Things To Consider When Purchasing Your First Home

Buying your first family home? I’m about to share some gems for first time home buyers. Get that pen and pad ready!

In today’s market, being a homeowner can seem very unrealistic. However, there are some first time homebuyers programs that can help you get up the home-owner ladder faster if you’re struggling to save enough for a down payment or have a low credit score.

These programs can offer:

  • Grants for down payments and closing costs
  • Interest-free loans Lower mortgage interest rate

What’s the catch? Well, there isn’t a “catch” but there are rules:

  • There’s an income limit
  • You may have to contribute funds to down payment (could be 1% of purchase price)
  • The property has to be your primary residence
  • You might have to complete an education course
  • There might be limits on the home price you can buy

Every state has a different homebuyers program, so check to see how the one in your state works.

Found this tip helpful? Come back each day for more of Greenwood Daily.

About the Host

Rianka R. Dorsainvil

Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.

As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.

Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.