InvestingBytes.com

First time home buyers are defined by most lenders as any individual or family that has not owned or had any kind of ownership interest in a home in the past three years. First time home buyers will be equally excited and anxious about the adventure ahead of them. While the idea of owning a home is indeed exhilarating, it can be overwhelming too.

‘How to buy a house for the first time home buyer’ can be the content of a whole book by itself. Because the entire process beginning from dreaming of a home of your own, planning and saving for a down payment, finding a home in an area you like, getting a lender to finance your purchase, the numerous meetings and paperwork that is involved in negotiating the best deal you can get, can be both time consuming and tiresome. The most important considerations that need to be taken into account are your affordability not just for down payments, but also for repaying it in periodic installments, and your eligibility as a first time home buyer for initially obtaining a home loan. Going through documents thoroughly without being caught by surprise later with strict conditions and unplanned-for-expenses is a fundamental rule that first time home buyers must follow.

TSAHC or the Texas State Affordable Housing Corporation provides mortgage loans, down payment assistance grants, and mortgage credit certificates to eligible first time home buyers in two ways, either through the Homes for Texas Heroes Home Loan Program focused on teachers, firefighter, and EMS personnel, police and correctional officers, and veterans, or through their Homes Sweet Texas Home Loan Program aimed at Texas home buyers with low and moderate incomes.

The following first time home buyer programs and grants are designed to help you afford a mortgage loan. The FHA Loan, Good Neighbor Next Door, Dollar Homes, VA Loan, Fannie Mae or Freddie Mac, USDA loans, Energy Efficient Mortgage (EEM), Native American Direct Loan are a few, apart from other grants programs that state and local governments offer for first time home buyers.