First-Time Home Buyer Programs Give Buyers Options

News

Buying your first home can sometimes seem overwhelming.

But, local experts have advice to help make it easier.

After opening doors for others to find their first homes, one local realtor does it for himself.

“I’ve been purchasing houses for people for years, and I was saving up and waiting for my opportunity. It was a little bit different being able to negotiate and see on a purchase agreement my name on there,” Austin Muth, Genesis Realty agent says.

He said the knowledge he’s gained helped him in his own home search.

But it didn’t come without its surprises.

“I did some renovations on my home when I moved in, and I didn’t realize how much things cost, Muth says.

But Muth says knowing your options can make all the difference.

From mortgages, down payments and fees, there are quite a few steps to getting first time home buyers off the market.

I think a lot of people think you have to save up for 20 years or you have to have a 20 percent down payment, that’s something a lot of times first time home buyers assume,” Muth says.

Programs like the Start Program and Home Access Programs along with FHA loans can make owning a home possible for more North Dakotans.

“They get the down payment assistance or closing cost assistance,” Brent Fischer, mortgage loan officer says.

Fischer says if you qualify, you could reduce your down payment.

“You can really get into a home for as little as 500 dollars on one of those programs,” Fischer says.

And as someone on the other side of owning his own home, Muth has some advice.

“Having a good team and being knowledgeable is the number one thing I can give to people,” Muth says.

Mortgage lenders say one of the most important requirements when qualifying for a loan is a two year employment history in the same field.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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