3 Myths of First Time Home Buying Programs

by: Joshua Jarvis

If you’re a first time home buyer or a buyer that has been out of the home buying process for a while you might see some attractive advertising for first time home buyer programs. In fact, in our business many GA home buyers are entering the market based on their seeing one of these programs. Often there’s a bunch of miss-information to get your information in a classic bait and switch. So here’s some Myth-Busters for you.

First Time Home Buyer Programs Are For First Time Home Buyers

Most lenders would even call the most common loan program in America, FHA, a first time home buyer program. The truth is that in most cases ANY buyer can get the deal on the first time home buyer programs, but you still have to qualify for a loan. That brings us too…

First Time Home Buyer Programs Ignore Credit Score

Nope! All programs, government, 1st Time Home Buyer, grants, and more require some sort of financial check. This is usually based on credit score and reported taxes.

First Time Home Buyer Programs Don’t Require A Down Payment

True, most programs offer some sort of Down Payment Assistance but most don’t eliminate all of the money needed in order to get the loan.

There’s a lot of information on the internet regarding these programs, but your best source of information is actually your loan professional. They will be able to look at your current financial standing and where you are looking and make suggestions.