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Sign into your accountDown Payment Programs 101: An Overview of the 3 Most Common Homebuyer Programs
April 15 2016
Did you know there are more than 2,400 homebuyer programs available across the country? In fact, they can be as unique as the homebuyers and communities they serve. Homebuyers should investigate these financing options early in their home buying journey.
What are homeownership programs?
They include loans, grants, tax credits and other programs for eligible homebuyers that can help them achieve the down payment faster, cover closing costs and get into a home sooner than they would have otherwise.
Who offers these programs?
- State Housing Finance Agencies (HFA) often offer the broadest array of opportunities.
- Cities and counties offer programs with criteria adjusted for local median income and home prices.
- Housing authorities
- Non-profits
- Employers
What are common requirements to qualify?
Both the home and the homebuyer must be eligible. Homeownership programs are for owner-occupant buyers only, no investment properties. Buyers must make a minimum investment, qualify for a first mortgage and complete homebuyer education. Common eligibility factors include home sales price, homebuyer income and homeownership history.
There are often additional benefits, or even entirely separate programs, for educators, protectors, health care workers, veterans and households with disabled members.