What About First-time Home Buyer Programs?

Residential real estate sales in many cities of Pinal County, Arizona, such as Casa Grande, Coolidge and Eloy have slowed signficantly over the past year. The recent exodus of sub-prime lenders and loan officers certainly doesn't help matters. Interest rates have also been on the rise - pushing almost 7% for a conforming 30 year fixed rate mortgage, although still moderately low in the grand scheme of things (think back to 1983 when 30 year fixed rates were in 14% range).

So what is a home buyer to do? What can real estate agents (buying and selling agents alike) and loan officers look foward to in this difficult market?

One solution to this conundrum is a First-time Home Buyer Program. Many lenders who offer first-time home buyer programs make special accomodations such as more relaxed underwriting guidelines, discounted fees and/or rates, and even down payment assistance. Thus, renters and young people starting out might be surprised to find out (and motivated to buy) that they can get these additional benefits as a first-time home buyer. It may behoove all of us to educate our referral sources (real estate agents, escrow officers, builders, previous satisfied clients, friends and family) about this often overlooked program.

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