FHA Loans. FHA loans help first-time buyers purchase homes by offering government insured loans with more lenient qualifying guidelines such as lower down payment requirements. If you qualify for an FHA loan, you may be able to put as little as 3.5% down*, as well as use gift funds to pay for the reduced down payment amount.
A Federal Housing Administration (FHA) mortgage is one of the best loan options for a first-time homebuyer. It has few eligibility requirements and they’re all easy to meet, meaning it offers many Americans the chance to take advantage of its benefits. First and foremost your down payment can be as low as 3.5% of your new home’s value.
For the first time this year, the inventory of homes for sale in Central Florida has dropped, leaving fewer homes for first-time buyers and others. Load Error The 2% fall in inventory is a result of.
You qualify for first-time homebuyer status if you have never owned a home before, even if your wife currently owns. HUD provides other conditions under which you may still meet the first-time homebuyer requirement. You may qualify as a first-time homebuyer if: You are a single parent who has only owned while married to an ex-spouse.
The First Time Home Buyers’ Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.. If one or more of the purchasers don’t qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible.