The main benefit for a first time buyer is the advantage of gaining equity in your new home. This in turn makes you a home owner and not a renter. For when are renting (which is  almost like thronging your money away) your paying rent, but not gaining equity or seeing a means to an end, like eventually owning the property. Whereas when you pay mortgage, you are building equity. Even as you make your down payment you are building up equity, slowly by paying monthly installments your equity increases in the property and eventually will be paid out in full. Even if your loan is for 15 years you will not only be building up equity but at the end of the 15 years no more payment will be needed and the house will be yours. Plus if the market stays steady the price of the property should go up and add to your savings.

Being a first time home buyer benefits also include saving money. With the major benefit of income tax deductions available, now is the time to buy a new home. With the property tax and income tax deductions available, being a new home owner not only gives a roof over your head but also a tax shelter. You also get tax credits. If you go deep into this you will find many first time home buyer benefits and home buyer tips, plus it’s a buyer’s market for new homes for sale that you will not want to pass out on .