A variety of first time home buyer programs exist offering financing options, down payment assistance and tax incentives to individuals purchasing real estate for the first time. In order to receive house buying benefits, applicants must meet eligibility requirements. First time buyers should conduct online research or consult with a real estate advisor to determine which program is best suited for their needs.

Popular first time home buyer programs include Fannie Mae financing, FHA loans, VA loans and various programs offered through HUD. Home buyers might also be eligible for the Worker, Homeownership and Business Assistance Act which provides an $8000 first time home buyer tax credit toward real estate purchased by April 30, 2010. The Recovery Act also grants up to $6500 in tax credits to homeowners that have resided in their home for a minimum of five years and ready to move into a higher priced property.

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Fannie Mae engages in first time home buying programs and mortgage refinancing. One of the more popular home buying programs is Home Path® which offers a variety of homes for sale. Fannie Mae Home Path properties include foreclosed real estate sold at reduced prices through approved realtors.

Fannie Mae home buying incentives include low down payment requirement, no appraisal fee, home financing for people with bad credit, and flexible mortgage terms. Mortgage refinance and first time home buyer programs can be located at FannieMae.com.

Home buyers with low FICO scores and credit blemishes might qualify for financing options available through the Federal Housing Administration. Buyers with inconsistent employment history or those who previously filed for bankruptcy sometimes find it easier to qualify for FHA loans.

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At present, the FHA down payment requirement is 3-1/2 percent. Borrowers are allowed to obtain down payment funds from outside sources such as a monetary gift or loan from family, friends or charity. FHA loans are the only home loan program allowing down payment assistance from a third party.

The Department of Housing and Urban Development offers a variety of first time buyer programs. While HUD programs vary by state, most grant opportunities to purchase HUD homes at substantially discounted prices.

Teachers, law enforcement agents, and public service professionals such as firefighters and paramedics might qualify for HUD's 'Good Neighbor Next Door' program. This home buying program allows the aforementioned professionals to purchase HUD homes at up to half off real estate listing prices.

The Department of Veterans Affairs offers first time home buyers assistance programs to active duty personnel and retired veterans. The VA guarantees up to 25-percent of home mortgage loans to help military personnel obtain financing through conventional mortgage lenders. Information regarding home buyer programs, mortgage assistance and tax incentives can be found at VA.gov.

Real estate investor and author, Simon Volkov, publishes a variety of first time home buyer programs and real estate articles via his website and throughout the online community. Simon specializes in buying houses from homeowners facing foreclosure or bankruptcy. He is currently interested in real estate properties located in Orange County, California, Arizona, Washington and Nevada. Visitors can list their real estate for sale and learn more about home buying programs at http://www.SimonVolkov.com.

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