If this is your first time buying a home, congratulations! Owning a house offers numerous benefits, from having a place to truly call your own and upgrade or remodel as you wish, to not having to pay rent month after month. You may have to pay your mortgage payments, but these payments go towards lowering the principal of your home loan, every month getting you closer to having a house that’s fully paid off. For countless people across the nation, homeownership is still a big dream, and first-time home buyers are finding ways to make that dream a reality.
One way to achieve homeownership is by taking advantage of first-time home buyer programs. A reputable mortgage broker needs to know what programs are available in the state where you’re planning to purchase.
At Manuel Mortgage, we make it a point to know what’s available here in Texas so that we can help more buyers purchase their first home. This type of assistance can help in a number of ways, including the following.
Down Payment Assistance
Programs exist that lower the amount of money you are required to pay as a down payment for your house purchase. For many people, this alone makes the difference between being able to and not being able to buy a property.
If you could buy a home with just a 3.5% down payment instead of having to put 10% or 25% down, would that enable you to make that purchase? Not everyone has a large sum of money lying around just waiting to be used as a down payment. By lowering the requirement of the amount needed up front, these first-time home buyer programs help more and more hardworking people who are struggling to save for a down payment qualify for a home loan, and qualify sooner rather than later.
Help For Buyers With Poor Credit Scores
Another reason some people put off buying a house is the presence of poor credit scores. Low scores mean that many banks (and in some cases, most or all financial institutions) will not lend you money for the purchase of a home.
Assistance programs exist that don’t consider credit scores at all when looking at applicants. This means that if you’re doing well financially in other areas of your life, your low credit score won’t automatically cause you to be rejected. This type of assistance has helped countless first-time home buyers reach their homeownership dream.
Did you know that agencies exist that guarantee loans for qualified buyers? If you can’t get a home loan any other way, a guaranteed loan is definitely a program to look into. Ask your mortgage broker about it.
Reach Out To Manuel Mortgage Today
At Manuel Mortgage, we care about all of our buyers, and we want to make it easy for you to buy your first home. If you are a first-time home buyer and you’re not sure that your finances are sufficient to help you qualify, check with us anyway. We know of programs that are available to Texans, and we can bring them to your attention and determine if you qualify. Contact us today!