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Grants & Programs

First-time home buyers may find becoming a homeowner as a frustrating process. Traditional mortgages can be fairly difficult to qualify for and require a significant down payment. Fortunately, there are grants and down-payment assistance programs for first-time home buyers. Below are 10 programs that you should consider before buying your home:

  • HUD First Time Home Buyer Programs – check your local county website for more information on first-time home buyer programs and down payment assistance programs. Some states and counties offer various forms of home buyer assistance programs that offer grants for down payments and closing costs for borrowers.
  • FHA Home Loan Program – this option helps more first time home buyers than any other type of mortgage program. It is recommended that you work on improving your credit scores before applying. With a minimum 580 credit score you can qualify for an FHA loan with just 3.5% down!
  • USDA Loans – this program from the USDA is for low-to-moderate income home buyers in rural areas of the country. Almost 97% of the country is in an eligible USDA location and these mortgages are perfect for first-time home buyers because there is NO down payment required.
  • VA Loans – these loans are for active and retired veterans. These loans require NO down payment or mortgage insurance.
  • 203K Rehab Loans – these loans are ideal if you are in the market to purchase a fixer upper which give you money to purchase a home and cash to renovate it, all in a single loan. You must have a credit score of 640 in order to qualify for this extension of the FHA loan program.
  • Conventional 97 Mortgage – Fannie and Freddie created a mortgage loan program allowing buyers to qualify with a 3% down payment.
  • Good Neighbor Next Door Program – this program offered by HUD provides homes for 50% off for teachers, firefighters and police officers and only requires $100 down payment.
  • HUD Dollar Home Program – HUD sells these foreclosed FHA homes that have been on the HUD website for more than 6 months to low income families.
  • HomeReady HomePath Mortgage – after taking a required buyer education course you can receive 3% towards closing costs on a mortgage loan and are only required to place 3% down. You must use a real estate agent to purchase a home through this program. For a list of properties go to this website.
  • Native American Direct Loan – this program provides eligible Native American Veterans loans to finance the purchase, construction, or improvement of homes on Federal Trust Land or refinance NADL loan to reduce the interest rate.

Find a mortgage lender that is able to explain and utilize the type of program you are interested in… then find out if you qualify!

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    $449,900

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    40755 County Road 21

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    Sleek, Stunning and Private. This beautiful equestrian home is ideally tucked back off of CR 21 giving you the peace and tranquility of country...

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    This spectacular ranch home offers a MILLION DOLLAR VIEW!! Enjoy the setting sun over the mountains from either the upper deck or the lower...

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FAQs

  • Don’t try to purchase a home without support of a licensed Realtor®
  • Benefit from the expertise of a professional
  • Seller typically pays the commission
  • Review your options with a professional lender
  • Get pre-approved
  • Determine what you can afford
  • Fixed or adjustable rate
  • Conventional or government backed loans
  • Jumbo or conforming options
  • Determine the best option for you
  • Start your research early
  • Review your budget
  • Clean up credit report
  • Set aside funds for down payment
  • Research available grants and programs
  • Establish an all-inclusive budget
  • Check your credit FICO score and clean up any issues
  • Start a new home fund

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