Probably the biggest concern for prospective first-time homebuyers is the worry that they may not have enough saved up for a down payment or the expenses associated with taking out a home loan. But even if you’re a renter with a few dings on your credit score or a paycheck that’s not yet brag-worthy, consider this: there is help if you know where to look.
Dozens of federal and state government programs can help first-time homebuyers overcome many of the common hurdles to homeownership:
- Down payment and closing cost assistance
- Low fixed interest rates with no point and low point options
- Home improvement costs baked into amount loaned
- And more
The trick is that first-time homebuyer grants and programs are a mixed bag.