4 Financial Perks for First Time Home Buyers
Buying a house for the first time can be insanely scary. After all, it will likely be the biggest investment of your lifetime and the process is quite daunting. However, there are many perks too (outside of simply becoming a homeowner!) Consider these four financial incentives available for first-time homebuyers.
- Loans Targeting First Time Homebuyers – Today, there are many loans available that target first-time buyers. For instance, the Fannie Mae first-time homebuyer assistance program could help you qualify for a rebate. It’s important to talk to your lender and make sure they know you are a first-time buyer—to see what special programs may be available.
- Tax Credit – The best known, and likely most important financial incentive for first-time home buyers is in the form of the tax credit from the United States government. However, the actual “First Time Homebuyers Tax Credit” was only during the years 2008 – 2010. But, you may qualify for other credits due to interest paid on your mortgage or other costs. It’s worth going over with your accountant even if you don’t think you’ll qualify.
- Grants for Closing Costs or Down Payments – Think you can’t come up with a down payment or closing costs? If you are a first-time home buyer, you may have more options available to you than others. The perks don’t stop! Talk to your mortgage lender and find out if there may be grant or other assistance available with these costs.
- Financial Freedom – Yes, being a homeowner is scary, but when you own a home and build equity, you have financial freedom that is hard to beat. If you find yourself in a tough spot, you may be able to refinance and get the cash you need for repairs or renovations. That’s a perk that’s hard to beat!
While it may not seem like it while you work through the process, becoming a homeowner is a beneficial thing for most people. Learn more about the options available to you by reaching out to us at Liberty Financial. We look forward to helping you achieve your dreams of how ownership in or around Louisville.