First time home buyer incentives

First time home buyer incentives

To be a first time home buyer Tucson is a dream of many young couples, but they see the possibility of home ownership to be nothing more than an unattainable dream. Although it is not easy, there are a number of incentives available for a First Time Home Buyer Tucson that can turn the dream into reality. There are a number of government agencies that have programs to assist in making the dream come true; FHA, Fair Housing Admin, HUD, Housing & Urban Development, VA and IRS offer various incentives. These incentives can be in the form of down payment assistance, reduced selling prices and tax incentives and credits. It is not just the government, there are also certain incentives being offered by some mortgage companies for first time buyers.

With all the other obligations that most young people have, saving enough money to make the down payment is often the stumbling block. This does not necessarily have to be the case, there are buyers incentives that can help lower the down payment amount and still procure a decent mortgage. The FHA should be approached to see what methods are available to lower the down payment demand or to find out if there are any cash incentives available, at times the FHA can provide a cash grant. Active and retired members of the US armed forces can avail of a loan from the VA which is a guaranteed percentage of the mortgage and for the military many mortgage companies will forego a down payment altogether.

The possible programs from FHA, HUD, VA and IRS are all federal in their nature; many states also have incentives which can be passed to a First Time Home Buyer Tucson. These programs vary from one state to another and the best option to avail of any of these is to discuss the situation with a mortgage advisor. Many homes which have been foreclosed upon can be had with HUD assistance, this assistance is not just for foreclosed homes but also applies to homes that need rehab. The price of these homes is usually quite low so the amount of down payment expected will be low as well making the purchase a more manageable proposition.

Premier One Realty can help the first time home buyer Tucson find the many options that are available to help make the dream of home ownership a reality.

 

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