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Home buyer programs by state | 2015

State home buying assistance programs

Click on your state below to see which home-buying programs are available to you in your local area. Each state differs in the number and type of programs they offer to home buyers.

Washington Idaho Montana North Dakota Minnesota Wisconsin Michigan Oregon Wyoming South Dakota Iowa Illinois Indiana Ohio California Nevada Utah Colorado Nebraska Kansas Missouri Kentucky Arizona New Mexico Texas Oklahoma Arkansas Louisiana Mississippi Tennessee Alabama Georgia Florida West Virginia Maryland Pennsylvania New York Vermont New Hampshire Maine Massachusetts Rhode Island Connecticut New Jersey Delaware Virginia North Carolina South Carolina Alaska Hawaii Washington DC Delaware Vermont New Jersey Rhode Island Connecticut New Hampshire Massachusetts Maryland Washington DC

HSH.com has compiled a list of home buying assistance programs in each state in order to inform borrowers of what assistance might be available to them in their local area.

Each state offers a different number of programs, and each state offers varying levels of buyer assistance. For this project, HSH.com only collected information on programs that were available statewide. While targeting first-time home buyers, we did not exclude programs available to repeat buyers as well. Each state defines a first-time home buyer as someone who has never owned a home, or someone who has not owned a home in the past three years.

If programs do have a first-time-buyer requirement, that restriction is almost always waived for qualifying veterans or someone buying a home in a state-designated “target area.”

To qualify for one of these statewide home buyer assistance programs, which can offer anything from below-market mortgage rates to down-payment assistance to special programs for police or firefighters, borrowers must almost always attend a home buyer education course. Statewide assistance programs must be acquired through a participating lender.

Alabama

Number of Programs

2

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.ahfa.com/homebuyers/programs_available.aspx
AlabamaProgram description
Step Up Program The Step Up Mortgage program is designed to help any homebuyer who has the ability to pay a mortgage, but needs down payment support. The program works to secure down payment funds with a 10-year second mortgage and combined 30-year, fixed-rate first mortgage. Loans must be acquired through a participating lender. In order to qualify, a borrower’s annual household income cannot, under any circumstance, exceed $97,300 and the borrower must have a credit score higher than 620.
Mortgage Credit Certificate The Mortgage Credit Certificate program (MCC) “provides a tax credit to reduce the amount of federal taxes owed, by a percentage of the annual mortgage interest paid each year.” In order to qualify, a borrower must use a participating lender for a 30-year, amortizing loan. Borrowers are subject to income and sales price limits. MCCs are capped at $2,000.
Alaska

Number of Programs

7

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.ahfc.us/buy/loan-programs/alphabetical-list-loans/
AlaskaProgram description
Affordable Housing Enhanced Loan Program This down payment assistance program is offered in the form of either a grant, deferred payment(s), or forgivable loan. Occasionally this grant can be paired with other closing cost and down payment assistance options.
Energy Efficiency Interest Rate Reduction Program Alaska offers interest-rate reductions when financing new or existing energy-efficient homes or improvements. Interest-rate reductions will apply to the first $200,000 of the loan amount. Any loan that exceeds $200,000 will receive a blended interest rate rounded up to the next 0.125 percent.
Interest Rate Reduction Program for Low-Income Borrowers Offers subsidized interest rates for low-income borrowers to make homeownership more attainable. Interest rates are reduced based on family income, family size and location.
State Veterans Preference Program In an effort to honor veterans, Alaska created a program dedicated solely to service men and women to assist with the homebuying process. With the Preference program, qualified veterans can receive a 1 percent interest rate reduction on the first $50,000 of their original loan amount. Any amount on the loan beyond $50,000 will receive a blended interest rate rounded up to the next 0.125 percent.
Second Mortgage Program for Energy Conservation Qualified borrowers can participate in this second mortgage program to make energy improvements their homes. The maximum loan amount offered through this program is $30,000, and the maximum loan term is 15 years. All approved improvements must be completed within 365 days of the loan closing.
Nuenesta “Nuenesta” is Alaska’s take on a down-payment and closing-cost assistance program. Nuenesta offers a 30-year fixed interest rate with down-payment and/or closing assistance equal to 4 percent of the loan amount. In order to qualify, a borrower must have a minimum 640 credit score. Nuenesta can be paired with first mortgage loans, however refinance loans do not qualify.
Assistance Provider Rate Reduction The program was developed to help live-in caretakers of disabled residents find better housing opportunities. The borrowers (caretakers) are eligible to receive an interest rate reduction of up to 2 percent with an interest rate of around 2.5 percent. There must be at least two residents in a home, but no more than five.
Arizona

Number of Programs

1

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: https://housing.az.gov/finance-authority
ArizonaProgram description
The HOME Plus Program An Arizona mortgage loan is paired with a down payment assistance grant equal to 4 percent of the mortgage amount. As with all grants, borrowers will not need to repay the money. Income and purchase restrictions are as follows: the household income of the borrower may not to exceed $88,340, and the total amount borrowed cannot exceed $353,360. The lowest FICO credit score to qualify is 640. U.S. Military personnel can be granted an additional 1 percent towards the down payment assistance.
Arkansas

Number of Programs

3

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.arkansas.gov/adfa/listing.html
ArkansasProgram description
HomeToOwn Program Not restricted to first-time buyers, this 30-year loan program is available to low and moderate income residents that have a credit score over 640. The purchase price may not exceed $250,000 to qualify, and a borrower must not breach a 45 percent debt to income ratio.
Down Payment Assistance Program This down payment assistance comes in the form of a 10-year amortizing second mortgage loan at a 4 percent interest rate. The program offers up to $6,000 in down payment and closing cost assistance.
Arkansas Dream Down Payment Initiative This program is designed for low income first-time homebuyers purchasing a single-family home in the state. ADDI funds are granted in the form of a forgivable second mortgage up to 6 percent, or $10,000, of the purchase price (whichever is smaller).
California

Number of Programs

8

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.calhfa.ca.gov/homebuyer/programs/index.htm
CaliforniaProgram description
CalHFA Conventional Program and CalHFA FHA Program Both programs are 30-year, fixed-rate loans, offered through CalHFA-approved lenders, that can be paired with either the California Homebuyer Downpayment Assistance Program or the Extra Credit Teacher Program.
CalPLUS Conventional Program and CalPlus FHA Program Both programs are 30-year, fixed-rate loans (insured through either private mortgage insurance or the federal government) and are combined with the CalHFA Zero Interest Program (ZIP), a deferred-payment junior loan of 3 percent of the first mortgage loan amount which is used for down payment assistance. The conventional program is combined with the ZIP Extra program which offers an additional $6,500 of assistance with zero interest for first-time buyers.
California Homebuyer Down Payment Assistance Program The CHDAP is a deferred-payment junior loan – up to 3 percent of the purchase price or appraised value, whichever is less. Financing can be used to cover down payment and/or closing costs. Only borrowers who are first-time homebuyers can qualify. Qualifying income limits and purchase price limits are set by county.
Mortgage Credit Certificate “The MCC Tax Credit is a federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment.” Although California does not explicitly say what percentage of a monthly mortgages borrowers can claim, typically it’s between 20 and 40 percent, capped at $2,000. This MCC Tax Credit program is limited to first-time homebuyers.
Extra Credit Teacher Program The ECTP is an exclusive opportunity in California which provides deferred-payment junior loans from $7,500 to $15,000 to assist with down payment fees. The program is only available when used in conjunction with a CalHFA first mortgage loan, and is reserved for eligible teachers, administrators, classified employees and staff members working in California schools.
The Cal-EEM + Grant Program In an effort to promote energy conservation, California has developed a program to help homebuyers and homeowners finance home improvements that make a household more energy efficient. The Cal-EEM + Grant program is a 30-year fixed rate FHA-backed first mortgage loan that pairs with a grant which is specifically used for energy efficient home improvements. This program can be coupled with the California Homebuyer Down Payment Assistance Program or the Extra Credit Teacher Program.
Colorado

Number of Programs

9

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.chfainfo.com/homeownership/homeownership
ColoradoProgram description
CHFA Advantage Program If you have a minimum credit score of 680, you can qualify for a 30-year purchase loan with only 3 percent down (which can be a gift) and no mortgage insurance. Borrowers will need to meet the income and purchase-price requirements.
CHFA Preferred Program The Preferred home loan program requires a credit score of just 620. Yet, rather than no monthly mortgage insurance, borrowers can qualify for reduced-cost mortgage insurance. This program has income and purchase-price limits, and can be combined with the down-payment and closing-cost programs. However, the “Preferred” program with requires 3 percent down (must be your own funds) and borrowers must contribute a minimum of $1,000 towards the loan.
CHFA SmartStep Program SmartStep is a purchase program that features the lowest mortgage rates out of all Colorado’s programs. Borrowers must meet credit score, purchase and income limits. Borrowers can pair the SmartStep program with one of Colorado’s down payment/closing cost assistance programs or an MCC. Borrowers must contribute at least $1,000 towards the transaction.
CHFA HomeOpener Program The HomeOpener program does not have any purchase price limits, and the income limits are set higher than the other programs. A 620 credit score is required and qualifying borrowers must contribute at $1,000 to the transaction. This program can be paired with down payment and closing cost assistance.
CHFA HomeAccess Second Mortgage For disabled homebuyers who also need down payment assistance, the CHFA offers the HomeAccess Second Mortgage Program. This is a second loan of up to $25,000.
CHFA HomeAccess Program The HomeAccess Program is for first-time buyers in Colorado with either a permanent disability, or are the parent(s) of a child with a permanent disability. Borrowers must contribute at least $750 which can come from a gift, and have a credit score of at least 620.
Mortgage Credit Certificate The MCC program allows Colorado borrowers to claim up to 20 percent of mortgage interest as a tax credit. Credit score, purchase price and income limits apply.
Down Payment Assistance Grant This program grants up to 3 percent of the loan amount and doesn’t need to be paid back. The money can be used towards down payment, closing costs, building out your savings account, or to make improvements to your new home.
Borrower Premium Program This program gives your lender a credit in the amount of either 1 or 2 percent of your first mortgage loan amount that you can then use toward closing costs. Be aware: Higher interest rates will apply.
Connecticut

Number of Programs

8

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.chfa.org/Homeownership/for%20Homebuyers/default.aspx
ConnecticutProgram description
Homebuyer Mortgage Program Dedicated to first-time homebuyers, Connecticut offers below-market interest rates on 30-year fixed-rate mortgage loans, through state-select lenders.
Downpayment Assistance Program First-mortgage borrowers can also apply for down payment assistance in the form of a second mortgage loan of at least $3,000, but may not exceed 25 percent of the purchase price. Applicants must put at least $10,000 towards a down payment unless otherwise noted. There is a $200 application fee for this assistance.
HFA Preferred Loan Program The HFA Preferred Loan Program is a first-time homebuyer program offering “below market” 30-year, fixed-rate loans with low mortgage insurance costs. Borrowers must have mortgage insurance, must meet the income and purchase-price guidelines, and the program cannot be paired with any other mortgage program offered by the state.
Military Homeownership Program The Military Homeownership Program is a first-time homebuyer program offering below-market rates to veterans, active duty, National Guard, unmarried surviving spouses or civil union partners of eligible veterans who died as a result of military service. Other exceptions may be included, contact a state housing representative for more details. This program can be combined with the Downpayment Assistance Program.
Police Homeownership Program The Police Homeownership Program encourages police officers to live in the communities where they work by offering below-market interest rates. The program is primarily designed to benefit police officers who are first-time homebuyers; however, areas with an increased need for police personnel may make exceptions. “Qualified borrowers of the Police Homeownership Program automatically qualify for a DAP loan without regard to their assets or household savings.”
Teachers Mortgage Assistance Program Like the police program, this 30-year fixed-rate loan at below-market rates (with the additional option of down-payment assistance) encourages teachers to live where they work. Certified public school teachers or certified regional vocational-technical teachers in Connecticut that are at least part-time employees can apply. Due to teacher shortages, there are more elaborate exceptions to eligibility rules which are being honored until June 2015.
Veterans Homeownership Pilot Program Funds for the Veterans Homeownership Pilot Program are limited and available at a first come first serve basis. The program offers a below-market rate for the first mortgage and a 0 percent second loan for the down payment assistance.
Home of Your Own Program The HOYO program is designed to create housing opportunities for first-time homebuyers with disabilities by offering below-market rates. In order to qualify for a loan, a borrower will need to present documentation from a government agency confirming their disability to a lender, and they must fall within income and purchase-price limits. Borrowers can also apply for the Downpayment Assistance Program is they qualify.
Delaware

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.destatehousing.com/HomeOwnership/HomeOwnership.php
DelawareProgram description
Welcome Home Program This homeownership program is designed for first-time homebuyers in Delaware. Welcome Home offers a 30-year first mortgage loan at a “below-market” fixed rate loan through participating lenders. Income and purchase price limits will be set by region.
Home Again Program Home again loans are virtually identical to the Welcome Home program. The key differential is that Home Again loans are available for repeat buyers.
Delaware First-Time Homebuyer Tax Credit Commonly known in other states as mortgage credit certificates, Delaware’s first-time homebuyer tax credit is a federal income tax credit that allows borrowers to claim up to 35 percent of the annual interest paid on their mortgage. As per federal standards, the annual amount of the credit cannot exceed $2,000 per year. This tax credit can be used in conjunction with down payment and closing-cost assistance programs.
Second Mortgage Assistance Loan This second mortgage opportunity is a 3 percent, 30-year deferred loan capped at $8,000 which can be used to cover down payment and closing cost expenses. Down-payment assistance can be paired with any of Delaware’s homeownership loans.
Advantage 4 Program Advantage 4 is an alternate down payment assistance program which is funded by a grant. This loan – which covers up to 4 percent of the first loan amount -- can be paired with any of Delaware’s homeownership loans.
Florida

Number of Programs

3

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://apps.floridahousing.org/StandAlone/FHFC_ECM/ContentPage.aspx?PAGE=0045
FloridaProgram description
First-Time Homebuyer Program Florida’s First-Time Homebuyer Program offers 30-year fixed rate loans through participating lenders and lending institutions. As with most first-time homebuyer programs, income and purchase price limits do apply. A borrower must have a minimum FICO credit score of 640 to qualify.
Local SHIP Program Low-to-moderate income borrowers across the state can inquire with their local county as to what down payment and closing cost assistance is available in their given area.
Florida Housing Mortgage Credit Certificate Program The Florida Housing Mortgage Credit Certificate (MCC) Program allows first-time homeowners to claim up to $2,000 each year as a tax credit on the mortgage interest paid. The MCC program cannot be combined with the first-time homebuyer program. Similarly to the first-time homebuyer program, income and purchase price limits will apply.
Georgia

Number of Programs

4

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.dca.state.ga.us/
GeorgiaProgram description
The Dream Program The Dream Program is available for first-time homebuyers only. The opportunity is a 30-year fixed-rate first mortgage for buyers with a household income of $69,000 for less than two persons or over $79,500 for three or more residents. The sales price of a home in a metro area may not exceed $250,000, and if a borrower is buying outside of a metro area, the income and sales price limits will be decreased.
Standard Down Payment Assistance Program Georgia offers eligible homeowners up to $5,000 that can be used towards down-payment assistance. Borrowers can only qualify for the Standard Down Payment Assistance Program if they are eligible for Georgia’s Dream Program.
The Protectors, Educators and Nurses (PEN) Program Eligible borrowers must be military, police, fire (including EMS workers and volunteers), education, or a health care worker in a state licensed facility. The PEN program offers $7,500 in down payment assistance. Borrowers must also meet the requirements of the Georgia Dream Program.
Consumer Home Ownership and Independence Choice for Everyone (CHOICE) Program The Choice program was created to help first-time homebuyers with disabilities, or a Georgian taking care of a disabled family member. In order to qualify, a borrower needs to provide documentation from an acceptable medical source verifying their disability. Similarly to the PEN program, CHOICE offers up to $7,500 for down payment assistance.
Hawaii

Number of Programs

1

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://dbedt.hawaii.gov/hhfdc/mortgage-credit-certificate/
HawaiiProgram description
Mortgage Credit Certificate MCCs assist homebuyers by reducing the amount of federal income tax owed on mortgage interest, freeing up cash for monthly payments or a down payment. A federal tax credit is applied to 20 percent of your yearly mortgage interest, up to $2,000. The remaining portion of your mortgage interest is still eligible to be deducted at tax time.
Idaho

Number of Programs

7

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.idahohousing.com/home-loans.aspx
IdahoProgram description
First Loan Products These loans are only for first-time FHA and VA borrowers who fall within state specified income and purchase-price limits. These loan products, which offer gifts and second mortgage loans to cover the down payment, cannot be paired with the Homebuyer Tax Credit Program.
Preferred Loan Products The first-time buyer restriction is lifted from this set of programs: the HFA Preferred Lo MI Program and the HFA Preferred Risk Share - No MI Program. These two programs can be paired with the Homebuyer Tax Credit Program. Within these programs, borrowers can either receive rebates (in exchange for a higher interest rate) which they can put towards the down payment, or buy down their rate to facilitate a lower monthly payment.
Advantage Loan Products The Advantage program contains a series of loans for different audiences (FHA/VA/RD, manufactured housing, 30, 20 and 15-year conventional loans, and FHA 203(k)) that allow borrowers -- who can be repeat buyers -- who meet income limits to either receive rebates which they can put towards the down payment or closing costs, or buy down their rate to facilitate a lower monthly payment. For the manufactured loans, the credit score requirement and interest rates are both higher.
Good Credit Rewards Program A 10-year fixed-rate second mortgage for down payment and closing costs assistance is available to homebuyers with incomes of no more than $90,000. Borrowers get the second mortgage at 2 percent above Idaho Housing's standard interest rate. Borrowers with credit scores below 700 do not qualify.
HOME Down Payment Closing Cost (DPCC) Assistance Program Borrowers with household incomes of less than 80 percent of the median price in their area can get a 0 percent interest deferred loan for down payment and closing cost assistance. Assistance ranges from $1,000 to 3.5 percent of the purchase price up to $8,000. This program cannot be combined with IHFA gift programs or other IHFA second mortgage programs.
New Homebuyer Tax Credit Program Borrowers can get up to $2,000 – or 25 percent of the total mortgage interest paid – in tax credits. Any unused tax credit can be carried forward up to three years.
Illinois

Number of Programs

3

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.ihda.org/homeowner/index.htm
IllinoisProgram description
@HomeIllinois Program The @HomeIllinois mortgage program for first-time homebuyers. This is a 30-year, fixed-rate mortgage that requires borrowers to pay 1 percent or $1,000 of the purchase price, whichever is greater. Buyers must meet income and purchase-price limits, and must have a credit score of at least 640. They must live in the home as a primary residence and must complete a housing counseling program that is offered in both online and in-person options. The program also offers other types of help to buyers, including: $5,000 in down payment or closing cost assistance (payment terms are 0 percent for 10 years, and borrowers who meet certain income limits do not have to pay back the loan), a federal tax credit certificate, lender-paid mortgage insurance, a choice of loan type that includes FHA, VA, USDA or conventional.
Trust Fund Homebuyer Rehabilitation Assistance Program People with low and very-low incomes are eligible for financing that allows them to acquire and rehabilitate vacant properties. Qualifying households who earn at or below 50 percent of their area's median income are eligible for up to $5,000 in grant money. Households earning between 51 percent and 80 percent of the area's median income are eligible for up to $3,000 in grant money to purchase a vacant home. Grants are forgivable and come with a five-year recapture period. Borrowers also may be eligible for up to $20,000 in rehabilitation assistance for repairs and improvements. To qualify, all properties must be vacant single-family units. Borrowers must live in the property as their primary residence, and the homebuyer must contribute the greater of $1,000 or 1 percent of the purchase price.
HOME Homebuyer Assistance Program Homebuyers can use this program to get either acquisition assistance (up to $10,000 for down payment, and $2,000 in closing costs on the purchase of a first home), or combined purchase and rehabilitation assistance (a maximum of $40,000 in total costs). The acquisition assistance program offers help via a deferred, forgivable loan at 0 percent interest. The combined purchase and rehabilitation assistance program offers funding through a forgivable loan. To be eligible, homebuyers must have incomes at or below 80 percent of the area's median income, and they must occupy the home as their principal residence. Homebuyers must contribute $1,000 to the purchase and must attend first-time homebuyer counseling.
Indiana

Number of Programs

4

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.in.gov/ihcda/2341.htm
IndianaProgram description
Affordable Home Program This is FHA loan program allows qualified first-time buyers to receive a below-market interest rate. A minimum credit score of 650 is required. There is no down-payment assistance associated with this program.
My Home Conventional Program My Home Conventional provides fixed-rate conventional loans to qualified homebuyers (there is no first-time buyer requirement). Eligible candidates must meet income limits and purchase a single-family home. First-time homebuyers must make a down payment of 3 percent of the purchase price or appraised value (whichever is less). The program can be combined with the MCC program, but no down-payment assistance is available.
Next Home Program Homebuyers can receive down-payment assistance of 3 percent (conventional) or 4 percent (FHA) for loans originated through IHCDA participating lenders. The program does not have purchase price limits. Homebuyers must have a minimum credit score of 650. The down payment assistance has zero interest and no monthly payments, and the assistance is forgiven after two years. Borrowers can combine this program with a MCC.
Mortgage Credit Certificate Qualified first-time homebuyers receive a tax credit of between 20 percent and 35 percent of the interest paid on their mortgage annually. Borrowers who keep their properties as primary residences can claim the credit for the life of the mortgage, with a $2,000 maximum per year. Borrowers who are not first-time homebuyers may be eligible for the program in targeted counties.
Iowa

Number of Programs

7

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.iowafinanceauthority.gov/Programs/AffordableHomeownership
IowaProgram description
FirstHome and FirstHome Plus Programs The FirstHome program offers first-time buyers a 25- or 30-year loan. The “Plus” program offers up to $2,500 in grant funding to be used for down payment and/or closing costs. To qualify for both: there is no minimum down-payment requirement, homes cannot cost more than $250,000, and borrowers must occupy the house as their primary residence. Borrowers must have a minimum credit score of 640, a maximum debt-to-income ratio of 45 percent, and they must show an ability to repay the loan.
Homes for Iowans and Homes for Iowans Plus Programs Homes for Iowans offers 25- or 30-year loans with no first-time restriction. Homes for Iowans Plus provides up to $2,500 for closing costs and down payment. Participants must meet income eligibility, homes cannot cost more than $305,000 and be a primary residence, borrowers must have a minimum credit score of 640, and a maximum debt-to-income ratio of 45 percent.
HFA Preferred Risk Sharing This program, used in conjunction with one of the programs listed above, gives homebuyers the opportunity to put just 3 percent down and still avoid mortgage insurance. However, borrowers will be subject to above-market interest rates to compensate for the lack of MI. According to the Iowa Finance Authority, “HFA Preferred Risk Sharing option still provides for the lowest monthly payment when compared to an FHA mortgage or a conventional mortgage with mortgage insurance.”
Military Homeownership Assistance Program Eligible service members and veterans can receive a $5,000 grant to assist with a down payment or closing costs. The grant can be used with a qualifying mortgage or cash purchase. To be eligible, borrowers must have had an honorable discharge or be the surviving spouse of such an individual. Service members can purchase a single-family residence which includes "stick built" homes, modular or manufactured homes attached to a permanent foundation, condominiums, townhomes and properties containing up to four units where one unit will be used as the service member's primary residence.
Take Credit Program Eligible first-time borrowers can get a mortgage credit certificate (MCC) that reduces federal tax liability for every year of the mortgage. Participants who have a 30-year, fixed-rate, fully amortizing loan can claim 30 percent of their mortgage interest (up to $2,000) as a tax credit each year for up to 30 years. Any unused credit can be carried forward up to three years.
Kansas

Number of Programs

1

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.kshousingcorp.org/1new-page.aspx
KansasProgram description
Weatherization Assistance Program At no charge, low-income homeowners can qualify to receive a home assessment to determine which simple energy-saving improvements the home needs. The state will repair or replace heating systems and appliances and add caulking and insulation as needed. NOTE: Kansas has a first-time buyer program but it is not offered statewide.
Kentucky

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.kyhousing.org/Home-Buyers/Pages/default.aspx
KentuckyProgram description
MRB Loan Program First-time homebuyers who meet annual income guidelines for their county and family size and purchase a principal residences for less than $265,000 are eligible for a 30-year, fixed-rate mortgage. Under the MRB umbrella, Kentucky offers several loan options: the Conventional No Mortgage Insurance Program (minimum credit score of 680, 3 percent down and no MI, no borrower contribution necessary, and can be paired with down-payment assistance), Conventional with MI (only difference is MI is required), and FHA, VA and RHS loans (minimum credit score of 640 and can be paired with down-payment assistance).
Secondary Market KHC Loan Program First-time or repeat buyers purchasing a principal residence for less than $294,000 are eligible for a 30-year, fixed-rate mortgage loan. All the loan programs and corresponding attributes to the MRB programs listed above apply to the Secondary Market Program as well.
Regular DAP Program Loans of up to $6,000 are available as assistance, and are repayable over a decade at 5.5 percent. Eligible homes include those with a purchase price of up to $294,000 (secondary market) or $265,000 (MRB). All KHC first-mortgage loan recipients are eligible.
Affordable DAP Program Loans of up to $4,500 are available as assistance, and are repayable over 10 years at 1 percent. Homes with a purchase price of up to $294,000 (secondary market) or $265,000 (MRB) are eligible. Participants must meet household income limits.
KHC’s Home Buyer Tax Credit Program This program lowers your federal taxes of up to 25 percent or up to $2,000 (whichever is greater) annually through a credit which is available throughout the life of the loan. Homeowners who sell their residence within the first nine years of ownership may have to pay a federal recapture tax. To be eligible, you must be a first-time homebuyer and meet income, purchase price and credit requirements, and pay a $500 MCC fee.
Louisiana

Number of Programs

2

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.lhfa.state.la.us/page/buyers
LouisianaProgram description
Market Rate GNMA Program This 30-year loan -- that offers 3 percent down payment assistance to both first-time and repeat homebuyers -- must be part of the FHA, VA or RD federal programs. While a bit restrictive in that sense, qualifying borrowers can eliminate the following if they choose this program: Origination or discount fee, potential repayment of soft second mortgage, IRS recapture provision, compliance package, additional bond documents requiring borrower's signature. This program is available on one-unit properties.
LHC Preferred Conventional Program This 30-year conventional loan is for buyers, both first-time and repeat, who make less than $99,000 per year. With a minimum credit score of 640, borrowers can qualify to receive 3 percent of the loan amount to be used for a down payment and/or closing costs. This program comes with reduced mortgage insurance costs and no origination or discount fees.
Maine

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.mainehousing.org/programs-services/homebuyer
MaineProgram description
First Home Program This low-rate, fixed-term mortgage program is available to first-time homebuyers with little or no down payment. Borrowers must meet purchase price and income eligibility limits, but the state says most Maine households are income eligible.
Advantage Program Maine provides up to $3,500 in closing cost, down payment or escrow assistance to eligible borrowers. Borrowers must contribute 1 percent of the loan amount, but the cost of the required homebuyer education class counts toward the 1 percent. No cash back is allowed at closing.
Operation New Home Program Veterans and active duty military are eligible for low-rate, fixed rate mortgages with little or no down payment. Veterans and military members do not need to be first-time homebuyers to qualify. Borrowers must meet purchase price and income eligibility limits. This program can be combined with the Advantage Program to offer down-payment assistance.
Maine HOPE Program The “HomeOwnership Protection for unEmployment” Program provides protection for both FirstHome and Operation New Home borrowers if they become unemployed. Borrowers may be eligible to have four mortgage payments paid on their behalf. The payment includes taxes and homeowners insurance. Payment help comes in the form of an interest-free junior mortgage lien that you repay when you pay off the mortgage or cease using the home as your primary residence.
Purchase Plus Improvement Program (PPIP) Eligible borrowers may be able to include between $500 and $35,000 of home improvements in their first mortgage loan amount. Home improvement costs cannot exceed the loan program's purchase price limits.
Maryland

Number of Programs

6

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://mmp.maryland.gov/Pages/default.aspx
MarylandProgram description
Maryland Mortgage Program Borrowers can get a 30-year, fixed-rate mortgage. First-time homebuyers and those who have not owned a home in the previous three years are eligible. Repeat buyers are eligible if they buy a home in a targeted area. These first mortgages can be combined with down-payment assistance.
MMP -- No Down Payment Assistance ("No DPA") Program Borrowers taking advantage of the Maryland Mortgage Program can forgo the down-payment assistance associated with the loan and instead get a lower interest rate through the No DPA Program. No DPA borrowers can still utilize a MCC.
Maryland Homefront Program This program offers active duty and military veterans an interest-rate discount of 0.25 percent on a 30-year fixed-rate mortgage. This program can also be combined with Maryland’s down-payment assistance.
Down Payment Assistance Program In addition to a state-approved fixed-rate loan at “competitive” rates, qualifying buyers can also receive down-payment and closing-cost assistance of up to $8,500 in the form of a 0 percent deferred loan. Borrowers must pay the loan upon selling or transferring the property, or after refinancing or paying the first mortgage in full.
Partner Match Program Maryland has joined forces with employers, developers and community organizations to offer partner match programs that can help homebuyers cover down payment and closing costs. Partner match programs generally involve contributions of between $1,000 and $5,000 in the form of grants or loans from a partner organization. The Maryland Mortgage Program then matches these amounts up to $3,500 in the form of a zero-interest deferred loan. Multiple partner matches may be combined, and these matches also may be combined with other down-payment-assistance loans.
Maryland HomeCredit Program This Mortgage Credit Certificate, when combined with the Maryland Mortgage Program and down-payment assistance “can save a homebuyer tens of thousands of dollars over the life of a home loan.” The value of Maryland’s MCC is 25 percent of the mortgage interest paid, up to $2,000.
Massachusetts

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: https://www.masshousing.com/portal/server.pt/community/home_ownership/223/home_ownership_home
MassachusettsProgram description
MassHousing Mortgage Homebuyers are eligible for an affordable 30-year, fixed-rate mortgage with a low down payment. In addition, mortgage payment protection program helps borrowers pay their mortgage in the event of a job loss. Principal and interest are covered for up to six months (up to $2,000 per month).
MassHousing Mortgage with No MI Borrowers get an affordable fixed-rate, 30-year mortgage loan that does not require mortgage insurance. Borrowers must make down payments of 3 percent for single-family homes and condominiums, and 5 percent on two- to four-family homes. Borrowers must meet income, credit and loan-limit guidelines.
Purchase and Rehabilitation Loan Program Borrowers can get a loan that covers both purchase and home rehabilitation costs. Participants must meet income and purchase-price requirements, and are required to make a 3 percent down payment. The maximum loan amount is 97 percent of the purchase price, plus rehabilitation costs or the home's estimated value after the work is finished, whichever is less. There is a $7,500 minimum rehabilitation amount. Rehabilitation costs include cost of repairs, inspection fees, title update fees and required contingency reserve equal to 10 percent of the total rehabilitation cost.
A Home for the Brave Program Veterans of the U.S. armed services and active-duty military get an affordable mortgage with a low down payment. Spouses of soldiers, sailors or Marines killed in active duty also are eligible. Borrowers do not have to be first-time homebuyers, but they may not own more than one home upon closing. Financing of up to 97 percent is available for single-family homes and condominiums. Financing of 95 percent is available for two-, three- and four-family homes. Closing cost assistance also is available. In addition, grants from the Veterans Administration are available for disabled veterans who need to make accessibility upgrades.
ONE Mortgage Program Offered through the Massachusetts Housing Partnership (http://www.mhp.net), this program targets low- and moderate-income first-time buyers with a 30-year loan with just 3 percent down and no mortgage insurance. Borrowers are required to contribute just 1.5 percent of the loan amount. The remaining portion can come from a gift or through down-payment assistance. According to MHP, "This unique blend of discounted, fixed-rate private financing and state support lowers a homebuyers monthly mortgage payment by about twenty percent."
Michigan

Number of Programs

4

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.michigan.gov/mshda/0,4641,7-141-45866---,00.html
MichiganProgram description
MI First Home Program First-time homebuyers (and repeat buyers purchasing in a "target area") can get 30-year, fixed-rate mortgages that are FHA, VA, RD or conventional. To qualify, homes must be both single family and the borrower's primary residence. Qualified borrowers receive down-payment assistance in the form of a second mortgage up to $7,500 (but only for FHA or RD first mortgages). Loans are zero-interest and non-amortizing, and require no monthly payment. Participants may only need to contribute a minimum of 1 percent of the sales price. Program participants must pay back the loan upon sale or transfer of the property. The loan also is due if the first mortgage is refinanced or paid off. Income and purchase-price limits apply.
MI Next Home Program The Next Home Program is just like the First Home Program but specifically designed for repeat buyers.
Mortgage Credit Certificate (MCC) Program First-time borrowers can qualify to have 20 percent of their paid annual mortgage interest credited against their annual tax liability. The credit is available each year that the home remains the homebuyer's primary residence. The program ends once the original mortgage is paid in full. Repeat buyers may participate in targeted areas. Homebuyers must meet income and purchase-price limits.
Individual Development Accounts (IDA) Low-income families can use these matched savings accounts to help fund the purchase of a first home, pay for post-secondary education, or to start a small business. Participants establish a savings account at a local financial institution. The Michigan IDA Partnership matches $1,000 of a participant's savings at a ratio of 3-to-1 for home purchases. To qualify, individuals must meet various income criteria.
Minnesota

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1358904958035&pagename=External%2FPage%2FEXTStandardLayout
MinnesotaProgram description
Start Up Program First-time homebuyers can get a home loan at an affordable rate through this program. To be eligible, buyers must have a credit score of at least 640 and meet income and purchase price limits. Eligible borrowers can also qualify for down-payment assistance and a mortgage credit certificate.
Step Up Program Repeat homebuyers can qualify for a purchase loan similar to the Start Up Program. Repeat buyers, however, are only eligible for one of the two down payment programs offered by the state.
First-Time Homebuyer Tax Credit Program First-time homebuyers can claim 35 percent of their annual mortgage interest as a tax credit on their federal return for a total savings of up to $2,000 a year. The program can be combined with the Start Up Program.
Monthly Payment Loan Program The Start Up and MCC programs are eligible for this down-payment assistance, which is the greater of either $5,000 or 5 percent of the purchase price or loan amount. Loans have 10-year terms with monthly payments. The interest rate is equal to the rate on the first mortgage. To qualify, borrowers must have a minimum credit score of 640, and must meet purchase price and income limits associated with the Start Up Program.
Deferred Payment Loan Borrowers who use the Start Up Program are eligible for two loan options under the “Deferred” down-payment assistance plan: the Deferred Payment Loan (amounts ranging from $5,000 to $7,500) and the Deferred Payment Loan Plus (amounts up to $10,000 for borrowers who meeting “targeting criteria”). Loan terms are equal to the first mortgage and come with 0 percent interest. Loans are to be repaid when the property is sold or refinanced, or when it no longer serves as the borrower's primary residence. Qualifying homebuyers must have a minimum credit score of 640.
Mississippi

Number of Programs

7

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.mshomecorp.com/homebuyers/homebuyers.htm
MississippiProgram description
Smart Solution Program First-time buyers can borrowers can get a 30-year, fixed-rate mortgage at “competitive” interest rates. Conventional borrowers can put as little as 3 percent down and still get “low mortgage insurance premiums.” However, A minimum credit score of 620 is required for all loans. The home must be the primary residence and borrowers cannot earn over $80,000.
Smart Solution Second Program Low- and moderate-income first-time homebuyers can get down payment help for their first mortgages (FHA, VA or RD borrowers only) via a second mortgage:10-year, fixed-rate at 7 percent with no prepayment penalty. The maximum down payment assistance is 3 percent of the loan amount, and the money can be used for down payment and closing costs but no pre-paid fees. To be eligible, income cannot exceed county limits, and borrowers must meet credit requirements. Borrowers cannot have more than $4,500 in liquid assets.
Smart Solution Premium Program This new down-payment assistance program offers a 4 percent grant that does not need to be repaid. This program has “no deed restriction” and this program is “easier for borrowers to qualify.”
Home Of Your Own Program (HOYO) This program targets low-income, first-time buyers with a disability. The home must be a primary residence and the borrower’s credit has to be in good standing. Eligible borrowers can qualify for $15,000 in down –payment assistance.
Habitat Loan Purchase Program This program provides funding to Mississippi-based Habitat for Humanity affiliates. The maximum loan term is 30 years, and all loans have a zero percent interest rate. The loan can equal 100 percent of the property. Eligible borrowers must earn 80 percent or less of the state median income, and cannot have owned a home in the three years previous to the mortgage loan closing. Properties must be single-family homes or townhomes.
Mortgage Revenue Bond The Mississippi Home Corporation uses the sale of mortgage revenue bonds to help reduce costs for first-time homebuyers. Through this program, borrowers receive a competitive mortgage rate and a second mortgage that helps pay closing costs and down payments. All loans are 30-years at a fixed rate. There is cash advance for origination fee, closing costs and down payments. The home's purchase price must fall within cost limits for the county in which the property is located, and the borrower must have a $200 nonrefundable reservation fee.
Mortgage Credit Certificate This program reduces the federal income tax liability by allowing borrowers to take a credit equal to 40 percent of the annual interest paid on a mortgage. The tax credit cannot exceed $2,000 per year. Mississippi Housing Corporation bond financing is not eligible to be paired with the MCC program. Properties must be single-family residences. Borrowers must use the property as their primary residence, and must pay a $300 nonrefundable reservation fee.
Missouri

Number of Programs

4

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.mhdc.com/homes/index.htm
MissouriProgram description
First Place Loan Program This program offers 30-year, fixed-rate mortgages to first-time homebuyers and veterans. Homebuyers must meet minimum credit score standards, and must fall within income and purchase limits for their area of residence. Borrowers must occupy homes within 60 days of closing. Loans may be subject to federal recapture tax provisions. Down-payment assistance can be used in conjunction with the First Place Program.
Cash Assistance Payment Program First-time homebuyers get a grant of 4.5 percent of the loan amount to use for down payment and closing costs. While no junk fees are allowed to be charged, lenders can apply “standard” closing costs.
Non Cash Assistance Payment Program This program offers lower interest rates for borrowers in the First Place Program who do not require down-payment assistance.
Mortgage Credit Certificate Program A MCC allows borrowers to use a portion of their annual mortgage interest as a nonrefundable federal tax credit. Credits are available to low- and moderate-income first-time homebuyers, and are worth 25 percent, up to a maximum of $2,000 annually. The credit is good for the life of the loan, and the homebuyer can carry forward and unused portion of the credit for up to three years or until it is used up, which arrives first.
Montana

Number of Programs

7

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://housing.mt.gov/Homebuyers/LoanPrograms/List
MontanaProgram description
80% Combined Program This program is designed to offer an alternative purchase loan option to borrowers in areas that do not qualify for Rural Development (RD) loans. Eligible borrowers put less than 20 percent down and do not have to pay mortgage insurance because of an amortizing second loan. Buyers must contribute at least $1,000 and have a credit score of at least 640.
Montana Board of Investments Residential Loan Program This program is unlike many of the other state programs we have seen in the sense that the BOI program is open to all buyers, has no income limits or investment restrictions, can be conventional, FHA or RD and offers terms of 15, 20 or 30 years.
Disabled Accessible Affordable Homeownership Program (DAAHP) This program was designed to construct, acquire or rehabilitate homes for first-time buyers with a permanent disability. The interest rate on the loan varies between 2.75 percent and 5 percent depending upon income. Borrowers must contribute at least $1,000. Down-payment assistance may be used in conjunction with this program.
Habitat for Humanity Loan Program Credit-worthy first-time homebuyers purchasing a primary residence can qualify for a fixed first mortgage at 2 percent and a “Wrap around Habitat Second loan” at 0 percent. Loans will be underwritten to either FHA or RD standards. Income limits apply, but there are no asset restrictions.
Montana Veterans' Home Loan Program As a way to honor all service men and women in the state of Montana, the Veteran’s Home Loan program was created. The program offers qualified veterans a first mortgage rate that is a full 1 percent below the current market rate. Qualified borrowers must contribute at least $2,500 of their own funds.
Mortgage Credit Certificate Program The MCC allows eligible first-time homebuyers to receive a tax credit of up to 20 percent of the annual interest paid on their mortgage up to $2,000. According to the official website, “Borrowers can file an amended withholding statement with their employer, and increase their monthly take-home pay by the amount of the credit. This additional income can be used to help qualify a borrower for a loan.”
Score Advantage Down Payment Assistance Program For those who qualify for a Montana purchase loan can also qualify for down payment assistance. The Score Advantage program offers assistance as an amortizing second loan up to $6,500. Interest rates vary based on a borrower’s credit score.
Nebraska

Number of Programs

3

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://nifa.org/programs/index.html?topic=desc&ovr_ov=-over&prog_name_sent=Single+Family
NebraskaProgram description
First Home Plus Program First Home Plus provides flexible, “low” interest rates to make purchasing a home more attainable. The minimum qualifying credit score is 640. If a borrower does not have established credit, they may still qualify. There is a maximum debt to income ratio requirement of 45 percent for all loans Nebraska provides.
Homebuyer Assistance Program This second mortgage loan allows first-time buyers to cover down payment and closing costs. The 10-year second mortgage loan will cap at 5 percent of the purchase price. Borrowers must contribute at least $1,000 towards the home. Homebuyers must have a credit score of at least 640, and are responsible for the principal and interest payments on the second loan.
Military Home Program Active military members who are first-time homebuyers can apply for first-mortgage loans with a low interest rate. As with the other two programs offered in Nebraska, homebuyers must have a minimum credit score of 640 to qualify. There is a maximum debt to income ratio requirement of 45 percent as well as income and purchase price limits.
Nevada

Number of Programs

2

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://housing.nv.gov/programs/Programs/
nevadaProgram description
Home Is Possible For Heros Program For veterans, active duty and National Guard, this low interest rate purchase program “increases a buyer’s purchasing power.” Credit score, income and purchase price limits apply. Borrowers do not need to be first-time buyers. This Heros Program can be combined with a mortgage credit certificate for maximum savings.
Mortgage Tax Credit Certificate Program The MTC program allows first-time homebuyers to claim a federal income tax credit equal to 40 percent of the interest paid on a mortgage loan (up to $2,000 a year). The remaining interest can also be claimed as a tax deduction allowing homebuyers to keep more cash in their pockets.
New Hampshire

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: https://gonewhampshirehousing.com/buying-home/our-mortgage-programs?_ga=1.86307992.1218127365.1422903101
New HampshireProgram description
Home Preferred Program This 30-year fixed-rate loan with 0 points offers a mortgage insurance discount to help keep monthly payments low. Buyers can finance condominiums, single-family and one-to-four unit properties. Borrower to prove their creditworthiness, and must meet income limits determined by area.
Home Preferred No MI Program This 30-year fixed-rate loan with 0 points eliminates the need for mortgage insurance. Borrower to prove their creditworthiness, and must meet income limits determined by area. Buyers can finance condominiums, single-family and one-to-four unit properties.
Home Flex Plus Down Payment Program This down payment assistance program for government-insured loans, provides 3 percent of the loan amount and does not need to be repaid. Flexible underwriting guidelines apply.
Home Flex Purchase Rehab This first mortgage loan is geared towards borrowers, first-time or repeat, that anticipating incurring renovation costs. The purchase rehab program allows borrowers to borrow up to $35,000 for renovations. The qualifying terms for the Home Flex Purchase Rehab vary which means speaking to a representative directly will provide the most clarity. This program can be combined with the Home Flex Plus Program.
Home Start Homebuyer Tax Credit Program This mortgage credit certificate allows first-time homebuyers to reduce the tax paid on mortgage insurance by 10 percent to 50 percent (up to $2,000).
New Jersey

Number of Programs

6

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.nj.gov/dca/hmfa/homeownership/buyers/
New JerseyProgram description
First-Time Homebuyer Program New Jersey offers what it describes as “below-market” interest rates with zero points on 30-year loans for single family and multi-family homes. Borrowers are subject to purchase price and income limits. Borrowers can put as little as 3.5 percent down, but the down payment funds must come from the borrower. However, at least a portion of the closing costs can be gifted or provided from someone other than the borrower. The debt-to-income ratio for housing debt can be as high as 33 percent, and up to as high as 38 percent if counting total debts.
Smart Start Program If you are enrolled in the First-Time Homebuyer Program you can utilize the Smart Start program to borrow a second mortgage to cover down payment and closing costs of up to 4 percent of the first mortgage in “Smart Growth Areas” across the state.
Live Where You Work Program Since August 1, 2012, New Jersey’s live where you work program—which allows residents to purchase homes in the town in which they work—has been made available statewide. The program offers fixed-rate mortgages at low interest rates and down-payment and closing-cost assistance that is forgivable. Expanded DTI ratios to make the loans easier to qualify for. The LWYW program can be used on 1-4 unit properties.
Police and Firefighter Retirement System Mortgage Program Members of the Police and Firefighter Retirement System Mortgage Program (PFRS) with at least one year of service can qualify to buy a home with a maximum mortgage amount of $417,000. The loan is fixed, and the interest rates are set semi-annually in February and August.
Purchase/Rehab Mortgage Program Qualified first-time buyers can receive a loan at below-market interest rates to purchase and rehabilitate a home. The rules state, “Seventy-five percent of the home's existing external walls and interior structural framework must remain in place as part of the rehabilitation.” Borrowers must meet FHA 203(K) qualifications, and the purchase and income limitations associated with this program.
Home Plus Program Another home improvement program for qualified first-time buyers, Home Plus offers a fixed-rate mortgage that allows borrowers to finance up to $15,000 worth of repairs. Approved improvements include: roof replacement, painting, improved heating or air conditioning systems, kitchen and/or bath renovations, additions, upgrading/renovating plumbing or electrical systems, energy and solar improvements, and handicap accessibility.
New Mexico

Number of Programs

6

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.housingnm.org/homebuyers/home-buyers
New MexicoProgram description
Mortgage$aver The standard version of New Mexico’s first-time homebuyer programs, Mortgage$aver features the lowest rate of all Mortgage$aver programs. Stipulations of the program are: a borrower must pay a 1 percent origination fee and 1 percent discount point.
The Mortgage$aver Zero Although the Mortgage$aver Zero program does feature slightly higher interest rates that Mortgage$aver, there are no origination fees owed.
The Mortgage$aver Plus Perhaps the most desirable of the three options, the Mortgage$aver Plus loan has no origination fees and offers a grant of 3.5 percent of the total loan amount for down payment, closing costs, and other prepaid expenses. Borrowers won’t have to pay this loan back since it is sourced from a grant.
Hero Program The Hero Program is a 30-year, fixed-rate loan paired with a down payment assistance grant. The HERO Program is not exclusive to first-time homebuyers. In order to qualify a borrower needs to have a credit score of at least 620 and be affiliated with the following industries: teacher, safety worker, health care, active member of the armed forces.
Mortgage Booster Program The Mortgage Booster Program is a second mortgage loan up to $8,000 that provides down payment and closing cost assistance to low-to-moderate income first-time borrowers. The Mortgage Booster must be used in conjunction with the Mortgage$aver or Mortgage$aver Zero programs. You must be able to qualify for the Mortgage$aver first mortgage loan to receive a Mortgage Booster loan.
Helping Hand Program Helping Hand is a down payment and closing cost assistance program geared to low-income families with a disabled family member. The program provides a zero percent interest loan of $8,000 with a lenient payment regimen- monthly payments are not required.
New York

Number of Programs

10

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.nyshcr.org/Topics/Home/Buyers/
New YorkProgram description
Conventional Plus Program The Conventional Plus Program is for both first-time homebuyers and repeat buyers alike. This program features a conventional 30-year fixed-rate mortgage combined with down-payment assistance up to 3 percent of the purchase price. Borrowers must have a job, good credit and assets to cover at least a portion of the down payment and/or closing costs. Borrowers must meet income limits.
FHA Plus Program This program offers a 30-year fixed-rate FHA mortgage combined with down-payment assistance. Borrowers must contribute at least 1 percent of the loan amount towards the transaction. Borrowers must have a job, good credit and meet income and purchase price limits.
Homes for Veterans Program The Home for Veterans Program often offers interest rates lower than the state’s “standard rates.”Homes for Veterans is coupled with down-payment assistance that caps at $15,000. Borrowers do need to contribute 1 percent to 3 percent in order to be eligible.
Remodel New York Program First-time homebuyers interested in buying homes that need restoration should look into Remodel New York. Financing for the purchase price of the home and the cost of estimated renovations can be covered up to 97 percent; the remaining 3 percent of financing needs to come directly from the borrower. Financing comes in the form of a 30-year fixed-rate loan. If a borrower cannot put down at least 20 percent down, borrowers must purchase private mortgage insurance. Only certain repairs are included under this program: plumbing, electrical, heating, siding, or other “must-fix” items. Remodel New York can be paired with the down-payment assistance program.
Achieving the Dream Program The Achieving the Dream Program is geared towards low-income first-time homebuyers. The 30-year loan offers “very low” interest rates which can be used to finance one and two-family properties (which include condos, co-ops, and manufactured homes “attached to real property”). There are no prepayment penalties through this program. Additionally, down-payment assistance can be provided up to $15,000. A borrower must contribute 1 percent to the down payment costs.
Construction Incentive Program The Construction Incentive Program is for qualified first-time homebuyers who purchase newly constructed or rehabilitated homes. The Incentive program is a 30-year fixed-rate mortgage with a longer term rate-lock period to help alleviate interest-rate uncertainty during the closing process. Down-payment assistance can be paired with this program.
Low Interest Rate Program First-time homebuyers can take advantage of the Low Interest Rate Program which offers “competitive fixed rates” on low-down-payment mortgage financing. Income and purchase price rates will be assessed depending on where in New York a homebuyer is purchasing. Buyers can finance up to 97 percent of the home’s value.
Down Payment Assistance Loan Program This down-payment-assistance program can be paired with many of the programs listed above. This second loan ranges from $1,000 to $15,000 depending on circumstance. The payments are deferred, and after 10 years of homeownership the loan will be completely forgiven. The interest rate for first mortgages that have DPAL assistance will be 0.375 percent higher than the interest rate for loans without down-payment assistance, except on the Homes for Veterans and EnergyStar Programs. A new wrinkle to this program: “The SONYMA DPAL can now be used to pay all or a portion of a one-time mortgage insurance premium, if applicable, thus significantly reducing your monthly mortgage payment.”
Federal Recapture Tax Reimbursement Program Borrowers who utilize mortgage financing from one of New York’s various programs or through an MCC will be reimbursed for what they pay in federal recapture tax when they sell their home.
Energy Star Label Homes Program New York offers interest rates that are 0.375 percent lower than their standard interest rates for first mortgage loans, coupled with down-payment assistance, as part of the Energy Star Label Homes Program. Homes must be newly constructed with the Energy Star Label or existing properties in need of energy-efficient improvements. The down-payment assistance caps at $15,000, and the loan does not entail points or origination fees.
North Carolina

Number of Programs

2

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.nchfa.com/Homebuyers/HBwhatweoffer.aspx
North CarolinaProgram description
N.C. Home Advantage Mortgage Program If a first-time homebuyer (or a move-up buyer) in North Carolina has annual income under $85,000 and a credit score above 640 they will be eligible for the Home Advantage Mortgage. This first mortgage loan can be paired with down-payment assistance. This is a 30-year fixed-rate mortgage. The down-payment and closing-costs assistance is an interest-free deferred and forgivable second mortgage loan which can amount to up to 5 percent of the first mortgage amount. Repayment of the down-payment assistance is required if a borrower vacates, refinances or sells the home within 15 years.
Mortgage Credit Certificate First-time buyers or veterans can claim special tax credits up to $2,000 annually on their federal income taxes thanks to the interest paid on monthly mortgage payments.
North Dakota

Number of Programs

8

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: https://www.ndhfa.org/Homeownership/Programs.html
North DakotaProgram description
FirstHome Program First-time homebuyers can qualify for reduced interest rates if they meet income and property limits and can qualify under normal credit underwriting requirements. The borrower is on the hook for a $500 out-of-pocket cash investment to solidify the loan.
Start Program The Start Program aids borrowers with down payment and closing costs. The assistance comes in the form of a credit equal to 3 percent of the first mortgage. The credit standards, income, and purchase-price limits are all the same for the FirstHome and the Start Programs. Start cannot be used in conjunction with other down-payment-assistance programs.
Down Payment and Closing Cost Assistance Program The DCA Program helps borrowers by providing zero interest, deferred-payment loans to help with the down payment and closing costs. DCA cannot be used with other down payment assistance programs, but can be paired with a purchase program. Income and purchase-price limits apply, and borrowers must put at least $500 towards the transaction.
HomeKey Program HomeKey offers a reduction of about 1 percent for the first year of a valid loan. Over the next two years, the interest rate and monthly payments will increase twice, and then remain fixed for the remainder of the loan’s life.
HomeSmart Program If you utilize the FirstHome Program, North Dakota’s HomeSmart Program will provide a $100 grant that may be used for closing costs or other expenses.
HomeAccess Program The HomeAccess Program provides low-rate mortgage loans to single parents, veterans, the disabled and/or the elderly. The program is not exclusive to first-time homebuyers, rather is focused on families that may be overcoming hardships.
North Dakota Roots Program Specific to moderate-income North Dakotans, the Roots program offers borrower’s two options: Either an exceptionally low interest rate loan, or a market-rate loan that is coupled with down-payment and closing-cost assistance. This is not a first-time homebuyer program. Borrowers are required to put in at least $500 of their own cash.
Major Home Improvement Program This program provides reduced-rate loans for purchase and rehab and refinance and rehabilitate homes. All of the other typical qualifiers apply.
Ohio

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://myohiohome.org/
OhioProgram description
Ohio Heroes Program The Heroes Program rewards qualifying professionals with 30-year fixed-rate loans with interest rates 0.25 percent lower than the market standard. Qualifying professions include: active military and veterans, fire fighter/EMT/paramedic, health care workers, police officers, teachers.
Grants for Grads Program Borrowers must be first-time homebuyers that have completed an associate’s, bachelor’s, master’s or doctorate degree within the last 24 months. The grant, which does not need to be paid back, will equal 2.5 percent of the purchase price which can be used for the down payment and closing costs. The loan is forgivable after five years, but borrowers will be responsible to pay back at least a portion of the loan if they move out of state.
Down Payment Assistance Program Ohio offers first-time homebuyers a second mortgage with at 0 percent with 5 years of deferred payments for the down payment and closing costs. If a borrower sells or refinances their home before five years, the loan must be repaid. The loan can amount to no more than 2.5 percent of the purchase price. Borrowers who take this assistance will incur an interest rate on their first mortgage that is 0.5 percent above market.
Mortgage Tax Credit Program First-time homebuyers can qualify for the Mortgage Tax Credit to reduce the federal income tax they owe. Borrowers can deduct up to 40 percent (depending on property type) of the mortgage interest they pay per year. There credit tops out at $2,000.
Next Home Program The Next Home Program was created for homebuyers that have purchased real estate before. As with the first-time homebuyer programs, participants in the Next Home Program must meet income and purchase price limits. The minimum credit score to qualify is 640. All Next Home mortgages are bundled with down payment assistance.
Oklahoma

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.ok.gov/ohfa/Homebuyers/index.html
OklahomaProgram description
OHFA Dream Program While no stringent first-time buyer requirement, the Dream Program offers a grant worth 3.5 percent of the loan amount for down-payment assistance. The maximum purchase price is $270,975, which is the highest limit of all the OHFA programs.
OHFA Gold Program The Gold program has a first-time buyer requirement. Similarly to the Dream Program, 3.5 percent of the loan value will be awarded as a down payment assistance grant. The maximum qualifying purchase price is $214,925.
OHFA 4 Teachers Program OHFA 4 Teachers is exclusive to educators who are first-time homebuyers. The low-interest-rate program offers a down payment grant of 3.5 percent of the loan amount. The maximum purchase price is $214,925. A borrower must have an Oklahoma teacher’s certificate and be employed at any Oklahoma public school district or accredited private or parochial school. Other employees of the school system whose jobs require certification may also be eligible.
OHFA Shield Program OHFA Shield is virtually identical to the OHFA Gold and the OHFA 4 Teachers program but is designed specifically for law enforcement and fire fighters of an Oklahoma municipality.
OHFA MCC Program A borrower is able to claim special tax credits equal to 40 percent of their mortgage interest on a federal tax return. The cap for the tax credit is $2,000 per year. Down payment grants cannot be paired with mortgage credit certificates in Oklahoma, and as with other programs the maximum purchase price is $214,925.
Oregon

Number of Programs

3

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.oregon.gov/OHCS/pages/index.aspx
OregonProgram description
CashAdvantage Program This first-time buyer program gives you a low fixed interest rate, plus 3 percent of your loan amount as a non-repayable gift toward your down payment or closing costs. The maximum purchase price varies by county. If borrowers utilize an FHA loan as part of this program, the 3 percent the program provides cannot be used to meet the minimum down-payment requirements.
RateAdvantage Home Loan This first-time buyer program gives you the "lowest possible" fixed interest rate, but no down payment or closing costs assistance. The maximum purchase price varies by county.
Down Payment Assistance Another source of statewide down-payment assistance available in Oregon is through Habitat for Humanity. Oregon has several down-payment-assistance partners which offer assistance, but only in specific counties.
Pennsylvania

Number of Programs

11

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.phfa.org/consumers/homebuyers/
PennsylvaniaProgram description
HFA Preferred Risk Sharing (No MI) The No MI program offers a conventional mortgage with a 30-year fixed-rate term, structured so you won't have to pay mortgage insurance (MI) even if your down payment is less than 20 percent of your home's purchase price. Instead, your loan might have a slightly higher interest rate. To be eligible, you must have an acceptable credit history and ability to make mortgage payments. You also must be in a low-income household, based on where you live in the state and how many people live with you. You'll have to pay an application fee and closing costs and contribute at least $1,000 of your own money toward your down payment. The remaining funds can be a gift or from a down payment assistance program.
HFA Preferred (Lo MI) The Lo MI program also offers a conventional mortgage with a 30-year fixed-rate term, but you will need to pay for mortgage insurance if your down payment is less than 20 percent. To be eligible, borrowers must meet the same requirements listed for the Preferred Risk Sharing Program.
Keystone Home Loan Program To be eligible, you and any other adults who will live in your home must be first-time home buyers, meaning you cannot have owned a home within the last three years. These requirements can be waived if you buy a home in a targeted area or you're a discharged U.S. military veteran. Purchase price and income limits apply. You must have an acceptable credit history, ability to repay your loan and sufficient funds for an application fee, closing costs and down payment based on the purchase price of your home. Whether you'll have to pay mortgage insurance will depend on the type of loan you choose.
Access Downpayment and Closing Cost Assistance Program This program offers an interest-free deferred-payment second loan to people who have a permanent disability or live with a family member who has a permanent disability. To be eligible, you'll have to be qualified for a first mortgage, meet household income limits, contribute 3 percent to 5 percent of your home's purchase price from your own funds, and have liquid assets of no more than $5,000. The minimum loan amount is $1,000. The maximum is $15,000. This loan will become due and payable if you move out of your home or sell or transfer it to another owner.
HOMEstead Downpayment and Closing Cost Assistance Loan Program This program offers an interest-free second mortgage toward your down payment and/or closing costs. The minimum loan amount is $1,000. The maximum is $10,000. This loan will be forgiven at a pace of 20 percent per year for five years. After that, the loan need not be repaid. A 1 percent fee that the program charges can be financed by the HOMEstead loan.
Keystone Advantage Assistance Loan Program This down-payment-assistance loan, which can be paired with Pennsylvania’s purchase programs, is a $6,000 second mortgage at 0 percent that is amortized over 10 years. Borrowers must have a credit score of at least 660, and cannot have liquid assets of more than $50,000.
ACCESS Home Modification Program This program offers an interest-free deferred-payment loan to people who are purchasing a home, have a permanent disability or live with a family member who has a permanent disability and need funds to make accessibility modifications. The minimum loan amount is $1,000. The maximum is $10,000. This loan will become due and payable if you move out of your home or sell or transfer it to another owner. Home modifications must meet the needs of the person who has a physical disability and will live in the home. Examples include bathroom modifications, kitchen modifications, installation of grab bars and handrails, lifting devices, adding a main-level bathroom or bedroom, adding or repairing a ramp or sidewalk or widening doorways or hallways.
Renovate and Repair Loan Program This is a unique program in the sense that it not only provides a loan to ensure necessary repair are made to a home to make it safer and more energy efficient, but it’s also designed to “Prevent homeowners from becoming victims of unscrupulous lending practices (i.e., high interest rates and costs, more money borrowed than needed, pre-payment penalties, etc.). “ Households can have a combined income no greater than 150 percent of the state’s median income. Borrowers must have credit score of at least 620.
Purchase Improvement Loan Program This program allows buyers to combine a Keystone Home Loan with additional funds for home repairs or improvements. The minimum additional loan amount is $1,000. The maximum is $15,000. The home's purchase price is subject to limits and the appraised value after completion must support the cost of the repairs. The repairs might include plumbing or electric systems, improved heating or air-conditioning systems, addition of living space, kitchen or bathroom renovation, roof replacement or energy conservation or solar energy improvements. Up to of three inspection fees of up to $75 each may be included in the repair costs.
Employer Assisted Housing (EAH) Initiative This program offers homebuyers working for a “Participating EAH Employer” (there are 47) with a 30-year fixed-rate loan and down-payment assistance. The down-payment assistance comes in the form of an interest-free 10-year loan of up to $8,000. This program targets “community employees, medical personnel, school employees, police and fire personnel, county workers, laborers, service industry staff, etc.”
Mortgage Credit Certificate This program allows first-time buyers to claim a federal income tax credit of 50 percent of the mortgage interest paid each year, capped at $2,000 annually.
Rhode Island

Number of Programs

4

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://loans.rhodeislandhousing.org/
Rhode IslandProgram description
FirstHomes 100 Program The FirstHomes 100 Program offers a low fixed-rate 30-year mortgage for first-time buyers. Financing is up to 100 percent of the home's value, so you won't need to make a down payment. Help with closing costs is also an option. No mortgage insurance is required. Closing-cost assistance is available in the form of a 15-year low-interest-rate loan. Borrowers also qualify for a mortgage credit certificate.
FirstHomes 100+ Program The FirstHomes 100+ Program allows you to add home repair costs to your FirstHomes 100 loan. Financing is up to 110 percent after the improvements have been completed. Closing-cost assistance is available in the form of a 15-year low-interest-rate loan. Borrowers also qualify for a mortgage credit certificate.
FirstHomes Tax Credit Program The FirstHomes Tax Credit program gives home buyers an annual dollar-for-dollar federal tax credit of up to $2,000 each year.
Beyond FirstHomes Program The Beyond FirstHomes Program offers a low fixed-rate mortgage for existing homeowners who want to buy a new home. Financing is up to 97 percent, so you'll have to make a down payment of at least 3 percent. Mortgage insurance isn't required.
South Carolina

Number of Programs

3

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.schousing.com/
South CarolinaProgram description
Homeownership program This first-time buyer program centers on down-payment assistance in conjunction with a fixed-rate first mortgage (conventional, FHA, USDA) at a competitive market rate for low-to-moderate income homebuyers. The other advantage, besides the affordable rates, is lower mortgage insurance costs. Borrowers can qualify for up to $5,000 in down-payment or closing-cost assistance. If you are above 80 percent of the median income in your area, the money comes in the form of a repayable second mortgage loan. If you are at or below the 80 percent of the median income in your area, the loan is a forgivable second mortgage.
Extended Lock with Rate Float Down Option for New Construction Program This first-time buyer program provides an extended rate-lock period and allows up to one float down to preserve affordability on a newly-constructed home. The extended lock is subject to the same income requirements and home price limits as the Homeownership Program.
SC Mortgage Tax Credit This program offers home buyers a federal income tax credit up to $2,000 per year. The amount of the credit is equal to 30 percent of the mortgage interest paid each year that you keep your loan. The credit costs $500, which may be paid by the seller. The lender may charge a $200 processing fee.
South Dakota

Number of Programs

4

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.sdhda.org/
South DakotaProgram description
Fixed Rate Plus Program For the Fixed Rate Plus Program, South Dakota offers government and conventional loans at low fixed rates to qualifying first-time buyers through their network of lenders, as well as a 3 percent gift to help offset the costs of the down payment and closing costs. Income and purchase price limits apply.
Mortgage Credit Certificate If you use the tax credit with the First-Time Homebuyer Program, the $750 fee to get the credit will be reduced to $250. The lender may also charge a fee up to $250. If you sell your home within nine years and your household income no longer meets the guidelines, you may be subject to a recapture tax payable to the Internal Revenue Service. If that happens, the state will reimburse you. Can use it up to 40 percent, capped at $2,000.
Governor’s House Program This program sells modest homes to people who meet income restrictions or are elderly or have a disability. To be eligible, your household income must be less than $45,220 for yourself or yourself and one other person, or $51,680 for yourself and two or more people. If you're younger than 62, your net worth must be less than $90,000 and you must have no more than $70,000 in liquid assets. If you're older than 62, your net worth must be less than $175,000 and you must have no more than $100,000 in liquid assets.
Community Home Improvement Program (CHIP) This home improvement program offers low interest rates on loans up to 10 years. Loan sizes range from $500 to $25,000. There are no LTV requirements and “minimal costs associated with obtaining a CHIP loan.” It appears that this program has no first-time buyer requirement or even a buyer versus owner requirement.
Tennessee

Number of Programs

2

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://thda.org/homebuyers/homebuyers
TennesseeProgram description
Great Choice Plus Program The Great Choice Plus Program offers first-time homebuyers a 30-year fixed-rate mortgage (government or conventional) with down-payment and closing-costs assistance in the form of an interest-free, deferred-payment second mortgage up to 4 percent of the purchase price. This second mortgage must be repaid if you sell your home or refinance your loan within 15 years. Partial forgiveness begins in the tenth year of the loan. You also must have a credit score of at least 620 and a household income within limits based on the number of people in your household and the country where you want to purchase a home.
Homeownership for the Brave Program U.S. military service members who get a loan through the Great Choice Program may also be allowed a one-half percent interest rate discount. To be eligible, you must be an active-duty serviceperson or National Guard member, veteran discharged under conditions other than dishonorable, reservist with at least 180 days of active-duty service, spouse of a service member or qualified veteran, or surviving spouse of a service member and qualified veteran.
Texas

Number of Programs

3

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.tdhca.state.tx.us/homeownership/fthb/buyer_intro.htm
TexasProgram description
My First Texas Home Program This program offers a 30-year fixed-rate loan with closing-cost and down-payment assistance equal to 5 percent of loan amount (up to $8,000). This is designed for low income buyers who need additional assistance. First Texas can be combined with the MCC.
Texas Mortgage Credit Certificate (MCC) Program First-time homebuyers with low or moderate incomes are eligible for this program, which helps borrowers lower their tax liability by turning their annual mortgage interest payments into a federal tax credit. The size of the credit is 40 percent of the yearly mortgage interest paid, but cannot exceed $2,000
Homes for Texas Heros and Home Sweet Texas Home Programs This loan program is designed specifically for allied health faculty member, corrections officer, county jailer, emergency medical services personnel, firefighter, juvenile corrections officer, nursing faculty member, peace officer, professional educator, public security officer and veterans. This is a 30-year, fixed-interest mortgage program with down-payment assistance of 3 percent, 4 percent or 5 percent that does not need to be repaid. There is no first-time buyer requirement. (The affordable housing website does not discern what separates the ‘Sweet’ program from the ‘Texas Heros’ program.)
Utah

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.utahhousingcorp.org/HTML/homebuyer.shtml
UtahProgram description
FirstHome Loan Program This program is open to first-time homebuyers who can borrow 6 percent of their first mortgage loan to use for down the payment and closing costs. Down-payment assistance is in the form of a 30-year, fixed-rate loan with an interest rate 2 percent higher than the rate on the first mortgage. This program cannot be combined with the homebuyer tax credit (see below). FHA or VA loans are available. Borrowers must have a minimum credit score of 660. Homes must be owner-occupied. No education class is required.
HomeAgain Loan Program This program is open to first-time homebuyers and repeat buyers, who can borrow 6 percent of the total on their first mortgage loan to use for down payment and closing costs. Down payment assistance is in the form of a 30-year, fixed-rate loan with an interest rate 2 percent higher than the rate on the first mortgage. This program can be combined with the homebuyer tax credit (see below). FHA or VA loans are available. Borrowers must have a minimum credit score of 660. Homes must be owner-occupied. No education class is required.
Score Loan Program This program is open to first-time homebuyers and repeat buyers who can borrow 4 percent of the first mortgage loan to use for the down payment and closing costs. Down-payment assistance is in the form of a 30-year, fixed-rate loan with an interest rate 2 percent higher than the rate on the first mortgage. This program can be combined with the homebuyer tax credit (see below). FHA or VA loans are available. Borrowers must have a minimum credit score of 620. Homes must be owner-occupied.
NoMI Loan Program This program is open to first-time homebuyers and repeat buyers who can borrow 4 percent of the first mortgage loan to use for the down payment and closing costs. Down-payment assistance is in the form of a 30-year, fixed-rate loan with an interest rate 2 percent higher than the rate on the first mortgage. This program can be combined with the homebuyer tax credit (see below). Fannie Mae conventional loans are available. Borrowers must have a minimum credit score of 700. Homes must be owner-occupied.
Utah Homebuyer Tax Credit Program Eligible first-time homebuyers can lower their tax liability by turning their annual mortgage interest payments into a federal tax credit. The size of the credit is 25 percent of the yearly mortgage interest paid, but cannot exceed $2,000 annually. Credits cannot exceed the borrower's yearly federal income tax liability. Homebuyers who sell their property within the first nine years after purchase may be subject to a federal recapture tax. Borrower income and home purchase price limits apply. Homebuyers must occupy their home as a principal residence.
Vermont

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.vhfa.org/homebuyers/buyahome
VermontProgram description
MOVE Program This program offers Vermont's lowest rate to homebuyers, and most counties in the state do not require you to be a first-time homebuyer. Borrowers are able to save up to $625 on the Vermont Property Transfer Tax, and they will have lower monthly mortgage insurance payments. However, participants in this program may not use ASSIST down payment grants or the MCC.
MOVE MCC Program This is the only program that allows homebuyers to combine a mortgage loan with a MCC. The MCC program allows borrowers to take a federal tax credit based on the interest they pay each year on their mortgage loan. Borrowers are able to save up to $625 on the Vermont Property Transfer Tax. They also have lower monthly mortgage insurance payments. ASSIST grants may be combined with the MCC program for up to 2.5 percent of the loan amount or purchase price.
Advantage Program There is no first-time homebuyer requirement in any county for this program. Borrowers can save up to $625 on the Vermont Property Transfer Tax. They also have lower monthly mortgage insurance payments. ASSIST grants can be paired with this program for up to 2.5 percent of the loan amount or purchase price. To be eligible, households with two people or fewer cannot have a total gross income of more than $100,000. Households with three or more people cannot exceed $125,000 in income.
Mortgage Credit Certificates According to vhfa.org, “Mortgage Credit Certificates (MCCs) create an income tax credit equal to 20% of the annual interest paid on a mortgage. VHFA offers Mortgage Credit Certificates combined with a VHFA first mortgage through our MOVE MCC Program.”
ASSIT Down Payment Grant This grant program provides 2.5 percent of the “loan or purchase price amount” to assist with the costs associated with the down payment and/or closing costs. However, this assistance comes with a price: a higher interest rate. This is a grant, and thus does not need to be rapid.
Washington D.C.

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.dchfa.org/DCHFAHome/Homebuyers/tabid/57/Default.aspx
Washington D.C.Program description
Home Purchase Assistance Program First-time homebuyers can get an interest-free loan and closing cost assistance. The loan size is based on factors such as income, household size and the amount of assets an applicant must commit toward buying the property. Borrowers can receive up to $50,000 in gap financing assistance, and up to $4,000 in closing cost help. The program offers zero percent loans that are deferred for the first five years and amortized over 40 years. However, the entire loan amount will be due if the borrower transfers the property, refinances (unless certain conditions are met) or ceases to use the property as a primary residence. Participants must contribute $500 or 50 percent of liquid assets greater than $3,000, whichever is greater. The requirement for contributions greater than $500 may be waived for some residents with very low incomes.
Employer Assisted Housing Program This program offers help to employees of the District of Columbia government who are buying a home in the district for the first time. Qualified borrowers can receive matching down payment funds of up to $1,500 and a deferred loan of up to $10,000. The money can be used to purchase a single-family home, condominium or cooperative unit in the District of Columbia. Additional tax incentives may be available, such as a $2,000 annual tax credit for the first five years of ownership and a real property tax credit that is 80 percent the first year, 60 percent the second year, 40 percent the third year, and 20 percent for both the fourth and fifth years. Borrowers must live in the property as their primary residence, and applicants must remain employed by the District of Columbia government. The maximum home purchase price is $625,000.
FHA Plus Program This FHA loan, offered through D.C.’s network of lenders, offers down payment assistance in the form of a 3.5 percent forgivable subordinate loan at 0 percent. Participants must have an income of no more than $123,395, a minimum credit score of 640, a maximum debt-to-income ratio of 45 percent and a 96.5 percent loan-to-value ratio.
HFA Preferred with DPAL Program A conventional loan offered through D.C.’s network of lenders that offers down payment assistance in the form of a 3 percent forgivable subordinate loan at a 0 percent interest rate. Participants must have an income of no more than $123,395, a minimum credit score of 680, a maximum debt-to-income ratio of 45 percent and a 97 percent loan-to-value ratio.
Down Payment Assistance Loan This down-payment loan offers a forgivable, subordinate loan at 0 percent worth 3 percent of the purchase price for conventional loans and 3.5 percent for FHA loans. Income limits apply.
Virginia

Number of Programs

2

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.vhda.com/Homebuyers/Pages/homebuyers.aspx#.VTgL0CFVikp
VirginiaProgram description
Down Payment Assistance Program Borrowers, who are at or below 80 percent of their area's median income, may get down payment assistance of up to 10 percent of the purchase price, or up to 20 percent in certain areas that are high cost or economically depressed. In addition, some borrowers may receive up to $2,500 in closing costs. The down payment assistance is issued in the form of a conditional grant that the homebuyer is not required to pay back. Homebuyers must sign an agreement to remain in their homes for a certain period of time. Borrowers who agree to stay in a home for five years are eligible for $1,000 to $14,999 in assistance. Those who agree to stay 10 years are eligible for $15,000 to $40,000, and those who agree to stay 15 years are eligible for amounts over $40,000. Borrowers who sell or refinance before these time periods must repay the assistance in full. Homeowners who take out a home equity line of credit also must repay the assistance. Homebuyers must contribute 1 percent of the sales price, or a minimum of $500.
Virginia Individual Development Accounts This program matches the savings of eligible Virginians so they can apply the funds to, among other things, a down payment. Every $1 a participant saves is matched with $2, up to $4,000 in matching funds. Income guidelines apply.
Washington

Number of Programs

6

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.wshfc.org/buyers/index.htm
WashingtonProgram description
Home Advantage Downpayment Assistance Second Mortgage Program For borrowers who take out a first mortgage loan with Washington State can qualify for down-payment and closing-cost assistance as well. The assistance comes in the form of a deferred second mortgage at 0 percent. This second loan amount is equal to up to 4 percent of the first loan amount. Payments are not due until mortgage term expires, or the home is sold or refinanced. There is no first-time-buyer requirement.
Mortgage Credit Certificate First-time homebuyers who are eligible for this program can lower their tax liability by taking advantage of a yearly tax credit that is based on their annual mortgage interest payments. The credit is available throughout the life of the loan. Assistance is available on a first come, first served basis. A nonrefundable $650 MCC fee is due at closing.
HomeChoice Program Borrowers who have a disability or who have a family member with a disability (living with them) can get $15,000 in down-payment assistance in the form of a 1 percent second mortgage. The second mortgage is due after 30 years, when the home is refinanced or when it is sold. Income limits apply.
House Key Schools Program Teachers and employees of community or technical colleges and K-12 public or private schools (accredited or recognized by the state) can get down-payment assistance of up to $10,000 in form of a second mortgage loan. The interest rate is 3 percent and there is a 10-year loan term. Participants must be first-time homebuyers.
House Key Veterans Program Veterans can get down-payment assistance of up to $10,000 in form of a second mortgage loan. The interest rate is 3 percent and there is a 10-year loan term.
Home Advantage Built New Program Buyers of never-occupied new construction can get down-payment assistance of up to $10,000 in form of a second mortgage loan. The interest rate is 3 percent. Participants must be first-time homebuyers.
West Virginia

Number of Programs

3

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.wvhdf.com/home-buyers
West VirginiaProgram description
Homeownership Program For this 30-year fixed-term loan, first-time buyers can finance 100 percent of their home. Borrowers must show proof of a stable income. Income and purchase limits vary by county. This purchase program can be combined with down-payment assistance.
Down Payment Assistance Program This program can be used in conjunction with both the Homeownership Program and the Movin’ Up Program. Loan amounts will range from $5,000 to $15,000 based on which first mortgage loan was taken out, and how much financing was needed. The lower the loan to value ratio, the more down-payment assistance a borrower can receive. All down payment loans are a 15-year fixed-rate loans at a current rate of 2.5 percent.
Movin’ Up Loan Program This particular program does not have a first-time homebuyer requirement, rather, it is geared towards homebuyers that are looking to buy their next home. The Movin’ Up Program offers a purchase mortgage with down-payment assistance. The down-payment assistance is as follows: $5,000 for loans with a LTV ratio greater than 90 percent of the purchase price; $8,000 for loans with a LTV ratio less than 90 percent of the purchase price.
Wisconsin

Number of Programs

5

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.wheda.com/HomeBuyers/WHEDAMortgages/Dynamic.aspx?id=964
WisconsinProgram description
WHEDA Advantage Program The WHEDA Advantage is a 30-year conventional fixed-rate loan, offered through Wisconsin’s network of lenders, which is not exclusive to first-time homebuyers, but is exclusive to a first mortgage (no refinancing). While there are income limits and loan limits, WHEDA states that they have tried to make the limits higher than “normal” to allow more borrowers to participate. This program can be paired with down payment and closing cost assistance.
First-time Home Buyer Advantage Basically the same as the conventional Advantage program, just aimed specifically at first-timers, and the income limits are less than the WHEDA Advantage.
WHEDA FHA Advantage Program The FHA Advantage is a 30-year fixed interest rate loan offered through WHEDA’s network of FHA lenders. This loan requires no minimum borrower contribution and has “low closing costs.” Borrowers must have a credit score over 620 and must be able to provide a minimum 2-year work history proving the ability to incur debt. This program can be paired with down-payment assistance, and is not exclusive to first-time homebuyers but cannot be used for refinancing.
Easy Close Advantage Program Designed to be compared with the conventional and FHA Advantage Programs, the Easy Close Advantage Program provides down-payment and closing-cost assistance in the form of a 10-year, fixed- term agreement. There are income and credit limits for eligibility purposes.
WHEDA Tax Advantage Wisconsin offers mortgage credit certificates which allow borrowers to claim a tax credit up to 40 percent of the loan amount, capped at $2,000.
Wyoming

Number of Programs

9

  • First-time buyer
  • Repeat Buyer
  • Mortgage credit
  • Energy efficient
  • Purchase program
  • Home improvement
  • Veterans program
  • Disabled homeowner
  • Down-payment assistance
  • Job specific
For more info: http://www.wyomingcda.com/index.php/homebuyers/C13
WyomingProgram description
Home Again Program Home Again is a program that entices first-time buyers to purchase REO homes (at a reduced rate) that are owned by the Wyoming Community Development Authority. Borrowers must be first-time homebuyers and per underwriting standards, must be eligible for a FHA, VA, or RD loan. Income and purchase price limits will apply based on area, and the total lot size for purchase must be less than six acres.
Spruce Up Wyoming Programs The Spruce Up Program is designed for Wyoming residents to purchase and rehabilitate a home under one line of financing. The program is broken up into two components: “Spruce Up I” is for first-time buyers and “Spruce Up II” is for repeat buyers. For both sections of the Spruce Up Program there are five qualifying repairs: The plumbing, heating, and electrical systems, the foundation/structural components and the roof.
Down Payment Loan Program Wyoming offers a amortizing second mortgage on a newly purchased home of up to $10,000 strictly for down-payment and closing-cost assistance. Homebuyers must contribute at least $1,500 and make a monthly payment of at least $25.00. A borrower is only eligible for this program with a FICO score of at least 620. The only other qualifying term is a debt-to-income ratio of 41 percent.
Homebuyer Assistance Program This program is a scaled down version of the aforementioned down-payment-assistance program. Rather than a maximum $10,000 loan, the Homebuyer Assistance Program offers a $2,000 loan for down-payment and closing-cost assistance with only a $500 contribution. In order to be eligible for this loan, a borrower must be considered “low income” per income limit standards, and have at least a 620 credit score. The length of this loan is 30 years and is a deferred loan structure. The original loan taken out must not exceed $135,000.
WCDA Advantage Program This is a standard FHA loan that can be used in conjunction with a MCC or the Down Payment Loan Program. While no first-time-buyer requirement, families cannot earn more than $98,000 and have a FICO under 620.
Mortgage Credit Certificate Program This MCC program can only be used in conjunction with the Advantage Program. In order to claim a MCC on a federal tax return, a borrower must: be a first-time homebuyer, adhere to income and purchase price limits, and not be refinancing. Although the tax credit you can claim will range from 10 percent to 50 percent based on mortgage, federal government limits the amount of tax credit taken each year to $2,000.
HFA Preferred With Mortgage Insurance The HFA conventional loan is offered to both first-time homebuyers as well as repeat buyers; however borrowers cannot currently own a home. There are income limits set for this program, but no purchase price limits. Minimum credit score is 620. Down payment assistance can be paired with this program.
HFA Preferred No Mortgage Insurance Because this program is without mortgage insurance, interest rates are slightly higher than with the HFA Preferred with MI, but monthly payments are still lower because of no MI. Although you may not currently own a residence to be eligible for the HFA Preferred, you do not need to be a first-time homebuyer. As with the HFA Preferred MI, there are no purchase price limits, yet there are income limits. The 30-year loan will cap at $417,000, and down-payment assistance can be paired with this loan as well. Similarly to all other programs, 620 is the credit score minimum.
Wyoming Rehabilitation and Acquisition Program The Wyoming Rehabilitation and Acquisition Program (WRAP), known nationally as the Neighborhood Stabilization Program, addresses the issue of foreclosed and abandoned homes needing owners. WRAP homes have been purchased, rehabilitated, then put back on the market for households with low incomes.

Comments

  1. Harley August 26, 2015 6:14 pm

    Hello, my husband and I are interested in buying a house we've been interested in for a long time, but we are a low income family and it is hard for us to save the money for a down payment. So we're interested in getting a grant of some sort. Our family is growing, and we're tired of wasting our money on rent.

      Reply»  
    1. Editorial Team August 27, 2015 7:07 am

      Harley, Thanks for writing in. Before I can help you I need to know what state you are in. Or, simply click on your state on our map and read up on the available programs in your state. Since these are only statewide programs, I encourage you to visit your state's website to learn more about both statewide and local programs that may be available for you. You can find the housing link to you state by 1) first clicking on your state on our map; 2) when the results appear, hover over the section that show the "Number of programs." I hope this helps. Thanks for writing in, Tim Manni, HSH.com

        Reply »  
  2. Barbara August 24, 2015 4:53 pm

    I am 69 years old and low income. I have a manufactured home that I live in but I want to move because the neighborhood is not safe. I live in Tucson, AZ and I would like to move to a 55 area. I have some money to put down but I need to save some in case I need it. Can I receive some help?

      Reply»  
    1. Editorial Team August 25, 2015 7:14 am

      Barbara, Thanks for writing in. It may be harder for you to find assistance among the statewide programs we have listed because you would be a repeat homebuyer. But it doesn't hurt to explore your options. Here is the link to the AZ state page where you can research all the assistance that is currently available: https://housing.az.gov/finance-authority Thanks, Tim Manni, HSH.com

        Reply »  
  3. Nia August 23, 2015 11:58 am

    Hello, How do I find out specifically about these programs? There are no urls attached to the name of the programs listed. Would I need to go through the mortgage company? I am in PA, and am looking into first home purchase. Thank you

      Reply»  
    1. Editorial Team August 24, 2015 8:01 am

      Nia, Thanks for writing in. There are in fact URLs associated with every state. Start by clicking PA on the map. Next, as soon as you hover over the information where is says "Number of Programs" you will see a URL for PA appear: http://www.phfa.org/consumers/homebuyers/. HSH.com is not a mortgage company, we publish mortgage rates and provide information to consumers like yourself. Once you find a program that you are looking for, you need to contact a participating lender to learn more. Here is PA's link to their participating lenders: http://www.phfa.org/applications/participatinglenders.aspx Any other questions just let me know, thanks, Tim Manni, HSH.com

        Reply »  
  4. Agnes Dozie'r August 20, 2015 4:13 pm

    I am currently residing in Pennsylvania. I am purchasing a home in the State of Delaware. What do I qualify for and how can I go about it, meaning who would I speak with regarding? Thanks

      Reply»  
    1. Editorial Team August 21, 2015 6:49 am

      Agnes,For starters, click the state of Delaware on our map to see a list of the available programs in the state. You can also view the programs here: http://www.destatehousing.com/HomeOwnership/HomeOwnership.php From Delaware's website, click the link associated with the program you are interested in. From there you will see a list of participating lenders who you can call. Thanks so much for writing in, Tim Manni, HSH.com

        Reply »  
  5. Brad Yzermans August 17, 2015 4:26 pm

    There are many more home buyer assistance programs in California than what are listed on here. Don't forget about the down payment assistance grants like Sapphire and GSFA Platinum. The Neighborhood Housing Services of the Inland Empire have several down payment assistance programs. For buyers who are employed in law enforcement/Police, Firefighters, Teachers/Educators, Nurses, and our nations military/Armed Services, there is a new program called the CalHERO Home Loan. The CalHERO home buyer program also has real estate agents who will give back a part of their commission to help pay the buyers closing costs!

      Reply»  
    1. Editorial Team August 17, 2015 6:39 pm

      Thank you for stopping by and letting us know!

        Reply »  
  6. JD Robinett J August 16, 2015 7:55 am

    I currently live in IL but may need to transfer to TN or KY due to my current employer. Is it possible to qualify for the programs in TN or KY while still living in IL?

      Reply»  
    1. Editorial Team August 18, 2015 6:45 am

      JD,Thanks for writing in. Good luck with current job, but to qualify for a state-specific programs, you do need to be a resident of that state. -Tim Manni (HSH.com)

        Reply »  
  7. Maria Ye August 11, 2015 9:00 am

    I just bought a home with mortgage, but I wonder if I can still participate in this program and get some help in paying my mortgage. Thank you

      Reply»  
    1. Editorial Team August 11, 2015 9:39 am

      Maria, Thanks so much for writing. While all the programs listed here are for homebuyers, you can click on your state and find the URL to your state's website and research whether or not they offer homeowner assistance. In my experience, the state assistance offered to owners usually revolves around financing for home repairs, particularly energy-efficient repairs. Good luck and let me know if I can help with anything else, Tim Manni, HSH.com

        Reply »  
  8. tiesha August 11, 2015 7:22 am

    Hi I am looking to purchase a home in NJ and I was wondering what kind of help I could get to help with down payments. I am a first time home buyer and my credit score is around 650-690. My husband credit is a lot lower. combine we make about 100,000( annual) with debts totaling about 12,000 (annual). Would we qualify for assistant? I am afraid we may not because of out credit scores. We are trying to by a home in about 6 months. what type of assistant would we be able to get?? Please help.

      Reply»  
    1. Editorial Team August 11, 2015 7:50 am

      Tiesha, I encourage you to click on the state of NJ on our map to read about the homebuyer assistance that is available to first-time buyers. You can also go directly to the state's website: http://www.nj.gov/dca/hmfa/homeownership/buyers/. If there is DPA assistance available for you in NJ, there will likely be some form of credit and income restrictions, so be sure to look for that info. If you still have questions, contact one of the program's participating mortgage lenders (you will find that info on the NJ website). If you don't qualify for a state program, given your credit and debt issues, I would look into an FHA loan. These loans have looser credit restrictions than conventional loans, and only require 3.5% down. Regardless of what loan you choose, maintaining a strong credit profile and score is essential. You must pay bills on time and pay down that debt. Please let me know if you have any additional questions and/or if you would like to read some articles we have written for first-time homebuyers. You may find this one interesting: http://www.hsh.com/finance/real-estate/12-things-i-learned-when-buying-my-first-home.html Thanks for writing in, Tim Manni, HSH.com

        Reply »  
  9. Stanza August 09, 2015 5:43 am

    Hello, I live in Maryland, and am interested in moving to Montgomery County or Howard County I will be a first time homeowner. Can you be kind enough to provide me some Maryland programs for first time homeowners and refer any classes I may need to take as first time homeowner or good literature to that can prepare for the "world" of home ownership. I am currently in the process of paying off my revolving debt and being more consistent with paying my bills on time. I am aware i need to definitely be on time for a minimum of 6-12months for it to positively impact my credit score. I will still have some debt such as my car payment(25,000), student loans(60,000) and other loan (7,500), i will still have monthly bills but the above would be the only things still on my credit report. Thank you in advance for your time and I look forward to hearing back from someone.

      Reply»  
    1. Editorial Team August 10, 2015 8:20 am

      Stanza, Thanks for writing in. PROGRAMS: The programs for the state of Maryland are listed here in our database (click on the state of Maryland to see), you can also visit the state's site to learn more: http://mmp.maryland.gov/Pages/default.aspx Once you find the program that is best for you, you will need to contact a participating lender to see if you qualify and to learn more about the education classes. CREDIT/DEBT: Two essential elements to homeownership, or preparing for homeownership, are a quality credit score and little debt. Paying your bills on time is essential. Also, ordering a free credit report and reviewing your credit report for potential errors is another essential step. Paying down your debt is another important thing to continue to do. You can have some debt, but the more debt you have the harder it will be to qualify for the home you want. TO LEARN MORE: HSH.com is your one-stop shop to learning all there is to know about buying a home. Each day we write articles for homebuyers, homeowners and sellers to help them learn more about the process and to help save them money. Here are a few good articles to get you started: -http://www.hsh.com/finance/real-estate/12-things-i-learned-when-buying-my-first-home.html -http://www.hsh.com/finance/government/fha-mortgage-advantages.html -http://www.hsh.com/finance/mortgage/the-best-mortgage-options-for-millennials.htmlPlease let me know if we can be of further assistance. Thanks, Tim Manni, HSH.com

        Reply »  
      1. Stanza August 10, 2015 11:37 am

        You guys rock!!! Thanks so much Tim Manni for getting back to me so fast, and with a response that covered EVERYTHING i asked about WOW!! Thanks again and please keep up the consistent and helpful advisement and information!

        1. Editorial Team August 10, 2015 12:41 pm

          Stanza, Thanks for the kind words!! We love to hear back from our visitors. Usually we never hear back from readers, let alone receive such a vote of confidence. We work very hard to answer questions and steer consumers in the right direction. You know where to find us if you need any more help. -Tim Manni, HSH.com

  10. Raymond Moreno August 08, 2015 12:16 pm

    Please help me buy a home,I am 68 years old and with out a home. Like many others can not afford a large cash payment down or a monthly payment over a thousand(1000.00)and over that as well per month..I am a Vietnam veteran from 1968.I also was expone to agent orange chemical that was use by government.I have been having health problems,but I need to try again and make this happen..I am getting social security and veteran benefit from veitnam..please try to help..Thank you,Raymond

      Reply»  
    1. Editorial Team August 10, 2015 7:59 am

      Raymond, Thanks for writing in. Here's a suggestion to get you started: contact a local VA mortgage lender in your area to first see if there are properties that you can afford. VA mortgages offer several advantages to veterans, including NO required down payment. That said, it is essential to see if there are properties where you want to live that you can afford to pay for each month. Good luck.-Tim Manni, HSH.com

        Reply »  

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