Most people think that the term “first-time homebuyer” (FTH) explains itself easily, but things can go much further than that. In fact, some agencies have come with interesting concepts, trying to define this condition with specific detail. One of the most influential is Fannie Mae, for them an FTH is an individual who hasn’t owned a property for the last three to four years.
FTHs: First-time homebuyers.
Seems easy, if you see it with the eyes of someone who doesn’t know very well about these topics. The reality is that most of the programs have a particular definition in regards to FTHs, all because families tend to have complex structures when it comes to their finances, assets and belongings. For instance: One spouse can be the owner of a property, but if the other doesn’t, they both qualify as FTHs.
Unique Profiles and DPAs
As we used to say in most of our educational pieces, every person has a different and peculiar profile, that needs to be addressed with extensive care, mostly if we talk about the qualification process around down-payment assistance programs (DPAs).
First of all, DPA programs are a type of financial aid, offered by state/local, government or non-profit institutions, destined for families and individuals, that don’t have enough money to cover the down-payment costs needed to start a homebuying process. Most of these prospects have worked so hard saving their incomes, but don’t want to run the high-risk of using that cash at first-hand.
Don’t panic, more than 30 percent of these initiatives don’t require you to be a first-time homebuyer in order to qualify. Actually, they usually focus on certain factors such as:
- Your profession.
- Area median income.
- Household income.
- Financial credentials.
- Credit score minimums.
- And much more.
There’s no magic trick to get yourself qualified for any of these programs. The idea behind all these efforts is to stay as informed as possible, to have a strong relationship with the industry via competent professionals, that can help you get to the next level, by answering the most basic and difficult questions that arise.
You need to know how these frameworks behave, how much time they take to get started in your region, and what’s the requested amount (in some cases). At AFTHA we have made a strong network of experts, an extensive labor that has taken many years to consolidate. All of this is at your disposal, because you don’t need to recreate those common headaches we all know about. Make it easy, the right down-payment assistance program is right around the corner, we’ll help you find it. Call us now (833) 478-1396, or write directly to email@example.com.