Stop Paying Rent. Own Your Own Home.
With rent prices increasing more than ever, you probably think buying a house is even more expensive and out of the question. But that’s not always the case. BlueWest Properties is ready to work with you and figure out what kind of home you can afford.
The Benefits of Becoming a First-Time Home Buyer
Take the leap and become a first-time home buyer. Not only will you feel an immense sense of pride, accomplishment, and security, but you'll also enjoy the following benefits:
Build Equity: When you own your own home, you’re building equity with each mortgage payment you make, which can be used to finance other investments in the future.
- Tax benefits: Homeownership comes with several tax benefits, such as deducting mortgage interest and property taxes on your tax return.
- Stability: Owning a home provides stability, so you’re no longer subject to the whims of a landlord who may decide to sell or raise the rent.
- Personalization: When you own your home, you can make changes that reflect your style and preferences, such as painting the walls, installing new fixtures, or landscaping the yard.
- Potential for Appreciation: Over time, the value of your home may increase, providing an opportunity for appreciation and potential profit if you choose to sell.
What Credit Score Is Needed To Become a First-Time Home Buyer?
The credit score required to become a first-time home buyer will vary depending on the type of loan you‘re applying for and your lender's specific requirements. In general, a credit score of 620 or higher is considered the minimum requirement to qualify for most conventional loans.
Don’t forget that your credit score isn’t the only factor lenders consider when reviewing your mortgage application. Other factors such as your income, debt-to-income ratio, and employment history will also play important roles.
Navigating credit reports and other documents needed for home buying can be challenging, so working with an experienced realtor is always recommended.
Are There Grants for First Time Home Buyers in Michigan?
Yes – various grants and assistance programs are available for first-time home buyers in Michigan. Each program and grant has different eligibility requirements and processes, but don’t worry – we’re here to help determine which ones you may qualify for and apply accordingly. Some high-quality first-time home buyer grants include but are not limited to:
- Michigan State Housing Development Authority (MSHDA): MSHDA offers several programs to assist first-time home buyers in Michigan, including down payment assistance and mortgage credit certificates.
- Homeownership Assistance Programs: These programs provide financial assistance to eligible first-time home buyers for down payments and closing costs.
- FHA Loans: FHA loans are insured by the Federal Housing Administration and protect lenders from financial risk. They come with a low down payment requirement of 3.5%, making them a viable option for young, first-time home buyers.
- VA loan: If you or your spouse is a veteran, active military member, reservist, or a National Guard member, you could benefit from a VA loan. No down payment is required, and the minimum credit score is 620.
You Can Afford to Purchase a Home!
It's time to take control of your money and purchase a property that will help your future.
What's the Typical Down Payment for First Time Homebuyer?
Some of the most common questions we get from first-time buyers revolve around down payments. What’s the typical down payment for a first-time buyer? What down payment should you put down as a bare minimum? The list goes on.
It’s important to know that making a 20% down payment isn't mandatory when purchasing a house. While you may have heard that a down payment should be 20% of a home's purchase price, it isn’t necessary. According to the National Association of Realtors, the average down payment made by first-time homebuyers in 2021 was just 6%.
First Time Home Buyer Loan Calculator
Need help figuring out where to begin in the home-buying process? One of the first things you can do is utilize first-time home buyer calculators. When you search the web, calculators are available that show approximately how much your monthly mortgage payment will be depending on your specifications. There are also first-time home buyer loan calculators for FHA loans, VA loans, and more, to determine if you qualify for those specific first-time home buyer programs.
While these calculators can be beneficial tools, they can leave room for error. Take the guesswork out of your home-buying process and work directly with an experienced broker in Michigan.
Let BlueWest Properties Help You Get Ready to Buy!
It’s time to say goodbye to your landlord. Start making moves for yourself today.
At BlueWest Properties, we’re committed to providing top-notch assistance for first-time home buyers. Our goal is to ensure that you find the perfect home for your budget, preferences, and desired community. Our team understands the challenges of the home-buying process, including endless paperwork, hectic schedules, competitive bidding wars, and wavering decisions. With our experienced guidance and local expertise, you can confidently make the best decisions for your future.
Fill our the form below to start your home-buying journey!