The HomePath® Ready BuyerTM program is only accessible to first-time buyers who want to live full-time in the home they want to buy. Before you can close, you must complete and pass Fannie Mae’s Framework Homeownership course.
State And Local First-Time Home Buyer Programs
The majority of government home-buying help is provided through state and local programs. Individual programs differ based on where you live. On the HUD website, you may find a comprehensive list of state-specific purchasing resources.
Neighborhood Assistance Corporation Of America (NACA)
Another national nonprofit that can assist you in purchasing a property is the Neighborhood Assistance Corporation of America (NACA). NACA provides mortgage counseling and education to “financially fragile” households. Members of NACA’s team also assist low-income families in locating lenders ready to cooperate with them.
NACA loans feature no down payment or closing costs, as well as no minimum credit score requirement, and can provide you with a more tailored look at various roads to homeownership.
First-Time Home Buyer Program FAQs
If you own a rental or investment property, you can’t qualify for first-time homeowner advantages even if you don’t live in it.
If you choose a government-backed loan, such as a USDA loan, VA loan, or FHA loan, keep in mind that your property must also fulfill specific higher safety criteria before you can qualify. In addition, income limits are also typical in local and state government programs.
The Bottom Line
First-time homebuyers can take advantage of a variety of grants, loans, and financial assistance programs that can make the process of purchasing a home easier. Down payment and closing cost aid, tax credits, and education are all examples of first-time buyer assistance. In addition, if you fulfill specific income requirements, you may be eligible for assistance from your local, state, or federal governments.
There are other charities, NGOs, and corporate initiatives accessible. These programs differ by state, but you may quickly identify programs you qualify for by visiting the HUD website. You cannot have owned property in the last three years as a first-time buyer.
If you’re a student wanting to buy a home, consider that your student loans may make acquiring a mortgage more difficult, but the same first-time buyer programs should apply.
