A variety of first time home buyer programs exist offering financing options, down payment assistance and tax incentives to individuals purchasing real estate for the first time.
Popular first time home buyer programs include Fannie Mae financing, FHA loans, VA loans and various programs offered through HUD. Home buyers might also be eligible for the Worker, Homeownership and Business Assistance Act which provides an $8000 first time home buyer tax credit toward real estate purchased by April 30, 2010. The Recovery Act also grants up to $6500 in tax credits to homeowners that have resided in their home for a minimum of five years and ready to move into a higher priced property.
Home buyers with low FICO scores and credit blemishes might qualify for financing options available through the Federal Housing Administration. Buyers with inconsistent employment history or those who previously filed for bankruptcy sometimes find it easier to qualify for FHA loans.
For a more information on first home buyer programs click below: