Qualifying as a first-time home buyer opens you up to a range of programs that can expedite your path to homeownership. Qualifying as a first-time home buyer isn’t necessarily restricted to those individuals who have never owned a home before, either. Individuals who have owned a home in the past but are now renting their home are often eligible for these federal and state-funded programs. In general, prospective homeowners must not have owned property within the last three years.
- Take control. Avoid rent increases and cancelled leases while creating a home that meets your needs and tastes.
- Build home equity. Grow your assets with the principal portion of your mortgage payments as your property value potentially increases.
- Get tax benefits. Deduct mortgage interest and real estate property taxes on your income tax returns. (Consult a tax advisor regarding the deductibility of interest and taxes).
- Build your credit. Create a strong credit history by making on-time mortgage payments.