New Rochelle is a great location for buying your first home and settling your children in an neighborhood where you will feel good staying for years to come. While homes in the area are expensive compared to some other Westchester county neighborhoods, the expense is worth the peace of mind that comes with living in a neighborhood that has one of the lowest crime rates in the New York City metropolitan area. Combine the safety factor with the above average public school system, and it is easy to see why New Rochelle homes are so sought after.
Before you dismiss a home in New Rochelle as out of your price range, check out these programs for first time home buyers in New Rochelle programs:
- FHA loans are available to first time home buyers. The loans are invaluable to people struggling to come up with the down payment. Instead of the 5 to 10 percent down payment required with conventional loans, FHA loans only require a 3.5 percent down payment.
- Veterans can qualify for a VA loan. VA loans allow you to purchase a home with no money down.
- Fannie Mae and Freddie Mac are two government-funded programs available to home buyers.
- The State of New York Mortgage Agency provides first-time New York home buyers with assistance in purchasing affordable housing.
- Services like Down Payment Resource offer help with determining how much first time home buyers in New Rochelle can afford to spend on a mortgage payment, as well as determining applicant eligibility for other government-funded home purchase assistance programs.
First time home buyers in New Rochelle should not give up their dream of buying in the New Rochelle neighborhood before they consider all their options.
For information on how to take advantage of one of these great finacial programs click Here!