First time home buyer excited to buy a home

no - with that income you likely wont qualify for any down payment assistsance programs ........if you are a veteran - VA loans allow zero down ...if you buy in rural area - USDA loans allow zero down....you can use a FHA or conventional loan that require 3-3.5% of the price

Hi Darvin850, Yes, if you have not owned a home in the last 3 years, you're considered a 1st time home buyer. The only real benefit for 1st time home buyers are down payment assistance programs (DPA) but your income is going to eliminate that as an option. The good news is you do have the option of going with an FHA loan at 3.5% down or you can look at a Fannie Mae conventional loan with just 3% down.|John Burke | Senior Mortgage Banker | Lending in ALL 50 states | www.yourtexasmortgagelender.com|Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |

You are correct, if you haven't owned a home in the past three years, you are considered a first time home buyer. As a first time home buyer, there may be some benefits, or none at all. Down payment assistance is generally the biggest benefit as a first time home buyer, but these programs have income limits, so right there, you may be out of luck on most programs. Otherwise, maybe a slightly better interest rate or slightly cheaper mortgage insurance is another benefit. Just reach out to a local mortgage broker. Give them your application, and they can let you know what options are available to you. I lend for homes in MN, WI, IA, ND, and SD. Find me at FirstTimeHomeBuyer-MN.com | Cambria Mortgage | NMLS 274132