There is no rule that says first time home buyers must take advantage of first time home buyer loans. Assuming you qualify for a traditional mortgage, it is well within your rights to choose this type of loan when buying your first home. With that being said, you should know that there are several impressive benefits that come along with choosing a first time home buyer loan over a traditional mortgage loan. In this article you can learn more about some of these benefits so that you can better understand why you should take advantage of this once in a lifetime financing option.

Reason #1: Save Money With Lower Interest Rates

Each and every mortgage loan will have its own unique terms based on your credit history, income, down payment amount, and a variety of other factors. This fact remains true regardless of whether you choose a traditional loan or a first time home buyer loan. However, first time home buyer loans are well known for offering lower interest rates than traditional mortgage loans. This is a very important benefit to consider since your interest rate will ultimately determine exactly how much you end up paying for your house. By choosing a loan that offers a lower interest rate, you could potentially save thousands of dollars over the life of your loan. 

Reason #2: Requires Less Money Upfront

It can be difficult for many hopeful home buyers to overcome the hurdle of saving up enough cash for a substantial down payment. This can be a serious problem when shopping around for traditional mortgage loans since these loans often require a large amount down in order to qualify for financing. First time home buyer loans on the other hand require a much smaller percentage down. In fact, you may even be able to purchase your first home with no money down thanks to a combination of first time home buyer loans and assistance programs. 

Reason #3: Qualify For First Time Home Buyer Incentives And Assistance

There are a wide variety of different programs that you can apply for when looking to buy your first home. These programs offer help with things like fixing credit issues, down payment assistance, closing cost funds, and much more. In many cases these programs will be tailored to individuals who are looking for a first time home buyer loan. Consequently, choosing to take advantage of this type of financing could allow you to qualify for a variety of programs that can help make your dream of home ownership a reality.