6 First Time Home Buyer 2012 Options

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Being a first time home buyer can be one of the most challenging phases in anyone’s life. Even with this fact, buying that first home is one thing that most people will want to do, due to the conveniences that having one offers as opposed to renting one. However, becoming a first time home buyer can be made less daunting if you take time to consider some viable options that helps them buy homes at affordable prices.

1. The first option to consider as a first time home buyers is the Standard FHA loan. This is arguably one of the most viable and most preferred options for most first time home buyers. One of the major reasons that make it a preferred choice to other options is the fact that it has a relatively low down payment. The down payment is made as low as 3.5% of the total price of the house.
2. A second option is the FHA 203k. This home buying option gives the buyer a chance to buy a fixer-upper as well as roll the cost of various repairs and upgrades into the life of a mortgage. This goes a long way to show that one will only pay six dollars every given month for every one thousand dollar in work that one finances. It can be a vacant home that needs you to fix or one that is foreclosed.
3. Homepath Renovation is also a good option when it comes to buying home for the first time home buyers. This is basically referred to as a home improvement loan that gives you a chance to buy a Fannie Mae – owned house as well as cater for it renovation.
4. Even better, there is the military option: VA Loans.  However one needs to know that the program is specifically meant for the military veterans in the United States of the America.
5. How about USDA Rural Development as an option? This option is perfect for people who have little or no down payment that has been saved up. Whatever one has can go in as the first payment in buying the home.
6. Last but not least, the HomePath Mortgage is with no doubt a good option. Other than the low down payment, the mortgage allows the first time home buyers to get rid of the monthly mortgage insurance.

Get more information about what it would take to become a 2012 first time home buyer with our free guide, "The Essential Guide to Buying Your First Home." Get your free copy at the button below.

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