First Time Home Buyer Programs You Need To Know About 2024

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First Time Home Buyer Programs You Need To Know About [2024] • Welcome, First Time Home Buyer! • Did you know it’s possible to buy a home without a big down payment or even without any down payment at all? 🌟 In this video, we'll dive into some amazing programs designed just for you. • Here's what we'll cover: • Low and No Down Payment Mortgages: • Explore some basic but powerful mortgage options. Discover how low and no down payment mortgages can be your ticket to homeownership. • HomeReady Program: • Learn about Fannie Mae’s HomeReady Program, which lets you put just 3% down with reduced mortgage insurance costs. It's a fantastic option for a first time home buyer if your household income is at or below the median and almost all credit scores are welcome. • Home Possible Program: • Freddie Mac’s Home Possible Program is another great option, especially for multi-generational households. • Government-Backed Options: • Jamaal breaks down various government-backed loans that can help you with low or no down payment options. • FHA Loan: • The FHA loan requires as little as 3.5% down with a credit score of 580 or higher. Even if your credit score is a bit lower, there might still be opportunities for you. • USDA Loan: • If you’re a first time home buyer looking to live outside the city, the USDA loan offers 100% financing with no money down, as long as you’re in a “rural” area. • VA Loan: • The VA loan offers no money down, low interest rates, and is available for any eligible veteran or active-duty military member. • Special Mortgage Programs: • Jamaal introduces special programs that make buying a home even more affordable. • National Homebuyers Fund: • This program offers up to 5% of your home’s purchase price as a cash grant if you commit to living in your home for at least five years. • Forgivable Mortgages: • These are second mortgages that get forgiven if you stay on plan. No payments, no stress – just stay in your home for a few years, and the debt disappears. • Doctor Loans: • For doctors and medical professionals, Doctor Loans offer no down payment and lots of perks from retail banks. • Good Neighbor Next Door: • For teachers, firefighters, and law enforcement, this program offers homes at 50% off with as little as $100 down. These homes are HUD repos, so you might need to do some work. • Down Payment Assistance Programs: • Jamaal discusses various down payment assistance programs for first time homebuyer. • Local Down payment Assistance Programs: • These programs vary by state and city but offer great benefits like interest rate reductions and closing cost credits. Check out HUD’s website for a list. • National Down payment Assistance: • National programs are easier to find and just as effective, offering cash grants to help with your down payment or closing costs. • Proposed Programs: • Jamaal takes a peek into the future with some proposed programs that could change the game for first time home buyers. • $15,000 First Time Home Buyer Tax Credit: • This tax credit is still in the works, but if passed, it could give you a serious boost. Stay tuned for updates! • DASH Act: • This act includes a $15,000 tax credit, aiming to make homeownership more accessible. • $25,000 Down payment Toward Equity Act: • For first-generation home buyers, this act offers up to $25,000 for anything from your down payment to closing costs. • HELPER Act: • This proposed bill exempts eligible teachers, firefighters, and law enforcement officers from FHA loan down payments and mortgage insurance. • Conclusion and Call to Action: • Alright, those are the first time home buyer programs you need to know about in 2024. Remember, having a knowledgeable and experienced realtor by your side can make all the difference. That’s where I come in. • Ready to start your home-buying journey? Reach out to Jamaal Dickerson, your go-to realtor, at 804-214-6626 or [email protected] www.jamaaldickersonrealtor.com. Let’s make your American Dream a reality! 🏠✨ • **Don’t forget to LIKE, COMMENT, and SUBSCRIBE for more tips and updates on first time home buyer! 👍💬🔔 • If you are looking to relocate to the Colonial Beach Va area or maybe you are thinking about selling, let's connect and discuss a gameplan that's right for you. • Follow Jamaal on Social Media: • • Jamaal Dickerson • 804-214-6626 • [email protected] • Coldwell Banker Elite • 233 N Irving ave, Colonial Beach Va 22443 • • https://jamaaldickersonrealtor.com • https://colonialbeachvarealestate.com/ • / jamaaldickerson • / jamaaldickersonrealtor • #FirstTimeHomeBuyer #HomeBuyingTips #NoDownPayment #HomeReady #FHA #USDA #VALoan #Jamaaldickerson #colonialbeachrealtor • • • First Time Home Buyer Programs You Need To Know About [2024] • • • Colonial Beach Realtor

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