First Time Home Buyer Programs You Need To Know About [2024]

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First Time Home Buyer Programs You Need To Know About [2024]

Welcome, First Time Home Buyer!

Did you know it’s possible to buy a home without a big down payment or even without any down payment at all? 🌟 In this video, we'll dive into some amazing programs designed just for you.

Here's what we'll cover:

Low and No Down Payment Mortgages:
Explore some basic but powerful mortgage options. Discover how low and no down payment mortgages can be your ticket to homeownership.

HomeReady Program:
Learn about Fannie Mae’s HomeReady Program, which lets you put just 3% down with reduced mortgage insurance costs. It's a fantastic option for a first time home buyer if your household income is at or below the median and almost all credit scores are welcome.

Home Possible Program:
Freddie Mac’s Home Possible Program is another great option, especially for multi-generational households.

Government-Backed Options:
Jamaal breaks down various government-backed loans that can help you with low or no down payment options.

FHA Loan:
The FHA loan requires as little as 3.5% down with a credit score of 580 or higher. Even if your credit score is a bit lower, there might still be opportunities for you.

USDA Loan:
If you’re a first time home buyer looking to live outside the city, the USDA loan offers 100% financing with no money down, as long as you’re in a “rural” area.

VA Loan:
The VA loan offers no money down, low interest rates, and is available for any eligible veteran or active-duty military member.

Special Mortgage Programs:
Jamaal introduces special programs that make buying a home even more affordable.

National Homebuyers Fund:
This program offers up to 5% of your home’s purchase price as a cash grant if you commit to living in your home for at least five years.

Forgivable Mortgages:
These are second mortgages that get forgiven if you stay on plan. No payments, no stress – just stay in your home for a few years, and the debt disappears.

Doctor Loans:
For doctors and medical professionals, Doctor Loans offer no down payment and lots of perks from retail banks.

Good Neighbor Next Door:
For teachers, firefighters, and law enforcement, this program offers homes at 50% off with as little as $100 down. These homes are HUD repos, so you might need to do some work.

Down Payment Assistance Programs:
Jamaal discusses various down payment assistance programs for first time homebuyer.

Local Down payment Assistance Programs:
These programs vary by state and city but offer great benefits like interest rate reductions and closing cost credits. Check out HUD’s website for a list.

National Down payment Assistance:
National programs are easier to find and just as effective, offering cash grants to help with your down payment or closing costs.

Proposed Programs:
Jamaal takes a peek into the future with some proposed programs that could change the game for first time home buyers.

$15,000 First Time Home Buyer Tax Credit:
This tax credit is still in the works, but if passed, it could give you a serious boost. Stay tuned for updates!

DASH Act:
This act includes a $15,000 tax credit, aiming to make homeownership more accessible.

$25,000 Down payment Toward Equity Act:
For first-generation home buyers, this act offers up to $25,000 for anything from your down payment to closing costs.

HELPER Act:
This proposed bill exempts eligible teachers, firefighters, and law enforcement officers from FHA loan down payments and mortgage insurance.

Conclusion and Call to Action:
Alright, those are the first time home buyer programs you need to know about in 2024. Remember, having a knowledgeable and experienced realtor by your side can make all the difference. That’s where I come in.

**Don’t forget to LIKE, COMMENT, and SUBSCRIBE for more tips and updates on first time home buyer! 👍💬🔔

If you are looking to relocate to the Colonial Beach Va area or maybe you are thinking about selling, let's connect and discuss a gameplan that's right for you.

Follow Jamaal on Social Media:

Jamaal Dickerson
804-214-6626
Coldwell Banker Elite
233 N Irving ave, Colonial Beach Va 22443

#FirstTimeHomeBuyer #HomeBuyingTips #NoDownPayment #HomeReady #FHA #USDA #VALoan #Jamaaldickerson #colonialbeachrealtor

First Time Home Buyer Programs You Need To Know About [2024]

Colonial Beach Realtor