Buying your first home can be exciting and overwhelming all at the same time – which is why The Schmidt Team has the tools and resources to help you through the experience. Whether you’re just starting to save or you already have a house in mind, we will help you with what you what you need to know and prepare you for the journey ahead.
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 certain group (see the Important callout, below). And you may qualify as a first-time buyer even if you're not a novice.
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.
The First-Time Homebuyer Guide
Follow our step-by-step guide to begin your journey to owning your first home today. Click the link below for the Guide.