First Time Home Buyer Programs

There are many first time home buyer programs available for folks who are making their first purchase. While a buyer can call lenders to compare their programs, it is often more effective to enlist the assistance of a real estate professional who has experience working with first time buyers. A knowledgeable professional will be aware of the bank and mortgage brokers' programs as well as any community or state bond funding that is being offered. First time buyers will frequently receive lower interest rates, down payment assistance, tax abatements and other incentives to purchase. Rarely will a traditional mortgage compare to the benefits offered by a first time buyer program.

Books for First Time Home Buyers

A great book for the first time home buyer is Kiplinger's Buying & Selling A Home. The book is a compilation of home buying savvy edited by the staff of Kiplinger's Personal Finance Magazine. In it you will find tips and resources to guide first time homebuyers through every step of the home buying process, including picking an agent, finding listings, placing an offer, home inspections, and closing costs. The book is available at both local and online book stores. Another great book is 100 Questions Every First-Time Home Buyer Should Ask: With Answers from Top Brokers from Around the Country by Ilyce R. Glick, also available locally and online.

Finding a First Time Home Buyer Program

Most first time home buyers don't realize what they are getting themselves into when they begin to fantasize about home sweet home. There is the home inspection, the closing costs, buyer's broker fee, appraisal fees, mortgage approval fees--you name it! The U.S. Dept. of Housing and Urban Development includes on its Web site a list of approved housing counseling agencies many of which offer first time home buyer programs. First time home buyers who participate in one of these courses are much less likely to fall prey to predatory lending practices and report a higher level of satisfaction with their home ownership decision.

Online Resources for First Time Home Buyers

There are a host of online resources for both first time home buyers and repeat home buyers. For example, there are sites which provide real estate relocation service throughout the U.S. plus 20 other countries, includes resources for first time home buyers as well as veteran home buyers. On many sites you will find articles, calculators, and links to agents and property listings. Another great online resource for home buyers is the U.S. Dept. of Housing and Urban Development's Web site, which includes a wealth of information on real estate related matters. If you haven't decided on a new neighborhood or you want to learn about a distant area you are relocating to, visit Sperling's Best Places Web site.

Benefits of Participating in a First Time Home Buyer Program

The U.S. Dept. of Housing and Urban Development includes on its Web site a list of approved housing counseling agencies many of which offer first-time homebuyer programs. These programs are designed to help first time home buyers weigh the benefits of renting vs. buying. The programs teach first time home buyers about the different mortgage programs that are available, the value of a home inspection, and what to expect at closing. First time home buyers who participate in one of these courses are much less likely to fall prey to predatory lending practices and report a higher level of satisfaction with their home ownership decision.

Tips for New Home Buyers

There is so much to consider if you are a first time home buyer. The U.S. Dept. of Housing and Urban Development offers the HUD Home Scorecard (available on its Web site) to help new home buyers make smart choices when selecting a home. Some of the things HUD recommends you consider when touring homes is future growth potential of the home. You may fit now, but will your growing family fit in a few years? Bedroom and bathroom space is a big consideration. If you find a home you want to make an offer on, make one of the terms of sale a thorough home inspection to ensure the home is structurally sound and all major systems are working. If you're interested in taking a first time home buyer program, visit HUD's Web site for a list of approved counseling agencies offering these programs.