“First-time homebuyer” is a commonly used term in all areas of real estate. But what exactly is a first-time homebuyer? Here are the specific factors that qualify somebody as a first-time homebuyer and why they are important:
As suggested by the name, a first-time homebuyer is any person who is purchasing their main residence for the first time. First-time homebuyers fit into countless categories and demographics, but they all have the same lack of home purchase history in common. The US Department of Housing and Urban Development (HUD) has specific definitions for first-time homebuyers in a variety of situations, such as single parents who co-owned a home with an ex spouse or a homebuyer who may have owned property in the past but has now owned a residence for three years prior to the new sale.
From a selling perspective, the most important thing about first-time homebuyers is that they often have special financial qualifications. First-time homebuyers who fall into the categories defined by the HUD can be eligible for government-sponsored financial assistance programs and special loans.
The Federal Housing Administration (FHA) loans are an example of this special financial assistance. Lenders approved by the FHA can offer first-time homebuyers extremely competitive interest rates and lower down payments compared to traditional loans. The lenders also get an extra layer of security from the FHA to protect them in case the buyer defaults on the loan.
There are many types of special loans and programs first-time homebuyers qualify for. As long as they fit into the right criteria, first-time homebuyers can get approved for loans to assist them in purchasing their first home.
More than six decades of combined team experience
Combined sales over 1,100 in 20 years
The average agent works by themselves or is inexperienced
The average agent is in and out of the business in less than 5 years
The average agent according to national statistics sells less than 8 homes a year
Our team concept allows us to do a large volume of business, keeps our finger on the pulse of the market by doing such volume, giving our clients outstanding service because everyone on the team has a certain skill set and experience level and we all work together to give you the best of each of our individual skills.
Unique programs like our Guaranteed home sale or commission free program just as one example.
We can cover a large area being a team verses one agent.
Huge personal data base of past, present and potential clients that we will expose your home.