What is a First-Time Buyer?
Did you know that many first-time buyer programs don’t actually require a borrower to be a first-time buyer? The key question is, “how long has it been since you’ve owned a primary residence?” If the answer is more than three years, you may qualify (again) as a first time buyer! This can be a critically important step to home ownership for people who have previously experienced foreclosure or divorce for example.
PrimeLending offers several first-time buyer programs in Minneapolis-St. Paul. To qualify a buyer must generally meet standards for minimum credit score, maximum debt ratio, and meet specific income guidelines. Your PrimeLending Loan Officer can provide you with program specific details.
LET’S BEGIN WITH THE BENEFITS OF HOMEOWNERSHIP:
- Monthly payment is an investment rather than an expense
- Build home equity as interest is paid down
- Homeowners enjoy significant federal tax deductions*
At PrimeLending, we strive to understand your needs and to help you find solutions that will match up with your housing dreams and financial goals. Your home is where you establish your roots, and PrimeLending wants to help provide a stable foundation for your future.
PrimeLending offers smart home financing options with flexible features that help ease the transition from renter to homeowner.
OUR PROGRAMS FOR FIRST-TIME HOME BUYERS INCLUDE:
- The ability to use gifts, grants and cash on hand for down payment
- Fixed and adjustable-rate mortgages
- Low down payment options
Buying a home is a big decision! At PrimeLending, we understand the significance of this purchase. Therefore, we believe it should be discussed with a professional who is willing to offer straightforward guidance.
*PrimeLending is not authorized to give tax advice. Please consult your tax adviser for tax advice for your specific situation.