Conventional mortgages require high down payments and can be fairly difficult to qualify for first time homer buyer with sub-prime credit.
The process of buying your first home can be overwhelming. With all the information to gather and so many costs quickly adding up
The First Time Home Buyer programs by local and federal government are meant to help those individuals who need assistance with saving for a down payment, securing a loan, and making manageable monthly payments.
Most of First Time Home Buyer's programs provide below benefits:
- Lower interest rates: For eligible first time buyer you will be approved for for low interest rate.
- Smaller down payment: With down payment assistance, it easier to come up the smaller amount.
- Lower in the fees: With participating lenders, you pay minimal fees for origination of loan.
- Less-stringent credit requirements: Allowing more individuals to take advantage of the program.
- Lower monthly payment: Allow to keep monthly payments manageable and easier to keep up.
National First Time Home Buyer Programs
- 1. HUD First Time Home Buyer - $100 Down Payment Program
- 2. HUD Dollar($1) Home Program
- 3. FHA Loan Program
- 4. USDA No Money Down Loans
- 5. VA Loans
- 6. Conventional 97% LTV 3% Down Program
- 7. Habitat for Humanity - Home Ownership Program
- 8. 203k Rehab Loans
- 9. Good Neighbor(Teacher) Next Door
- 10. Mortgage Lender First-Time Home Buyer Programs
- 11. Freddie Mac Home Possible
- 12. HomeReady HomePath Mortgage
- 13. Native American Direct Loan (NADL)
- 14. Indian Home Loan Guarantee Program
Here are 14 national first time home buyer programs and grants you should apply for before buying a house.
1. HUD First Time Home Buyer - $100 Down Payment Program
HUD $100 down payment program is a excellent program for first time home buyers who often have some to no savings for a down payment and closing costs.
The main reason HUD offers the $100 down payment program is to sell foreclosed homes fast that Federal Housing Administration (which is part of HUD) acquired as a result of foreclosure actions.
HUD offers special incentive and financing for the first time home buyers in some states. This benefits are not available in all states. Public housing resident may qualify to buy HUD house they are currently renting.
HUD does not finance your house as traditional lender. Anyone who can get an approved conventional loan can qualify for a HUD property.
Program Incentives:
- Only $100 down payment.
- Up to 3% of house value towards closing costs.
- Minimum credit score of 500 or above depending on down payment.
- You must do FHA financing to purchase the property.
- 12 Month minimum occupancy.
- It is HUD homes for sale only.
- It is for owner-occupants only.
Pros:
- Lower down payment.
- Small to no closing costs.
- Lower credit score requirement.
Cons:
- Repair cost could be higher because property are foreclosed.
2. HUD Dollar($1) Home Program
When HUD can't sell single-family homes in six months that are foreclosed for one reason or another with $100 down payment program, they are sold for $1.
FHA do that to makes it possible for low income family to fix up the homes by partnering with local nonprofit home ownership organizations to revitalize neighborhood.
How do I buy a Dollar Home?
You can search for HUD approved lender list.
Pros:
- No down payment.
- Only $1 to purchase house.
Cons:
- Repair cost could be higher because property are foreclosed.
3. FHA Loan Program
An FHA loan is a home loan that's insured by the Federal Housing Administration (FHA)
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
4. USDA No Money Down Loans
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
5. VA Loans
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
6. Conventional 97% LTV 3% Down Program
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
7. Habitat for Humanity - Home Ownership Program
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
8. 203k Rehab Loans
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
9. Good Neighbor(Teacher) Next Door
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
10. Mortgage Lender First-Time Home Buyer Programs
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
11. Freddie Mac Home Possible
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
12. HomeReady HomePath Mortgage
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
13. Native American Direct Loan (NADL)
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
14. Indian Home Loan Guarantee Program
When you can’t afford the medication you need, the assisted fund is here to help. They manage more than 40 funds covering a wide range of serious and chronic diseases. You may receive assistance through multiple programs simultaneously, as long as funding is available.
Provide grants for:
- Copay Assistance: Offer copay assistance if you need help paying for your portion of your prescription medication after insurance has paid its portion.
- Health Care Expenses: Help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.
- Insurance Premium and Incidentals: These programs help you pay for your out-of-pocket premiums for eligible health insurance plans, as well as incidental healthcare expenses.