First-Time Buyer Programs
Programs vary widely by state and locality and may include down-payment assistance, tax credits, or education requirements. Availability changes over time.
General potential benefits
- Possible down-payment or closing-cost assistance
- Homebuyer education resources
General considerations
- Income and purchase-price limits often apply
- Programs change and funds can be limited
Common eligibility factors
- First-time buyer definition used by the program
- Income limits
- Purchase-price limits
- Education requirements
Possible costs
- Standard closing costs
- Possible program fees
Questions to ask a mortgage professional
- Which loan programs am I likely to be eligible for, and why?
- What documentation will you need from me, and when?
- How do the estimated closing costs compare between programs?
- How would a change in my down payment affect my monthly payment?
- What would change if my credit profile improves before closing?
Readiness checklist
- Search your state housing agency's current programs
- Ask which programs the professional is approved to offer
Frequently asked questions
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This guide is educational. Eligibility factors described here are common considerations, not universal or guaranteed requirements. Nothing here is a loan offer, an approval, or a rate commitment. A licensed mortgage professional must verify actual terms.