First time home buyer programs also commonly referred to as the First-time homebuyer program is a program that offers you a grant in achieving your dream goal of becoming a proud homeowner. This program helps to turn your goal of homeownership into a reality. In this article, we were able to research some of the best national grants, programs, and loans suitable for first-time homebuyers.
The first-time homebuyer program helps you to acquire your first home without the requirement of making a 20 percent down payment. However, in most state housing authorities the closing cost and down payment assistance programs are joined together with mortgages in providing you with suitable interest rates. Most states come with tax credits which you can use for federal tax returns.
The first time home buyer assistance program helps in boosting the possibility of your owning a house in geographical areas or even assists borrowers in some professions that include educators, first responders, and others. However, it always exciting to purchase your first home and the feeling is a bit overwhelming.
First Time Home Buyer Programs In The United States
First out first time home buyer programs and lenders near you or within your states.
Northeast
| First-time home buyer programs | Participating lenders |
| Connecticut | CHFA lenders |
| Maine | MaineHousing lenders |
| Massachusetts | MassHousing lenders |
| New Hampshire | New Hampshire Housing lenders |
| New Jersey | NJHMFA lenders |
| New York | SONYMA lenders |
| Pennsylvania | PHFA lenders |
| Rhode Island | Rhode Island Housing lenders |
| Vermont | VHFA lenders |
First Time Home Buyer Programs Midwest
| First-time home buyer programs | Participating lenders |
| Illinois | IHDA lender |
| Indiana | IHCDA lenders |
| Iowa | Iowa Finance Authority lenders |
| Kansas | KHRC lenders |
| Michigan | MSHDA lenders |
| Minnesota | MHFA lenders |
| Missouri | MHDC lenders |
| Nebraska | NIFA lenders |
| North Dakota | NDHFA lenders |
| Ohio | Ohio Housing Finance Agency lenders |
| South Dakota | South Dakota Housing lenders |
| Wisconsin | WHEDA lenders |
South
| First-time home buyer programs | Participating lenders |
| Alabama | AHFA lenders |
| Arkansas | ADFA lenders |
| Delaware | Delaware State Housing Authority lenders |
| District of Columbia | DCHFA lenders |
| Florida | FHFC lenders |
| Georgia | Georgia Dream lenders |
| Kentucky | Kentucky Housing lenders |
| Louisiana | Louisiana Housing Corporation lenders |
| Maryland | Maryland DHCD lenders |
| Mississippi | Mississippi Home Corporation lenders |
| North Carolina | NCHFA lenders |
| Oklahoma | OHFA lenders |
| South Carolina | SC Housing lenders |
| Texas | TDHCA lenders |
| Virginia | VHDA lenders |
| West Virginia | West Virginia Housing lenders |
First Time Home Buyer Programs West
| First-time home buyer programs | Participating lenders |
| Alaska | AHFC lenders |
| Arizona | Arizona Department of Housing lenders |
| California | CalHFA lenders |
| Colorado | CHFA lenders |
| Hawaii | HHFDC lenders |
| Idaho | Idaho Housing and Finance lenders |
| Montana | Montana Housing lenders |
| Nevada | Nevada Housing Division lenders |
| New Mexico | MFA New Mexico lenders |
| Oregon | OHCS lenders |
| Utah | Utah Housing Corp lenders |
| Washington | WSHFC lenders |
| Wyoming | Wyoming CDA lenders |
First Time Home Buyer Loan Requirements
For you to be approved for a mortgage, you need to qualify for the first time home buyer loan requirements. This actually depends on the type of loans you’re applying for. Hence, here is a table that shows the requirement for the type of mortgage loan you want to apply for:
| First Time Home Buyer Loan | Minimum Down Payment | Minimum Credit Score | Maximum DTI | Other Requirements |
| FHA Loan | 3.5% | 580 | 50% | No income limit |
| Conventional 97 Loan | 3% | 620 | 43% | No income limit |
| Fannie Mae HomeReady Loan | 3% | 620 | 45% | Income can’t exceed 80% of area median income |
| Freddie Mac Home Possible Loan | 3% | 660 | 45% | Income can’t exceed 80% of area median income |
| VA Home Loan | 0% | 580-620 | 41% | No income limit / Must have an eligible military service history |
| USDA Home Loan | 0% | 640 | 41% | Income can’t exceed 115% of area median income / Must buy in eligible rural area |
| FHA 203(k) Rehab Loan | 3.5% | 580 | 45% | $5,000 minimum rehab costs |
What are first time home buyer programs?
First time home buyer programs are mostly government and non-profit programs that help you in acquiring the dream home you have always wanted by offering you a first-time home loan or mortgage to become proud owners of a beautiful home.
Who qualifies for first time home buyer programs?
However, there are certain factors that determine the qualification of first time buyers. Means that are certain criteria that qualify you for First Time home buyer programs. There is a list of factors that determines who qualifies for First Time home buyer programs.
- An individual with no ownership of principal residence for 3 years.
- Also, a single parent that ready own a house his or her ex while married.
- A displaced homemaker who ready owned a home with a spouse.
Are there any first time home buyer programs?
Yes, there are several First Time home buyer programs in various states that including Texas, New York, Florida, DC, and more. All you need to do is use the table to find the best mortgage lender for first time home buyers.
