When you buy that first home, the financial hurdles can be formidable. You need enough income to qualify for a loan sufficient to buy the home. This means you need a steady income and established credit. You need cash for a down payment as well as for the expenses normally incurred at closing. The down payment, prepaid expenses, and closing costs generally represent at least 5—6 percent of the cost of the home.

It is no wonder that first-time homebuyers are at a financial disadvantage. Fortunately, the government and large financial institutions recognize how important it is to maintain a steady stream of new homebuyers in the market and they have devised a number of loan products specially tailored for first-time buyers. More->