Lynn Butterfield, Coldwell Banker Harris McHaney & Faucette-RogersPhone: (801) 550-6334
Email: [email protected]
Email: [email protected]
“First-time homebuyer” is a commonly used term in all areas of real estate. But what exactly is a first-time homebuyer? Here are the specific factors that qualify somebody as a first-time homebuyer and why they are important:
As suggested by the name, a first-time homebuyer is any person who is purchasing their main residence for the first time. First-time homebuyers fit into countless categories and demographics, but they all have the same lack of home purchase history in common. The US Department of Housing and Urban Development (HUD) has specific definitions for first-time homebuyers in a variety of situations, such as single parents who co-owned a home with an ex spouse or a homebuyer who may have owned property in the past but has now owned a residence for three years prior to the new sale.
From a selling perspective, the most important thing about first-time homebuyers is that they often have special financial qualifications. First-time homebuyers who fall into the categories defined by the HUD can be eligible for government-sponsored financial assistance programs and special loans.
The Federal Housing Administration (FHA) loans are an example of this special financial assistance. Lenders approved by the FHA can offer first-time homebuyers extremely competitive interest rates and lower down payments compared to traditional loans. The lenders also get an extra layer of security from the FHA to protect them in case the buyer defaults on the loan.
There are many types of special loans and programs first-time homebuyers qualify for. As long as they fit into the right criteria, first-time homebuyers can get approved for loans to assist them in purchasing their first home.
Lynn Butterfield is an Associate Broker at Coldwell Banker and is a Certified Real Estate Negotiator. Mr. Butterfield has 41 years of experience in real estate sales and development. His vast experience ranges from luxury sales through commercial sales and leasing. Perhaps more importantly, he focuses his attention on client success, whether he's helping someone buy their first home, or working with a developer seeking assistance to create and position a large project in the marketplace. One recent client said, "Working with Lynn is almost like working with a Real Estate Attorney, because he knows exactly what to look for, so you can be protected!" Another first-time home buyer just said, "I needed someone to hold my hand through this because it's the largest investment we'll ever make! I know he isn't in this just to make a quick buck. He really cares about his clients!"
Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. He would be honored to put his real estate experience to work for you.
