First-time homebuyers - challenge and unique programs to help them get into the right home

The challenge of buying a home for the first time can seem daunting. Some financing questions to ask yourself are, How much mortgage do you qualify for? How much home can you actually afford? You will want to look at the house's total cost, not just the monthly payment. Of course, looking at the monthly payment is also important, along with how much down payment you can afford, how high the property taxes are in your chosen neighborhood, how much insurance will cost, how much you anticipate spending to maintain or improve the house, and how much your closing costs will be. For help deciding what mortgage type is best for you, look for ?RatePlug? a mortgage calculator that appears as a blue housing icon or Mortgage info link near the property photo on listings your Real Estate Agents sends to you. Rateplug helps you consider your financing options and secure financing.

First-time homebuyers have a wide variety of options to help them get into a home, including federally-backed loans and loans for homebuyers who don't have the standard 20% minimum down payment. Your state may also have its own programs for first-time homebuyers. Your mortgage interest rate will also have a major impact on the total price you pay for your home, so shop around with RatePlug. It will really pay off.

Lindsey Meyer 
MLS and Marketing Coordinator