What is the secret ingredient for a first-time homebuyer? While this may seem like a loaded question, it is also a meaningful one. Families in our city are feeling the pressure of the homebuying train passing them by. Today’s ever-rising sales prices combined with a historically low inventory of homes create anxiety about missing out on the opportunity to buy a home. While these market trends indicate that families have begun to regain the confidence lost during the recent recession, that crisis has made a lasting impact on the homebuying process as a whole. So what’s involved in the recipe for a first-time homebuyer (FTHB) today?
For starters it’s important to note that all individuals who have not owned property in the last three years are considered first-time homebuyers.
So how does that help you? FTHBs have access to unique products and services designed specifically to make buying their first home more affordable. In that way, your recipe begins with a few high-quality ingredients that not everyone has access to – including down payment assistance, specialty first mortgages, lower interest rates, and homebuyer education. Combined with the advantages of real-time data available via the internet on devices as convenient as your smart phone, today’s savvy first-time homebuyers get an extra boost in purchasing muscle without the burden of paying hundreds of dollars more each month on their housing payment.
But we’re still missing one secret ingredient in our recipe for FTHBs: Invest in yourself first!
Even with the advantages that being a FTHB provides, purchasing a home takes preparation. To make the best decisions for your financial future, it’s important to become an informed buyer. Do your research and consider taking a First-Time Homebuyer Class through a HUD-approved nonprofit organization.
Springboard Home Loans, a local not-for-profit mortgage lender, has partnered with Credit.org to provide in-person classes in San Diego County 2-3 times per month and online, on-demand classes through their website. To see a list of upcoming classes and reserve your space, visit creditdotorg.eventbrite.com. You’ll learn the A – Z’s of buying your first home, and leave with an action plan you can use to turn your dream of homeownership into reality
Once you’ve gotten the facts, our experienced loan originators will connect you to programs that best suit your needs.
They will explain how to avoid extra monthly payments such as mortgage insurance through the use of Community Reinvestment Act (CRA) loan programs, and how to boost your purchase price with down payment assistance like the City of Chula Vista’s new program which provides up to $76,000! In addition to the best FTHB products on the market, our team draws on extensive menu of major loan programs including FHA, VA, USDA, conventional, non-conventional, Fannie Mae, Freddie Mac, and more. You can learn more by visiting us on the web at springboardcdfi.org, or giving us a call at 1-888-983-2344. What makes us unique is our commitment to the secret ingredient for FTHBs. Remember, homebuying starts by investing in yourself first.
