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Since first-time homebuyers can readily get a home with a down payment of under 5%, they can save funds quickly to buy their dream home. Auto-deduction from bank accounts to save a fixed amount every month is the best way to ensure continuous savings. When this amount builds up over a few years, your down payment will be ready. Another option to sa

According to the guidelines of the Federal Housing Administration (FHA), a first-time homebuyer is someone who has not owned a house in the last three years. The status of the previous houses does not matter, the three year period is what defines a first-time buyer. If you do not qualify, but your spouse does, then you can still get the benefits of

The biggest benefit of being a first-time homebuyer is that they can take advantage of a special first-time homebuyer loan program. Most of these loan programs are designed to help homebuyers avoid problems and traps associated with first-time home buying experiences. It helps them pay a lower down payment, get a subsidy in the interest rate, and g

According to a study by GoBankingRates, the ten best states for the first-time home buyers are Rhode Island, West Virginia, New York, Mississippi, Pennsylvania, Michigan, Louisiana, Washington, Georgia, and Massachusetts. The states were ranked by GoBankingRates website based on three main factors the foreclosure rate, the first-time homebuyer sha

The primary goal of home buyer loan programs is to reduce the initial cost required to buy a home. Usually, a down payment of 20% is expected for home loans. But first-time buyers can get a loan with a down payment as low as 3% under the FHA program. Buyers may also get reduced closing costs and fees. Since first-time home buyers need a lower down