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Down Payment Assistance and Grant Programs: What They Are and How They Work
Availability of these programs is increasing, including for repeat home buyers and home buyers who may not have been eligible previously due to are median income (AMI) restrictions.
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First-time homebuyer mortgages offer unique advantages designed to help new buyers enter the housing market with greater ease and financial support. These mortgages often come with lower down payment requirements, reduced interest rates, and special government programs intended to make homeownership more accessible to those who have never owned a property before. By providing financial assistance and educational resources, these programs aim to demystify the purchasing process, making it less daunting for first-time buyers. They also often include options for down payment assistance and grants to cover closing costs, further reducing the upfront financial burden on new homeowners.
Conventional -Fannie Mae & Freddie Mac offer programs like HomeReady® and Home Possible® mortgages, which require low down payments and are available to borrowers with moderate incomes.
FHA Loans - Backed by the Federal Housing Administration, offering low down payments, low closing costs, and easy credit qualifying.
USDA Loans - Aimed at rural homebuyers, offering 100% financing, minimal mortgage insurance, and competitive interest rates.
VA Loans - For veterans, active-duty service members, and certain members of the National Guard and Reserves, offering no down payment and no private mortgage insurance.
Good Neighbor Next Door - Sponsored by HUD for teachers, firefighters, law enforcement officers, and emergency medical technicians, offering a significant discount on the home price in return for a commitment to live in the property for at least 36 months.
State and Local First-Time Homebuyer Programs - Many states, counties, and local governments offer their own programs for first-time buyers, including grants, low-interest loans, and assistance with down payments and closing costs.