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Top 10 Resources For First Time Home Buyers

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First time home buyers may have a lot to learn about the process. Read on for the top 10 resources for first time home buyers.

  1. The Federal Housing Authority (FHA) The FHA offers a number of programs for first time buyers, including home loans that are more forgiving of bad credit and that allow for a lower down payment and closing costs. Many borrowers are eligible for 96.5 percent financing through the FHA to buy their first home. Information about the loans can be found here.
  2. The Department of Housing and Urban Development (HUD): This department of the government is a fantastic one-stop resource for home buyers. They provide everything you need to know about buying a first home, from a step-by-step guide to the process to links to resources that can help. Check out everything HUD has to offer at their website.
  3. The Veteran's Administration (VA): The VA also offers loans to first time buyers who are qualified veterans. Like the FHA, the loans may be more forgiving of bad credit and have lower down payment and closing costs. You can visit the web page of the VA to find out about their buyer programs and to get help determining if you may qualify for a VA loan.
  4. Fannie Mae: Fannie Mae provides government backed loans as well as resources for first time buyers including buyer education programs. More information can be found here.
  5. State Agencies: The vast majority of states have local agencies designed to help you to buy a home in your area. For example, this site can provide guidance, support, and even information about down payment assistance for those first time buyers living in Austin Texas. You will likely be able to find a similar website or program in your area with a simple google search.
  6. A buyer's agent: Buyer's agents are real estate agents who help people buy homes. They have experience within their field and can guide a first-time home buyer through the purchasing process.
  7. The National Association of Realtors: The National Association of Realtors offers a wealth of information both for home buyers and sellers on their web page. Offerings include discounted and free resources, as well as information about realtors in your area.
  8. The Multiple Listing Service: This is the database used by realtors to list homes for sale. You can search the MLS online yourself or use it with the help of your realtor to find your dream home. is one of the many online sites that allows you to search the MLS for free.
  9. Home buyer classes: Many agencies and not-for-profit groups offer home buying classes such as the one described here. If you are clueless about the home buying process and want to get objective in-person advice, signing up for a class can be a great way to learn what you need to know.
  10. Friends and family: Ask your friends or family members who have bought a home to tell you about their experience. You can learn what to expect and pitfalls to watch out for.

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