March 25, 2011
There are many loan programs designed specifically to help first-time home buyers. Conventional loans may have special rates for first-timers, the VA offers a lower funding fee on its mortgage loans for first time home buyers, and the FHA is specifically dedicated to helping the first time house hunter make the right choices on a new home purchase.
New house hunters might not know, for example, about the Affordable Housing Program or Homeownership Set-Aside Program, created to help low income and middle-income buyers with FHA-approved down payment assistance. There are also state and local programs for first time home buyers and low-income house hunters the FHA can help qualified borrowers apply for.
But what does the FHA consider to be a “first time home buyer”?
According to the rules, a first time home buyer can include someone who has
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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