New Home Ownership
Looking to make your first home your dream home? Westway Homes understands the unique challenges and concerns with buying your first home, and that’s why we’ve simplified the process. We can help you find your new home, whether you’re looking for more space, a huge back yard or a great neighborhood. And unlike renting, you can start accruing equity right away and take advantage of tax benefits.
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!
Buying a home can be challenging for a first-timer. After all, there are so many steps, tasks, and requirements, and you may be anxious about making an expensive mistake. But first-time homebuyers actually enjoy some special advantages created to encourage new entrants into the real estate market. To demystify the process so you get the most out of your purchase, here is a rundown of what you need to consider before you buy and what you can expect from the buying process itself, plus tips to make life easier after you buy your first home.
Key Takeaways
- 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
Buying a home is still considered a key aspect of the American dream. As a first-time buyer, you have access to state programs, tax breaks, and federally backed loans if you don’t have the usual minimum down payment—ideally 20% of the purchase price for a conventional loan—or you’re a member of a qualifying group.
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.