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First-Time Homebuyer Programs to Consider

First-Time Homebuyer Programs

Owning a home is part of the American Dream. To make that dream a reality, both the federal and state governments have created special programs to help first-time homebuyers get into a house of their dreams, or at least one they can afford. Here are some of the federal and state agencies that are making homeownership more affordable:

HUD and FHA Home Loan Programs

The U.S. Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) offer several programs to help homeowners afford their home:

  • HUD's Public Housing Resident Program: If you are currently a resident of public housing, you may be able to convert your rent payments into mortgage payments with this program.
  • FHA Loans: HUD oversees the FHA and offers a first-time homebuyers program that can help lower your down payment (starting at just 3.5%), lower your closing costs and help you qualify.
  • Habitat for Humanity Home Application: For those willing to actively participate in building their new home with other volunteers, consider applying to live in a habitat-built home in specified counties. 

State Programs

In addition to federal programs, many states also offer special help to new homeowners. Communities First Down Payment Assistance for Ohio is an example that offers down payment/closing cost assistance grants to eligible homebuyers. 

Want to learn more about buying your first home or how to get pre-qualified for a mortgage loan? Speak with your local mortgage lender. We also have five first-time homebuyer tips to bookmark and reference. With so many options for financing your first home, we are ready to evaluate your options to afford the home of your dreams.

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