First-Time Home Buyer Programs: What Are They?

Signing of a contract of sale between the buyer and seller.

Buying a first home can be intimidating and before making a final decision it’s vital to research every possible option. According to the Wisconsin Housing and Economic Development Authority (WHEDA), a first-time home buyer is someone who has not owned a home in the past three years. 

If you’re thinking “I want to sell my house fast” and are interested in first-time home buyers programs, you should read this guide. We’ll explore the basics of these programs, including their pros and cons, and other alternatives you should consider. 

What Are First-Time Home Buyer Programs?

The federal government and most states offer insured home loans tailored to first-time home buyers. These loans offer attractive benefits that can make the home-buying experience less costly and restrictive. Usually, a low down payment, reduced interest, limited fees, and the possibility of deferring payments are included. But they aren’t for everyone. 

The Advantages of a First-Time Home Buyer Loan

If you feel identified with the following situations, then you should consider a first-time buyer program:

  • You have a limited ability to meet high-interest payments and fees.
  • Your credit score is not high enough to qualify for other loan types.

The greatest benefit is that they can allow lower and middle-income buyers to more easily afford a home.

The Disadvantages of a First-Time Home Buyer Loan

The main downside of first-time home buyer programs is that they have higher mortgage insurance requirements than conventional loans. The mortgage insurance payments must be made during the entire loan unless you make a larger down payment. 

These programs usually have very strict eligibility requirements and their process takes a lot of time. Many of them are reserved for lower-income buyers, first-timers, veterans, public servants, and other categories. Also, the funding is limited, therefore they operate on a first-come, first-served basis, 

A Better Alternative: Home Buying Companies 

If you’re thinking “I want to sell my current house fast to buy another one”, home buying companies are a better alternative. Their process is designed to be efficient so you can sell your home in as little as seven days and even choose the closing date. Plus, they offer cash for houses in Milwaukee, as they have their own financial resources and don’t rely on bureaucratic banking systems. 

Plan B HomeBuyers LLC Gives Cash for Houses in Milwaukee

Don’t wait for months or even years for a response and get in touch with Plan B HomeBuyers LLC. We buy houses in Milwaukee and will be happy to purchase your property as soon as possible. We won’t ask you to fill out endless paperwork and requirements, just give us a call at (414) 431-2650. 


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