Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage
Cindy Ross, Coldwell Banker Residential BrokeragePhone: (602) 576-3246
Email: [email protected]

What Incentives are Available for First Time Home Buyers?

by Cindy Ross 08/11/2019

Purchasing your first home can be a thrilling journey, and an incentive can help to lessen the burden. To qualify for this incentive, you don't need a massive pile of cash in the bank for a down payment. You also don't need a perfect credit score. 

As a first time home buyer, there are specific scores to help you secure the fund needed to purchase your first house. If you want to qualify for these incentives, read ahead!

HomeReady Mortgage Program

The HomeReady Mortgage program is best for first time home buyers with a reasonable credit score of 620, with a minimum income and low cash reserves. This program is best for first home buyers, with a down payment of 3 percent. The program ends once your insurance equity reaches 20 percent. 

USDA loan program

If you are considering a home in a rural area, you might qualify for 100 percent financing through the USDA loan program. This program does not require an immediate down payment, and the credit score requirements are a little less stringent compared to a conventional loan.

Energy efficient mortgage program

EEM is another incentive offering program that aims at improving the cost of energy efficiency. However, this will not affect your minimum down payment. Your lender determines your EEM benefit.

Federal housing administration loans

Another option for first time home buyers that have past credit challenges. Also, the down payment for the new home is minimal. This program is backed up by the government and allows you to qualify with a 3.5 percent down payment and a credit score of only 580.

97% LTV Mortgage

If you want to buy your first home, but unable to make at least a 20 percent, this program might be what you need. In a nutshell, this program allows you to make a down payment of only 3 percent. To qualify, you must pursue a fixed rate mortgage, and your home must be used as your primary residence and not as an investment property.

Many programs offer a mouth-watering incentive to first time home buyers. Not all programs would suit your need as a home buyer, and you must do in-depth research and discover a program fits. 

So, if you are a first-time home buyer and you're yet to determine the incentive to go for, now is the appropriate time to start a hunt.

About the Author
Author

Cindy Ross

As an agent who's an expert in this local area, I bring a wealth of knowledge and expertise about buying and selling real estate here. It's not the same everywhere, so you need someone you can trust for up-to-date information. I am eager to serve you. Here are some of the things I can do for you:

Find Your Next Home

You need someone who knows this area inside and out! I can work with you to find the right home at the right price for you, including all the neighborhood amenities that matter - not to mention the essential criteria you have for your ideal home

Sell a Home

When it's time to move, you need someone who will advertise your home, show to prospective buyers, negotiate the purchase contract, arrange financing, oversee the inspections, handle all necessary paperwork and supervise the closing. I can take care of everything you need, from start to close.

Consult on Home Selling Tactics

Oftentimes buyers don't visualize living in your home the way you do. I can make your home attractive to its ideal audience - which can help you get top dollar. Things like staging the home, making repairs or minor improvements, or even simply painting the walls can be the difference between a home resting on the market and one that's sold fast.

Here's what some of my recent clients have said about me!

Debra and DeWayne

We began looking for a vacation/retirement home in Buckeye AZ early in 2010. We flew to AZ and met with Cindy, who showed us about 18 houses in 3 days. She was organized and showed up with a plan. Some realtors waste time showing potential buyers homes that are not within their specifications, but Cindy did not do that. She knew our time was limited and didn't waste a single second of it. Although we did not buy at that time, Cindy stayed in touch with us via email and phone for the next 18 months. During that time frame, she worked with us to submit 2 offers on 2 homes that eventually fell through when the banks took them to foreclosure. When we found a 3rd home, which turned out to be the perfect house, Cindy had moved to northern Phoenix but stepped in to assist us with the purchase. Everything was smooth and quick and Cindy was in constant contact with us, following up to make sure all documents were signed on time and nothing went wrong. Our patience and Cindy's perseverance paid off....we ended up with the perfect house! We cant say enough good things about Cindy. If you are lucky enough to get her as your realtor, good for you!! She is wonderful.

David M.

Cindy took great care of me and met all my needs. Cindy was so patient with me and went the extra mile whenever it was necessary. I would highly recommend her services. She is an outstanding agent.

Arlene and Francisco

Cindy did an excellent job! She kept us well informed and provided us all the info we needed. She even saved us few hundred dollars by raising incorrect charges on our closing cost. The entire process took shorter than we expected. It was a great experience.

Cathy P.

Cindy was amazing, as long distance purchasers, she went above and beyond the call of duty to help us with all our questions and providing additional help with quotes for a plumbing repair and is still helping us AFTER the purchase with getting the repair done in our absence. Best service ever!