It’s an advantage when buying a home for the first time to work with seasoned professionals who know markets and programs. That’s the Centex Capital difference as our knowledgeable professionals can guide you through the often confusing, but ultimately rewarding, process of buying that first home.
Buying a home for the first time has many advantages. This allows you to take control of your home expenses. You’ll be in a mortgage with terms you know and not have to deal with rent hikes. You now can build home equity. This means gaining assets through buying your home rather than squandering them by renting a home. Tax benefits are noticeable as mortgage interest and real estate property taxes are tax-deductible. You significantly build credit as you repay mortgage notes.
First time home buyers have some advantages in today’s housing market. New York alone has five different programs designed exclusively to aid first time buyers, defined as not owning a primary place of residence for three previous years. Sales of tax exempt bonds by the State of New York Mortgage Agency, or SONYMA, finance the programs.
These special programs for the first time home buyer feature lower mortgage interest rates and preferred terms compared to other borrowers. Terms include low down payments, possible assistance with down payments, no prepayment penalties, competitive interest rates, and flexible underwriting terms. SONYMA funds also may be available to first time buyers to renovate homes under construction.