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THE COMPLETE 1ST TIME HOMEBUYERS’ CHECKLIST

YOUR ROADMAP TO HOMEOWNERSHIP

ACTION STEPS TO DEBUNKING THE MYTHS:

MYTH: I CAN’T AFFORD TO BUY A HOME.

Reality: Many first-time buyers qualify for loans they ​might not be aware of. Check eligibility for FHA loans and ​other government-backed programs.

Action Step: Research various financing options such as ​FHA, VA, and USDA loans. Visit HUD.gov for more details.

MYTH: I NEED A 20% DOWN PAYMENT.

Reality: There are numerous programs that require lower ​down payments – some as low as 3%.

Action Step: Look into down payment assistance ​programs and grants.

Speak with a mortgage advisor about your options.

MYTH: I DON'T KNOW WHERE TO START.

Reality: Starting can be as simple as contacting a local ​housing counselor or exploring online resources.

Action Step: Schedule a meeting with a housing counselor.

Visit NeighborWorks to find support near you.

 

MORE ACTION STEPS AND UNDERSTANDING THE PROCESS

GOVERNMENT VS. CONVENTIONAL BANKING:

Explanation: Understand the differences and benefits of ​government loans versus traditional bank loans.

Action Step: Compare loan terms, interest rates, and ​benefits between government and conventional loans. ​Use online tools or consult a financial advisor.

 

UNDERSTANDING ASSISTANCE PROGRAMS:

Explanation: Assistance programs can provide significant ​help with down payments and closing costs.

Action Step: Investigate local, state, and federal ​assistance programs.

Check eligibility criteria and application deadlines.

TERMS AND CONDITIONS:

Explanation: Knowing the terms of your mortgage can ​save you money and trouble in the long run.

Action Step: Get pre-approved for a mortgage to ​understand potential loan terms and conditions.

Review all documentation carefully.

 

Conclusion: Buying your first home doesn't have to be daunting. Use this ​checklist to empower yourself with knowledge and take the first steps ​toward homeownership. Remember, the right resources and assistance can make all the difference!

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