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Benefits of First Time Home Buying This Year

Buying that first house can seem like a huge commitment, but the reality of home ownership is that it's' filled with more rewards than you could list in a single place – some of which don't' even become apparent until you've owned the home for years and suddenly experience them for yourself.

Of course, it's also not easy buying your first home. It can be an overwhelming process and one that is filled with numerous challenges. However, there really has never been a better time to buy than 2015. While it's easy to say that, just taking a moment to review the numerous benefits that first time home buyers will experience this year is well worth doing.

So, here's a quick look at some of the benefits you can expect to enjoy if 2015 is the year that you purchase your very first home.

  • There are more opportunities than ever before for securing a home loan. The Federal government continues to offer premier programs for first time house buying in the United States. From FHA to USDA and VA loans, first time home buyers have a lot of different ways to get the loan that they need.
  • Interest rates are still tremendously low, and securing a loan now means that you'll get excellent interest rates to ensure that you don't end up paying more than you have to. You'll hear plenty about just how important your interest rates are, and it can't be overstated. They're currently less than 4% and should stay there for some time, so don't overlook the importance of taking advantage of this.
  • The US government recently halved the insurance rates on FHA backed loans. This means that if you have a loan that is backed by that government agency you'll actually end up paying less overall thanks to the reduced insurance premium costs.
  • There are still numerous tax breaks in place for first time home buyers, and securing a home loan could mean that you get a significant tax deduction when tax season rolls around. That's a huge benefit, even if it doesn't seem like it is right now.
  • You'll also find that overall housing expenses are much lower than they've been in the past. As a result, you'll end up saving on your initial costs and on the yearly costs of home ownership. From insurance rates to taxes to heating expenses and the costs of contractors for repairs, prices are still low.
  • There are also plenty of homes on the market to choose from. It's easy for you to find the perfect home for you to call your own, and with so many choices on the market it's a great time to shop around and find what you're looking for. This increased inventory also means better chances of finding a great price for a home.

Simply put, it's a great time to decide to buy a home and throughout 2015 you can expect to enjoy the benefits listed above. Home ownership itself comes with lots of advantages, and once you finally have your own home you'll begin to uncover even more of them than the basic ones covered here.

 

First Time Home Financing.com does not offer mortgages or direct financing. FTHF.com is a website that offers information about house financing and does not promise that all applicants will be approved for the new FHA loan program with lower mortgage insurance. This website and its affiliates have no affiliation with the FHA or any other government agency. This website offers a information about lending services by publishing editorial content related to the U.S. finance sector.

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