Qualifying for a first-time home buyers program isn’t necessarily restricted to those buying their first homes. If you haven’t owned a home in the last three years, you could qualify. These programs offer many perks – a major one being a lower down payment on your home. A typical down payment can be as much as 20% of your home’s value. That can be tough to save! Compare this to having only a 3% down payment requirement with the First-Time Home Buyer Program.
Remember to keep an eye on your credit as this is one of the biggest factors of being approved for these types of programs. Making your payments on time and not opening any new credit cards or other loans in the 12-months before you purchase a home will help keep your score nice and tidy.
Don’t navigate through it alone! Bridge Credit Union offers the experience and expertise to get you into your first home. Look to us for your home loan, whether it’s your first or not.