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Getting A Clear Picture As A First Time Home Buyer
First , let 's talk about the benefits!
Low down payment and lower than market interest rate.
A below-market, fixed interest rate is offered to First-Time Homebuyers and Urban Target Area buyers. Downpayments of as little as 3.5% are required and must come from the borrower's own assets. Loans are 30-year fixed rate. Certain closing costs can be gifted by family members, non-profit organizations or government agencies. Debt-to-income ratios are as high as 33 percent (housing debt, i.e., mortgage, taxes, insurance) and up to 38 percent (total monthly debt load).
Of course there comes limitation":
There are maxium purchase price and income limitation. The number veries in different locations.
If you like to know more information, please contact me! I will be glad to provide information for first home buyers!