Serving Santa Rosa, Escambia, & Okaloosa Counties

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What Are the Advantages of Being a First Time Homebuyer?

Buying your first home can be an intimidating experience. There are numerous things to take into consideration, from finding the right house to financing. But, being a first time homebuyer does come with some advantages.

First time homebuyers often have access to special loan programs that can assist them in getting into a home more quickly and less expensively than those who have purchased homes previously. These programs offer first time buyers benefits such as low down payments, subsidized interest, and a limit to the fees that a lender may charge them.

Lenders usually expect homebuyers to pay a down payment of as much as 20%. This can be prohibitive for those who are trying to purchase their first home. But first time homebuyer loans often offer a reduced down payment of anywhere from nothing to 3%. A down payment that low makes buying a first home much more accessible.

First time homebuyer loans may also feature a limit on the fees that the lender may charge. Like the reduced down payments, this is made possible by government mortgage insurance available to new homeowners. For an annual premium, HUD insures your mortgage, reducing the risk to the lender. This results in the ability to charge lower fees and down payments while remaining profitable.

Low-income first time homebuyers may qualify for subsidized interest programs. This means that a third party pays the interest on your loan. These programs can make your mortgage payments more affordable and enable you to pay off the mortgage more quickly. While the government is one of the most frequent subsidizers of loans, they can also be subsidized by charities, organizations, or even individuals.

First time homebuyer programs are generally available only to people who are going to live in the home they purchase as their primary residence. The home will also have to be in good condition with no safety hazards present. And due to the fact that these programs are designed for those in need, there is a limit on the value of the homes you can purchase through these programs.

First time homebuyers can take advantage of numerous programs to assist them in owning their first home. From lowered down payments to subsidized interest, first time homeownership has become much more affordable. There is no time like the present to make your dream of owning your own home a reality.


What Our Clients Say...

  • First time selling a home...Leslie is a wonderful agent to work with. This was my first time selling a home and I was apprehensive about it. She was very quick to respond to all my questions and help... View More..
    Erika Santiago

    First time selling a home...Leslie is a wonderful agent to work with. This was my first time selling a home and I was apprehensive about it. She was very quick to respond to all my questions and help me feel comfortable with the process. She has a very welcoming and friendly personality. I enjoyed working with Leslie so much that she is now helping me with a home purchase!
  • Buying my first house...Leslie went above and beyond to help me go about buying my first house. She was very friendly and was always quick to respond to questions I had. This being my first house, I... View More..
    Brian Simmons

    Buying my first house...Leslie went above and beyond to help me go about buying my first house. She was very friendly and was always quick to respond to questions I had. This being my first house, I had many. She went out of her way to make time to help me and I am pleased to tell everyone that is looking to buy or rent a home to contact her. Her friendly smile was contagious, and I will definitely use her again on my next house purchase.
  • Sold our home in 4 days...Leslie was such a joy to work with. She not only knows her stuff, but she is such a sweet person that wants what's best for her clients. She was always willing to drop... View More..
    Whitney Bennett

    Sold our home in 4 days...Leslie was such a joy to work with. She not only knows her stuff, but she is such a sweet person that wants what's best for her clients. She was always willing to drop anything to meet with and/or discuss things over the phone at anytime. She sold our home in 4 days, helped us find a new home, and we were able to have double closings just a few weeks later!
  • Cindy Cotton. I have been the beneficiary of the most incredible real estate firm. That would be Cotton Real Estate. I did not know them before I hired them to list my first home. After that they... View More..
    Constance Stoner

    Cindy Cotton. I have been the beneficiary of the most incredible real estate firm. That would be Cotton Real Estate. I did not know them before I hired them to list my first home. After that they were the ones we contracted with to sell our current home and purchase our next one. They have since sold that one for us and the purchase of the next one. We also bought some additional properties and of course, Cotton Real Estate is who we called. I have referred several people to Ms Cindy Cotton (mother and father-in-laws and good friends), who have had equally great service from them as we feel they are the BEST realtors that can be found. ANYWHERE. They are above board on their precision of the real estate market, will help you at every turn, are so educated about the contracts, what needs to be done, septic permits and inspections, the ever so awful qualifying and loans, and the quality and type of home that will work. I don't just recommend Cotton Real Estate to anyone looking to buy or sell, I would not use ANYONE else! Sincerely, Constance Stoner
  • Leslie was AWESOME! Leslie recently listed my home for rent and had it rented in 2 weeks. She was very responsive and would follow up with me to give me feedback on all showings which I greatly... View More..
    Paula Snow

    Leslie was AWESOME! Leslie recently listed my home for rent and had it rented in 2 weeks. She was very responsive and would follow up with me to give me feedback on all showings which I greatly appreciated because most property managers don't take the time to do this. Leslie found us a great tenant. She was wonderful to work with. We will definitely use her again. Thanks Leslie,
    Paula Snow
  • Excellent Work, Falen! Thank you for your excellent work on the sale of the Berryhill property and the acquisition of the Gulf Road house! Your advice was always well-informed. You made suggestions... View More..
    James & Linda Thompson

    Excellent Work, Falen! Thank you for your excellent work on the sale of the Berryhill property and the acquisition of the Gulf Road house! Your advice was always well-informed. You made suggestions which were useful. You pointed out items we had not considered. You were always professional while also being personable. You are an example for the real estate industry. Truly, Yours, James and Linda Thompson
  • Thank you Falen Haddy!
    My husband and I recently purchased a home in Pace , and Falen Haddy from cotton Real Estate was our realtor. She was amazing! She worked with us around... View More..
    Ashleigh Bowers

    Thank you Falen Haddy!
    My husband and I recently purchased a home in Pace , and Falen Haddy from cotton Real Estate was our realtor. She was amazing! She worked with us around our schedule to see as many homes as we wanted to see until we found THE one. I would recommend Falen and Cotton Real Estate to anyone and everyone!

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