How to Qualify for First Time Home Buyer Programs

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How to Qualify for First Time Home Buyer Programs American Pacific Mortgage / October 10, 2022 at 8:00 AM Qualifying for first-time home buyer programs may not be as hard as you think. These programs are specifically designed to help a first-time home buyer like you overcome some of the more common hurdles people face when buying a home. Many Down Payment Assistance Programs Are Available One of the biggest roadblocks first-time home buyers encounter when they're buying a home is coming up with the down payment. Charitable down payment assistance programs Many charitable organizations and nonprofit organizations offer down payment assistance programs that include both grants and loans, and these can be used with most first-time buyer programs. National down payment assistance programs There are multiple national down payment assistance programs available as well, including the Chenoa Fund, which offers 3.5% to 5% of the home's sales price in repayable or forgivable assistance, and FHA's Within Reach program, which offers assistance in the form of a forgivable second loan. Mortgage Loan Options for First-Time Home Buyers First-time home buyers may want to consider choosing a home loan program that requires a smaller down payment. Would you like to learn more about how to overcome the obstacles to homeownership? Download our free First-Time Home Buyer Checklist to get started on your way to buying your first home! And once you're ready, APM is here to help with all your home buying needs, whether you're a first-time buyer, a seasoned veteran, or someone who needs a little help with the down payment and closing costs.