First-Time Home Buyer Guide: Everything You Need to Know

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Buying a home for the first time can be overwhelming. The many processes, tasks, and requirements you must meet make you anxious, sucking the fun out of house hunting. There are so many perks for a first-time home buyer today, and when you know how to take advantage of them towards your first home, you will be in a much better position, and you will be moving into your new home within no time.

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By obtaining a mortgage, you get the much-needed help because you have someone to guide you through the whole process. This article provides all the details you need to know as a first-time home buyer, from the conditions you must meet, things to consider before you make a purchase, types of loans available, and the buying process.

Who Qualifies for First-Time Home buyer Mortgage Programs

According to the Department of Housing and Urban Development in the United States, a first-time homebuyer must meet the following conditions:

  • You must not have owned an official principal residence for the past three years. And if you owned a home, but your spouse has never, then you can qualify as a first-time homebuyer if you make the purchase together.
  • A single who previously owned a home together with their former spouse while married.
  • If you owned a principal home temporarily because it was in an apartment and not affixed to any foundation, however, check all the regulations to ensure that you qualify.
  • If you previously owned a house that was not in compliance with the state or local building codes.

So, if you want to access the perks of a first-time home buyer, such as state programs, tax breaks, and federally backed loans, ensure that you meet the above requirements.

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