First Time Home Buyer Mortgages

Eligibility:

Eligibility typically applies to those who haven't owned a home in the past three years. Various programs may have specific income and credit score requirements.

Benefits:

1. Financial Assistance: These mortgages often come with lower down payment requirements, making home ownership more accessible.

2. Lower Interest Rates: First-time buyers may qualify for lower interest rates, reducing long-term borrowing costs.

3. Government Assistance: Some programs provide additional support, such as down payment assistance or reduced mortgage insurance.

Pros:

1. Financial Support: Ideal for those with limited funds, offering a pathway to home ownership.

2. Lower Rates: The potential for reduced interest rates can save buyers money over the life of the loan.

Cons:

1. Eligibility Limits: Strict eligibility criteria may exclude some potential buyers.

2. Property Restrictions: Some programs may limit the types of properties that qualify.