home design software
There’s plenty of help out there for new buyers
While an increasing number of people want to own their own homes, research suggests that many first-time buyers would benefit from special assistance in navigating the process.
First-time buyers now make up 42 percent of the total market, according to the latest figures from the U.S. Census Bureau, as opposed to 37 percent in 1991. Analysts who’ve evaluated the data say many of these first-timers have three things in common: they’re young (in their 20s and early 30s); they’re ethnically diverse; and-while they’re smart enough to recognize that home ownership is one of the best ways to build wealth—they’re typically unsophisticated about the home buying process.
That helps explain the introduction of a new program called "Move In America," offered by one of the nation’s top 10 mortgage originators. The program is designed to provide these buyers with the knowledge and tools they need to make smarter choices.
Many states have agencies and/or non-governmental organizations which specialize in providing reduced-rate mortgages and relaxed loan qualifications for first time home buyers. In Idaho, one such privately funded organization is IHFA (www.ihfa.org). IHFA is a non-profit organization that provides funding for affordable housing opportunities for the first time home buyer.
While this young, diverse group of potential home buyers has more options available to them than before, they still face challenges to home ownership," said Rick Gillespie, GMAC Mortgage’s chief marketing officer.