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Contrary
to what the name implies, "First Time Home Buyer" loan
programs do not necessarily mean that a buyer must be a
"first time home buyer". In many cases a buyer must
simply prove there has been no home ownership within the previous
three years. In other cases the buyer can simply not own another
home at the time of the new home purchase.
The
primary objective of lenders who offer First Time Home Buyer
programs is to help buyers who are looking to buy in a designated
census tract,
or to help buyers with lower income levels and limited resources.
An example would be a household with income below 80% of the median
income
for a particular county.
Because the "First Time Buyer" category
of home loans is so diverse, we could designate a complete web
site to cover this topic alone. In addition to home loan programs
offered by various lenders and investors, there are other First
Time Buyer incentives offered by individual cities and government
agencies.
For a consultation on First Time Home Buyer
programs that will suite your needs, or to discover programs
unique to a particular city or county, input your request into the
Scenario
Desk.
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