It is common knowledge that becoming a homeowner comes with its own level of benefits; however, there are also a few barriers and complications that you may be unprepared to handle if you are buying a home for the very first time.

Large sums of money, confusing terms, and lack of experience often result in individuals seeking out a little assistance when looking to buy their first home. This often comes in the form of financial-based assistance.

The good news is, there are many types of programs available for those seeking to land their first home. In this brief guide, we will cover a few of the most popular first-time home buyer programs.

HUD Homeownership Programs

“HUD” is short for the Department of Housing and Urban Development within the United States. It offers a vast array of resources and programs for those hoping to purchase their first home.

You will simply visit their website in order to determine what needs to be done to apply for their programs. Simply search your region for “Local Homebuying Programs”.

The programs offered by HUD include counseling, home loan programs, and even down payment assistance on buying a home. Additionally, there are also HUD listings of homes. Just remember, these homes are sold in an “as-is” manner, so you may have to invest a little money into repairs.

USDA Loans

Often, the biggest issue that first-time home buyers experience is saving up with the money for the associated down payment on the home that they want. If a down payment is a burden to you, you may want to look into USDA loans.

These are offered directly from the U.S Department of Agriculture. They are designed to offer affordable financing for people that want to purchase a home in a rural area.

You are not required to have a down payment. If you qualify, you will find that your monthly payments are much cheaper compared to those from other types of lenders.

State of New York Mortgage Agency

If you are reading this, it is quite likely that you are interested in purchasing a home in the State of New York.

The program often identified as “SONYMA” is designed to offer low-interest loans for mortgages and even has many different programs that are designed to help buyers who qualify make a home purchase.

This program actually specializes in first-time buyers. You may search their website to review loans that are offered, add-on features to make the home more affordable, and to learn which loans offer the lowest rates.

Home Insurance

Once you have determined which first-time home buyer program you will apply for to purchase your new home in the State of New York, don’t forget that you will be required to have homeowner’s insurance while paying on your mortgage.

This is to offer protection to your lender and protection to you, your family, and your new home. We here at Modica Associates will work closely with you to help you find the perfect policy for your needs. Simply call us today at: 718-855-1836