Buying a new home is exciting and often stressful for anyone going through the process. With many unknowns for a first-time home buyer, it can also seem scary and overwhelming at times. Oak Hill Mortgage, LLC is here to help make that stressful home buying process seem a little easier! You can expect to be educated along the process…
Are you a first-time homebuyer? Well, you know if you’ve never bought a home before. However, according to Fannie Mae & Freddie Mac, if you haven’t owned a home in the last 3 years or could be defined as a displaced homemaker or single parent, you likely will be defined as a first-time homebuyer. Some beneficial loan programs have income limitations.
What are some First-time Homebuyer benefits? Benefits can vary and might include lower down payments, lower fees, and better loan rate pricing. Programs can (and do) change, but here are some examples (as of Jan 2023):
- Conventional 3% down programs with improved loan rate pricing or fees
- For a Maryland primary home purchase, you might get a transfer tax reduction.
- While not exclusively first-time homebuyer programs, Government mortgage loans (e.g., VA / FHA / USDA) usually have better rates, lower credit score tolerances, and lower (or no) down payment requirements.
Oak Hill Mortgage, LLC may periodically offer free home buyer seminars for those looking to learn before they leap… If you have interest in learning more, please contact us at (703) 861-5369 or mortgage10@verizon.net.
Finally, we collaborate with various local real estate agents in the Virginia, Maryland, DC, and Florida. We’d be happy to recommend a great realtor!