in advance and compare your alternatives. Some first time homebuyer programs have restrictions as to the value of the property or the amount borrowed. The house typically must pass some sort of inspection and usually must also be your primary residence and not a rental property. Compare any special program with a typical conventional mortgage program to weigh the pros and cons before any decision.


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