Main Content

Top Loans & Programs Available to First-time Home Buyers

It’s hard to be a first-time home buyer with such a tight inventory of homes and rising home prices. Finding the perfect house to turn into a home isn’t easy, no matter where you live.

The good news is, there are several great programs and loans specifically for first-time home buyers. If you’re looking to buy your first house, make sure you take the time to look into the following loans and programs first.

FHA Loan Program

When you get a loan insured by the Federal Housing Administration, you’ll likely gain the benefit of putting down a much smaller percentage. The FHA loan program even works for some buyers with lower credit scores.

Good Neighbor Next Door Buyer Aid Program

This program is specifically for law enforcement officers, emergency medical technicians, teachers, and firefighters. It’s backed by the U.S. Department of Housing and Urban Development (HUD) and provides housing aid for those falling into one of these groups.

HomePath ReadyBuyer Program

An excellent choice for first-time home buyers, the HomePath ReadyBuyer Program will provide up to 3% in closing cost assistance. You will need to complete an educational course and this benefit only applies when purchasing a foreclosed Fannie Mae property.

Military Heroes Government Loan Program

A program offering 30-year fixed-rate USDA, VA, and FHA loans for qualified active-duty military and veterans, the Military Heroes program offers lower interested rates, down payment assistance, and closing cost assistance. 

Florida Assist Second Mortgage Program 

Also known as FL Assist, this program offers up to $7,500 to eligible buyers at 0% interest on a deferred second mortgage. The money is to be used towards a down payment and the repayment is deferred until the home is sold or the ownership of the home is transferred.

USDA Loan Program

Offering 100% guaranteed mortgage from the U.S. Department of Agriculture, this first-time home buyers program works best for lower-income borrowers looking to buy in rural areas.

VA Loan Program

For veterans, military personnel, and their families, the U.S. Department of Veterans Affairs backs a loan program offering options with no down payment when buying a house.

Florida Housing’s Mortgage Credit Certification Program (MCC)

For first-time homebuyers in Florida, the MCC program allows for paid mortgage interest to be claimed as a tax credit for each year they live in the house. The cap is $2,000 and helps to reduce the borrowers’ tax burden and free up more income. This program works only with a Florida Housing loan program.

HFA Preferred Grant

A state program found in Florida, the HFA Preferred Grant offers first-time home buyers and qualified borrowers 3% of the home’s purchase price to be used to pay closing costs or as a down payment. Since the HFA program is a grant, it doesn’t need to be repaid.

There are several great programs for first-time home buyers in Florida and all across the country. Make sure to look for possible grants, down payment assistance programs, closing cost assistance programs, loan forgiveness programs, and special mortgage programs to make becoming a homeowner easier.

Have Questions?Contact Us