Home Buyers First Inc Reviews

$10,000 Down Payment Assistance Grant: Home Buyers First Inc partners with the Federal Home Loan Bank of Chicago to offer up to $10,000 in forgivable funds to assist with down payments on your first home purchase.

Up to $50,000 Consumer Loan Option: They provide an exclusive loan option that allows borrowers access to up to $50,000 for home upgrades, building accessory dwelling units (ADUs), or paying off high-interest debt. This can be used before or after closing without needing a separate lender.

Extensive Network Across 42 States: Their broad network enables significant savings on realtor commissions—up to 30%—which can reduce closing costs or lower mortgage rates when buying or selling a property.

Financial Support Beyond Traditional Loans: The combination of down payment assistance and additional consumer loans helps first-time buyers manage upfront costs and post-purchase expenses more easily.

Cost Savings on Commissions and Closing Costs: The ability to save thousands through reduced realtor commissions directly lowers the overall cost of purchasing a home.

Enhanced Buying Power and Flexibility: Accessing extra funds for renovations or debt consolidation empowers buyers not just to purchase but also improve their homes financially smartly.

Lower down payment requirements: These loans often allow buyers to purchase a home with as little as 3.5% down, making homeownership more accessible for those with limited savings.

Less restrictive credit score and debt-to-income ratio requirements: Typically, these loans have more lenient credit score minimums and allow higher debt-to-income ratios compared to conventional loans.

Lower interest rates: First-time home buyer loans usually offer lower mortgage rates than conventional mortgages.

Access to grants and forgivable loans: Some programs provide grants or soft second loans that may not need repayment if certain conditions are met, easing financial burdens.

Designed to help buyers enter the market more easily: These programs aim to assist those who need the most help in buying a home.

Lower loan limits: Loan amounts are often capped at lower levels than conventional mortgages, which may restrict purchasing power especially in higher-priced markets.

Mortgage insurance requirements: Borrowers typically must pay private mortgage insurance (PMI) if their down payment is less than 20%, sometimes for the life of the loan unless refinanced.

Income restrictions and property limitations: Many programs impose income caps on applicants and require homes purchased to meet specific physical condition standards; also, the property must be used as a primary residence rather than an investment or rental property.

Lack of flexibility in property choice and use: Restrictions on location, type of property financed, and occupancy can limit options for buyers.