5 Ways The Government Can Save You Big Bucks On Your First Home



From Realtor.com

Itching for the key to unlock your dream of a new house? Here’s yet another reason to love your country: The U.S. has plenty of programs and incentives that could make that goal a reality. If you’re a first-time buyer—and even if you’re not, in some cases—there are some government benefits that can help you afford those new digs.

Before we dive deep into the ways the government can help fund your new home, there’s a little matter to clear up: your eligibility.

The Department of Housing and Urban Development — the U.S. agency that oversees all housing matters—is fond of bolstering the success of first-time buyers. But that doesn’t mean you’re locked out of options if you’ve already owned a home. Here’s what HUD considers a “first-time home buyer”:

  • An individual that hasn’t owned a principal residence during the three-year period ending on the date of purchase of a new property. If a spouse meets this test, the couple does, too.
  • A single parent who owned a home only with a former spouse while married.
  • A displaced homemaker who owned only with a spouse.
  • A person that owned a principal residence not permanently affixed to a permanent foundation. (Maybe you owned a tent, RV, or mobile home unit.)
  • Someone who owned a property that didn’t comply with state, local, or model building codes—and couldn’t be brought into compliance for less than the cost of constructing a permanent structure

If any (or a few) of those statements sounds like you, these options could make a move even more affordable...

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