- Website design By BotEap.comAnother popular program for first-time homebuyers. To achieve quality, you must take a short course in buyer education. After completing the course, you will receive 3% toward the closing cost of a home loan. The down payment, 3%, is lower than the lowest FHA loan.
Top 8 First-Time Homebuyer Grants, Programs, and Gifts
Website design By BotEap.comA Harvard Business School survey found that 78% of baby boomers and millennials want to buy a home. The capture? Most ‘think’ they can’t afford one.
Website design By BotEap.comIn many cases, this may be true. But the research also found that many can. It found that many had good enough income, credit ratings, and time on the job to qualify for the many first-time homebuyer programs and grants I’ll mention in this article.
Website design By BotEap.comNote: For more details, Google all phrases in bold.
Website design By BotEap.com1. Federal Housing Administration (FHA) loan.
Website design By BotEap.comIf you have a credit score of at least 580, you could qualify for a mortgage for as little as 3.5 percent of the home price.
Website design By BotEap.comFHA loans have helped more first-time homeowners than any other type of loan.
Website design By BotEap.com2. United States Department of Housing and Urban Development (HUD).
Website design By BotEap.comHUD offers many first-time homeowner grants and low-interest loans, depending on the state, city, or area you live in.
Website design By BotEap.comNote: For those who now live in public or government housing, you may be eligible to purchase the house, condo, or apartment you now live in through HUD’s Public Housing Homeownership Program.
Website design By BotEap.com3. VA (Veterans Administration) Loans.
Website design By BotEap.comIf you’re an active duty or veteran, you may qualify for a low-interest, no-down-payment loan. The VA loan is the lowest cost mortgage on the market because you are not required to pay mortgage insurance.
Website design By BotEap.com4. Program The Good Neighbor Next Door.
Website design By BotEap.comThis first-time homebuyer program offers a home for up to 50% off the retail price. To qualify, you must be a teacher, police officer, firefighter, or EMT. A down payment of $100 is all that is required.
Website design By BotEap.comYou must commit to living in the home for at least 36 months.
Website design By BotEap.com5. Energy efficient (or green) mortgage.
Website design By BotEap.comThe Energy Efficient Mortgage was created to help first time homeowners add energy efficient improvements to their home. These loans are insured through the VA and FHA programs.
Website design By BotEap.comThis mortgage allows you to build an energy efficient home without having to make a large down payment.
Website design By BotEap.com6. HomeReady HomePath Mortgage.