This program is available through approved lenders, usually banks. Title I program. With Title I loans, the borrower is not required to have any equity in the home for collateral. The repayment period can be as long as 20 years and borrowers can have had past credit problems providing they have demonstrated recent acceptable credit. These requirements are less stringent than traditional home improvement loans and make it easier for more home owners to participate.
Interest paid is tax deductible.
Before you buy your first home, you should check you see if there are any special programs available in your community for first time home buyers. You may be lucky and find such a program that will fit your needs. Even if you're only thinking about buying your first home, you should check out what's offered in your area. Some programs will educate you on how to buy a home. In fact, here's a short list of things you should look for in a first time home buyer's program.