What Are the Advantages of Being a First Time Homebuyer?

Buying your first home can be an intimidating experience.  There are numerous things to take into consideration, from finding the right house to financing.  But, being a first time homebuyer does come with some advantages.

First time homebuyers often have access to special loan programs that can assist them in getting into a home more quickly and less expensively than those who have purchased homes previously.  These programs offer first time buyers benefits such as low down payments, subsidized interest, and a limit to the fees that a lender may charge them.

Lenders usually expect homebuyers to pay a down payment of as much as 20%.  This can be prohibitive for those who are trying to purchase their first home.  But first time homebuyer loans often offer a reduced down payment of anywhere from nothing to 3%.  A down payment that low makes buying a first home much more accessible.

First time homebuyer loans may also feature a limit on the fees that the lender may charge.  Like the reduced down payments, this is made possible by government mortgage insurance available to new homeowners....

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