Home Buyers In Greenville SC

Have you have finally decided to buy a home but this is your first time?  If you are a first time home buyer, congratulations!  If this is not your first home, hang with me here… Either way you have taken an important first step in securing your future and adding some stability to your life.  Although you have not actually bought your  home yet, you are about to take advantage of a buyer’s market for homes for sale in Greenville, SC.

It can be difficult these days to buy a home when you are young and have not established much credit.  Often times banks will want a large down payment that you may not be able to afford.  To be able to afford a down payment you may have to sacrifice some of what you want in your first home.

You should not have to sacrifice what you want in a home just because of the down payment or other things that lenders may put in your way.  You may typically find that a bank wants a 20% down payment.  That can be a pretty daunting amount to save up.  The good news is, there are ways to get around the high down payment.

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The Federal Housing Administration (FHA) have been helping people become homeowners for many years.  Through first time home buyers programs, you could finally become a homeowner.  Through a first time home buyer program from the FHA you could get a down payment for as little as 3.5% of the purchase price of the home.  Now that is a substantial out of pocket savings.

The reason you can get a better deal with this program is because the FHA insures the loan so your lender can offer you a better deal.  This will mean lower down payments and easier credit qualifications than if you were to seek out a loan all on your own.  You can even include closing costs and fees in you loan.

Another program that can help is the Good Neighbor Next Door Program.  This program is for law enforcement officers, teacher, firefighter and emergency medical technicians.  Through this program these people can purchase homes in a revitalization area.  The incentive is getting a 50% discount on the list price of the home.

The discount is recorded as a soft second mortgage and then excused if the qualifying buyer lives in the home for at least 36 months.  Again this home must be located in a revitalization area so check with your local real estate agent to find homes that will qualify for this program if you are a police officer, firefighter or teacher.

Becoming a first time home buyer can be a little scary.  With planning and some research into programs that are available to you it can make the task of buying your first home less daunting.  You will also find that many of the programs will help you substantially to afford your payments and start to build equity for a more stable financial future. 

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