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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. 

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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