First-time homebuyers have a lot to figure out. Learning the steps on how to buy a home before making the big decisions is important, and the process can be more expensive than you anticipated. Luckily, there are many programs that can provide financial assistance and even teach you how to budget and afford your home! Here are four ways to take advantage of first-time homebuyer programs:
- See if you qualify for national programs: These programs can help make home buying more affordable. A Mortgage Credit Certificate can save you up to $2,000 a year on your federal taxes. This program is for military veterans and first-time buyers, but also for people in certain areas of the country, so be sure to check it out in case you qualify. This program can be combined with loans, lending programs, and even adjustable rate mortgages.
- Check out state programs: The NC Home Advantage Mortgage provides down payment assistance and fixed-rate mortgages. This program is for first-time homebuyers as well as move-up homebuyers. You also may be eligible to combine this with a Mortgage Credit Certificate. Repayment of the down payment is required only if you sell, refinance or transfer your home before year 15. Plus, the down payment assistance is forgiven at 20% per year after 10 years in the home.
- Schedule a housing counseling meeting: Raleigh Area Development Authority offers pre-purchase housing counseling as well as budget and credit counseling. Pre-purchase housing counseling can help you figure out your price range as well as any national or state programs you may qualify for. The best part — it’s free! During budget and credit counseling, you will learn how to budget and address any credit issues from the past. All future homebuyers are also encouraged to attend classes on the 10 steps to becoming a successful homeowner.
- Attend homebuyer education sessions: The DHIC regularly hosts future homebuyer education sessions. During these sessions, you will learn how to finance and afford a home, how to access down payment assistance, how to manage and improve your credit score, and how purchasing a home can actually increase your wealth.
We hope you’ll stop by Weaver’s Pond to discuss buying your new home.