Real Estate and Mortgage Glossary

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First Time Buyer Programs:
  • Less stringent guidelines
  • Down payment assistance
  • 100% financing
  • May qualify for housing grants

In certain circumstances first time home buyers may be able to approach the municipal board in the town they are purchasing their home in and receive grants if they agree to stay a tax paying resident for a specified amount of time.

Additionally banks will have less stringent guidelines for first time home buyers and will allow for gifted down payment funds. If you can fully document your income and qualify for your loan you will be eligible to receive 100% financing on your home.

As a first time home buyer you may wish to look into obtaining a FHA loan.