First time buyer home loans are available to people who are buying their first house and searching for a first time buyer home loan. These types of loans offer first time buyers the opportunity to own a home in circumstances where they may otherwise may not have been able to afford a new house or property.
First time buyer home loans are usually restricted to the cheaper properties in any given area as these loans are aimed at helping to benefit those in most financial need. A first time buyer home loan will not be enough to cover the more expensive houses and property in your area, for that you will need to consult a lender for a different type of loan or bond. Also, if your intentions are to buy a house and then rent it out to somebody else then you are not allowed to use a first time buyer home loan, you have to live in the property yourself as your primary residence.
Who Qualifies For First Time Buyer Home Loans?
If you have never owned a house or other property in your life then obviously you are an ideal candidate to qualify for a first time buyer home loan. Other programs may offer loans to those who have not been able to find a home within the last three years or so. If you earn a high income then you will not qualify for these types of loans so you will have to face certain income restrictions to qualify for the home loans for first time buyers.
Buying your first house is a big deal for most people and searching for the finance and correct kind of loan to suit your needs is essential. Do a lot of online research in your hunt for the ideal home loan and with a little patience you will soon come across a program that offers first time buyer home loans at the lowest possible rates.