How much do you save by being a first time home buyer. Or how much in discounts do you get?

Question

How much did you save?

Answer 1

Apparently much depends on the location and what types of programs/offers are available in said area. In my particular market, first time home buyers get no preferential treatment over other buyers except if they buy in a specific neighborhood which a municipality is attempting to return to single family dwelling. However, other buyers are also able to gain access to these programs.

Answer 2

Nothing really. Although there are many programs to help people purchase property, I do not know of a discount program for first time home buyers exclusively. There are down payment assistance programs but those are usually only for specific areas and require a counseling program and may not be limited to just first time home buyers. Even these programs do not really present a discount since the money is still paid back at some point. As a matter of fact, there are even lenders that do not give loans for first time home buyers. Lenders pretty much look at FTHB the same as everyone else. The truth is, you do not save anything or get a discount just for being a first time home buyer. That will depend on your negoitiating skills or the those of your real estate agent. Don't fall for gimmicks. Also, there are no discounts in closing costs just because you are a first time home buyers. Once again, your discount will come when you negoitiate your fees with your mortgage broker. However, there are many sellers that would be more than happy to pay for your closing costs in today's market and some sellers will even pay a few mortgage payments for you.

Answer 3

There is no discount available to first time home buyers. You are treated like any other buyer. If anyone tells you differently, they are lying. Buying a home, whether the first time or the tenth time, is a complicated process requiring careful investigation and consideration on your part. It is the biggest investment most people make, and many do it without much thought.

Home prices are negotiable. In today's buyer's market you can negotiate lower prices than during periods of high demand for homes. If you offer less than the asking price and the offer is accepted, you did not get a discount, you simply bought at the price you offered.

Answer 4

The main concern for first time homebuyers is rental history.

Lenders actually PREFER first time homebuyers because there is no risk of occupancy fraud with you. Anyone that already owns a primary residence and is trying to buy a 2nd home or "new" primary residence is suspect of fraud.

You won't have to worry about that.

Make sure you can verify 2 years of rental history. IF you can do this with cancelled checks you are golden.

One thing I have seen for first time home buyers is an ontime reward program where if you make your mortgage payment on time for 24 months the lender will automatically reduce your interest rate by up to 1% thereby eliminating the need for a refinance.

It's true I put people in those programs all the time.
If you need help please email me or to get more information about the loan process in general visit: http://www.fivestarsmortgage.com/loan-process/

Answer 5

In my area, there is such athing as a USDA Rual Development Loan, whih might be available in your area. This loan is available to first-time home buyers in some areas of the country, and fund up to 100% of appraised value, with interest rates comparable to conforming 80% mortgages and no mortgage insurance requirement.

A client of mine was able to purchase a home, and would have closed with no money down at all, had it not been for 400 gallons of fuel oil in a tank on the property, for which she had to pay a bit over $800.

Email me at [e-mail] if you have any questions.

Answer 6

You will save up to 100,000 because your parents will help you pay for house because they won't want you to leave them but they know that you are reading so they will want your first house to be the best one.