Being a first time home buyer has it’s benefits when it comes to financing. The Federal Housing Administration (FHA) has loans tailored specifically to you! Lower down payments and lower closing costs help newbies make the jump into home ownership.

With a FHA first time home buyer loan you can get interest rates as low as 3.5%, which can really save money on the life of your loan and keep your monthly payments lower. Your down payment is also lower than a traditional mortgage; instead of putting 20% down, you can put as low as 3.5% down if you qualify. While a lower down payment will increase your monthly payment (since you are taking a loan out for more money), it will help with the burden of needing a large amount of money up front.

With FHA loans you can also include most of the closing costs and fees into the loan, again helping with the money needed at the time of purchase. You can even add in the costs for repairing a home that needs a good deal of fixing up. Regardless, you will need to have enough money for the down payment, some closing costs, and inspection.

Since you would be putting less than 20% down, FHA loans require that you also have private mortgage insurance (PMI), which is a percentage of your loan. This will be added to your monthly mortgage payment, and the bank will pay it out of your monthly.

Being a first time home buyer probably means you need some help on getting through the process. The US Department of Housing and Urban Development (HUD) has housing counseling agencies that can give you advice on buying a home, avoiding foreclosure, and fixing your credit. You can find your local agency at Lastly, you can also find local buying programs to help with buying a home, including helping with your down payment at

If you never thought you would be able to afford a house, think again. With programs out there to help you buy your first home, you could be moving into a place before you know it!

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Date: 10/04/2015 Time: 10:00 AM to 12:00 PM  
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Low priced patio home for sale at the Ocean Edge Resort with views of Blueberry pond and the golf course! This unit has a new kitchen with new cabinets and all new appliances. Laminate flooring throughout. All new windows and sliders which lead to an extended patio with golf course and water views. Renovated bathrooms. Located at the beginning of Middlecott village this property is within walking distance to the members only amenities and bike trail. Very good rental history. Check out the 360 degree virtual tour.

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