New Home Ownership
From your own personal touches to long term savings, you may find that buying a new home is the right decision for you. Contact us today or stop by a Westway Homes community to learn more about buying a new home, pre-qualifying for your mortgage and how to get a free credit consultation. In no time, you’ll be on your way to experiencing the joy of homeownership!
- First-time homebuyers, as defined by the U.S. Department of Housing and Urban Development, can get help from state programs, tax breaks, and federally backed loans.
- Before you begin looking, consider the type of residence that will serve your needs, what you can afford, how much financing you can secure, and who will help you conduct your search.
- Buying a home involves finding the property, securing financing, making an offer and closing on the purchase.
- Once you’ve moved in, it’s important to maintain your home and also keep saving.
The First-Time Homebuyer Advantage
A first-time homebuyer, according to the U.S. Department of Housing and Urban Development (HUD), is someone who meets any of the following conditions:
- An individual who has not owned a principal residence for three years. If you’ve owned a home but your spouse has not, then you can purchase a place together as first-time homebuyers.
- A single parent who has only owned a home with a former spouse while married.
- A displaced homemaker who has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with state, local, or model building codes—and that cannot be brought into compliance for less than the cost of constructing a permanent structure.