First Time Homebuyers

August 25, 2023

If you're a first-time homebuyer, you're probably thinking that buying a home is not in the cards for you in the near future because of where prices and interest rates are at. I get it. But I want you to make sure that you hear me out first, because there are financing options and grant programs available to help first time homebuyers get their foot in the door.

Let's first discuss what is a first-time homebuyer? and who is a first-time homebuyer? So, it's not just somebody that's never purchased a home before. You could qualify if you or your spouse haven't owned a home in the last three years, or if you're divorced and you've only owned a home jointly with your former spouse. So hopefully that's great news for some of you.

So, let's talk about the FHA loan. The FHA loan is a 3.5% down payment loan. There's also the USDA loan, which can be utilized in rural areas like much of San Luis Obispo County. And with this loan type, you can get your foot in the door on a USDA qualifying property with 0% down. Now, maybe you qualify for the National Homebuyers Association Fund. They offer NON-REPAYABLE grants for first time homebuyers. Or don't forget about Homes for Heroes. We provide savings to our buyers in the form of a rebate, which is also a grant. So that's just two options that are available that are non-repayable grants.

Please consider, though, remember that if you don't ask, you will never know. So please reach out if you're on the fence about beginning your path towards homeownership. I'm Amber Johnson with Pillar Real Estate. Thank you for watching and I'll see you on the next one.