Did you know that first time home buyer loans are more accessible than ever, thanks to rising household income? Over the past two years, the median income for first-time home buyers has increased by $26,000 and is now reaching around $97,000. That’s great news if you're looking into buying your first home. But even with a healthy income, purchasing your first property can feel challenging. What if there were hidden loan programs that could save you thousands? Let’s find out the seven first time home buyer loans most people overlook.

7 First Time Home Buyer Loans Most People Overlook (But Could Save You Thousands)

Are you taking the leap into homeownership for the first time? Before you dive in, it’s important to explore every financing option available. Many buyers miss out on valuable programs simply because they don’t know they exist. If you’re purchasing your primary residence or planning for a future getaway spot, these lesser-known loan options could help you save big. And if you're not sure where to begin, it's always a smart move to find real estate agents who understand these programs and can guide you through the process with confidence.

1. Good Neighbor Next Door Program

This hidden gem is perfect if you're a teacher, firefighter, emergency medical technician, or police officer. You could score up to 50% off the listing price of homes in designated revitalization areas. The catch? You'll need to commit to living there for at least 36 months. But hey, saving half the price on a home is a fantastic deal, isn't it?

2. USDA Loan Program

Dreaming of a peaceful suburban or rural lifestyle? A USDA loan could help. These loans offer zero down payment and low-interest rates for homes in eligible rural and suburban areas. Even better, the income limits are quite generous, often higher than you’d expect. Many people mistakenly assume it’s only for farmland, but don’t make that mistake!

3. HomePath Ready Buyer Program

For first time home buyers, Fannie Mae’s HomePath program provides closing cost assistance. You just have to complete an online homebuyer education course first. Not only will you save thousands on closing costs, but you'll also learn valuable home buying tips along the way.

4. VA Loans

If you or your spouse have served in the military, you qualify for a VA loan. VA loans offer unbeatable perks like no down payment, no private mortgage insurance (PMI), and competitive interest rates. Surprisingly, many eligible veterans overlook this benefit, leaving thousands of dollars on the table.

5. CalHFA MyHome Assistance Program

California residents, especially those exploring homeownership with a mortgage company in Roseville, CA, may find real value in CalHFA’s MyHome Assistance Program. This program provides down payment support as a deferred-payment loan. Repayment only begins when you sell, refinance, or fully pay off your first mortgage.

6. FHA 203(k) Loan Program

Eyeing a fixer-upper? The FHA 203(k) loan is your best friend. It covers the purchase price and the renovation costs, all bundled into one convenient loan. These FHA loans save you the hassle and additional costs of getting a separate loan for repairs. Turn that rundown house into your dream home without breaking the bank.

7. Energy Efficient Mortgage (EEM)

Want to go green and save green? An Energy Efficient Mortgage can help you finance energy-saving improvements as part of your home purchase loan. Not only do you get a more energy-efficient home, but you'll also enjoy lower utility bills. This little-known loan is perfect for eco-conscious buyers who appreciate long-term savings.

How a Mortgage Company in Roseville, CA Can Help You Access First Time Home Buyer Loan Programs

Navigating these loan programs can be tricky. A trusted mortgage company in Roseville, CA, like Big Valley Mortgage, can guide you every step of the way. Here's how:

• Expert Knowledge: They know the ins and outs of these loan programs and can find the perfect fit for your situation.
• Simplified Process: They handle the paperwork, help you qualify, and streamline the application process.
• Local Insights: They understand the Roseville housing market intimately, ensuring you get the best local advice and support.

Choosing the right mortgage company makes all the difference. So, why not reach out to Big Valley Mortgage, your reliable mortgage company in Roseville, CA?

First time buyers made up 32 percent of all home buyers this past year, a jump from 26 percent last year. That means now is a fantastic time to join the growing number of savvy buyers benefiting from hidden loan programs. Are you ready to start your home buying journey?

Reach out to Big Valley Mortgage, your go-to mortgage company in Roseville, CA. Get expert advice and find the perfect first time home buyer loans to save you thousands. Why wait? If your dream home and significant savings are just a call away.