First Time Buyers

For many people, the thought of purchasing a home seems more like a dream than reality. After all, lack of funds is the main reason renters don’t see homeownership in their future. However, what many don’t know is the plethora of programs available to first time home buyers.

What does that mean for you?

You may be eligible for assistance through these grants or first-time homebuyer financial aid programs:

FHA Loan

The Federal Housing Administration is an agency of the United States government that has been making it possible for people to own homes since 1934. Typically, FHA loans come with competitive interest rates, which require very low down payments and decreased closing fees compared to conventional loans.

If you have a credit score of at least 580 you can be approved for an insured FHA loan with a downpayment of a minimum of 3.5% of the loan. If your credit score is lower than a 580 your down payment will have to be at least 10% of the loan amount. To acquire an FHA loan you’ll have to find a lender that is FHA approved.

Good Neighbor Next Door

Good Neighbor, Next Door is another government program sponsored by HUD (Department of Housing Authority and Urban Development.) It provides assistance to individuals with a career in a public service sector specifically, firefighters, law enforcement agents, teachers and emergency medical personnel.

This program allows such individuals to purchase a home with a 50% discount as long as the home is listed in a revitalized area. You can find such homes by visiting the program’s website.

Fannie Mae

Fannie Mae, or it may be known as Freddie Mac in your state, are government-sponsored loan entities. They work with local lenders to create low mortgage opportunities for low to mid-income families.

Grants in Houston TX and surrounding areas

Besides government-backed programs, you can seek assistance through different grants and first time home buyers programs from the state of Texas.

Try Our Mortgage Calculator

Determine mortgage affordability by using our free mortgage calculator. Such a tool can help you determine exactly how much you can comfortably afford to pay on a mortgage by assessing your current finances and get a rough estimate of what your mortgage payment could look like based on today’s market rate.

How Liberty Mortgage Can Help You

Purchasing a home can be a complicated process, especially for first time home buyers. Let us take the hassle out of finding your first mortgage by:

  • Managing your online mortgage application
  • Being available to answer any questions
  • Financing your property with a mortgage tailored to your needs
  • Receiving the best customer service even after closing

If you need help navigating the uncharted waters of acquiring a mortgage, contact us. We are celebrating our 20th year of helping buyers make their dreams of owning a home a reality.

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