The experience of buying your first home can be overwhelming for many reasons. Maybe you are having difficulty budgeting and saving the recommended 20 percent of your dream property’s value for the down payment. Or maybe you are trying to overcome the low credit score that is standing between you and your first house. Whatever the circumstance, the experienced loan officers at BrightPath can help you navigate these challenges by recommending Atlanta first time home buyer programs that are guaranteed to help you purchase your first home.
There are a number of Atlanta first time home buyer programs that are worth exploring. Outlined below are a few great solutions worth considering.
Federal First Time Home Buyer Programs
Some of the most well-known first time home buyer programs are supported by the Federal Housing Administration. While these loans aren’t exclusive to first time home buyers, these programs tend to benefit this group the most. There are certain circumstances where an FHA loan may serve as your ideal first time home buyer program.
- If you don’t have enough saved for a down payment. FHA loans are a great option if you have budgetary restrictions because they allow you to put down as little as 3.5%.
- If you have a poor or low credit score. For the first time home buyer, this program is perfect because it will accept credit scores as low as 500.
- If you are open to purchasing mortgage insurance. According to the Consumer Financial Protection Bureau, investing in mortgage insurance allows you to qualify for a loan you may not get otherwise because it lowers risk for the lender making the loan to you.
Another federally backed first time home buyer program to consider is offered by Freddie Mac. Known as Home Possible, this program makes allowances for those with low to moderate incomes or those living in areas with a high cost of living. This program enables them to purchase a home with a three to five percent down payment. In order to qualify for this first time home buyer program, you cannot own any property and are required to complete an education course to be considered.
Atlanta First Time Home Buyer Programs: State Specific Programs
Many states offer first time home buyer programs to purchasers within that state. As an example, the Georgia Dream Homeownership Program is designated for anyone purchasing a property in Georgia as long as they are buying within certain regions and haven’t owned a home within three years of enrollment.
To qualify for this first time home buyer program, you must meet certain asset and income requirements, invest $1,000 in your home purchase and keep your price range within a limit determined by the state. This is a great first time home buyer program for Georgia residents because it can provide payment assistance of up to $5,000 for qualified buyers.
Steps to Buying Your First Home
Before researching the best Atlanta first time home buyer programs that will work for you, you should try to prequalify for a mortgage. This will not only determine the loan amount you can get for your mortgage but will also help you understand which first time home buyer programs you will qualify for.
Whether it is savings, credit history or inexperience that is keeping you from purchasing your first home, let our seasoned Atlanta loan officers at BrightPath work with you to find the right first time home buyer program for you. By working with our mortgage experts, you are guaranteed to get on the path to purchasing your first property.
Contact BrightPath to learn more about your options for first time home buyer programs!