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First-Time Homebuyer Programs by State

April 21st, 2021 11:48 AM by Jackie A. Graves

A first-time homebuyer loan allows a buyer with a low or mid-range income and limited savings to finance a home purchase. Typically, these types of loans come with a below-market rate, and sometimes lower mortgage insurance premiums. You can often pair them with down payment and closing cost assistance, so they’re ideal if you don’t have the means to put a substantial amount of money down on a home.

Many first-time homebuyer loan programs only require that you haven’t owned a home in the last three years, not that you’re a true first-time buyer. Often, all it takes to qualify is an acceptable credit score and income level (determined by program), the completion of a homebuyer class and a contribution of some of your own funds to the purchase.

Many mortgage lenders offer first-time homebuyer loans, sometimes through partnerships with a state housing finance agency, or HFA. Here are these first-time homebuyer loan programs by state.

First-time homebuyer loan programs by state

Midwest

State

HFA

Mortgage lenders

Illinois first-time homebuyer programs

Illinois Housing Development Authority

Illinois mortgage lenders

Indiana first-time homebuyer programs

Indiana Housing & Community Development Authority

Indiana mortgage lenders

Iowa first-time homebuyer programs

Iowa Finance Authority

Iowa mortgage lenders

Kansas first-time homebuyer programs

Kansas Housing Resources Corporation

Kansas mortgage lenders

Michigan first-time homebuyer programs

Michigan State Housing Development Authority

Michigan mortgage lenders

Minnesota first-time homebuyer programs

Minnesota Housing Finance Agency

Minnesota mortgage lenders

Missouri first-time homebuyer programs

Missouri Housing Development Commission

Missouri mortgage lenders

Nebraska first-time homebuyer programs

Nebraska Investment Finance Authority

Nebraska mortgage lenders

North Dakota first-time homebuyer programs

North Dakota Housing Finance Agency

North Dakota mortgage lenders

Ohio first-time homebuyer programs

Ohio Housing Finance Agency

Ohio mortgage lenders

South Dakota first-time homebuyer programs

South Dakota Housing Development Authority

South Dakota mortgage lenders

Wisconsin first-time homebuyer programs

Wisconsin Housing and Economic Development Authority

Wisconsin mortgage lenders


Northeast 

State

HFA

Mortgage lenders

Connecticut first-time homebuyer programs

Connecticut Housing Finance Authority

Connecticut mortgage lenders

Maine first-time homebuyer programs

Maine State Housing Authority

Maine mortgage lenders

Massachusetts first-time homebuyer programs

Massachusetts Department of Housing and Community Development

Massachusetts mortgage lenders

New Hampshire first-time homebuyer programs

New Hampshire Housing Finance Authority

New Hampshire mortgage lenders

New Jersey first-time homebuyer programs

New Jersey Housing and Mortgage Finance Agency

New Jersey mortgage lenders

New York first-time homebuyer programs

State of New York Mortgage Agency

New York mortgage lenders

Pennsylvania first-time homebuyer programs

Pennsylvania Housing Finance Agency

Pennsylvania mortgage lenders

Rhode Island first-time homebuyer programs

Rhode Island Housing

Rhode Island mortgage lenders

Vermont first-time homebuyer programs

Vermont Housing Finance Agency

Vermont mortgage lenders

 

South

State

HFA

Mortgage lenders

Alabama first-time homebuyer programs

Alabama Housing Finance Authority

Alabama mortgage lenders

Arkansas first-time homebuyer programs

Arkansas Development Finance Authority

Arkansas mortgage lenders

Delaware first-time homebuyer programs

Delaware State Housing Authority

Delaware mortgage lenders

Florida first-time homebuyer programs

Florida Housing Finance Corporation

Florida mortgage lenders

Georgia first-time homebuyer programs

Georgia Department of Community Affairs

Georgia mortgage lenders

Kentucky first-time homebuyer programs

Kentucky Housing Corporation

Kentucky mortgage lenders

Louisiana first-time homebuyer programs

Louisiana Housing Corporation

Louisiana mortgage lenders

Maryland first-time homebuyer programs

Maryland Department of Housing and Community Development

Maryland mortgage lenders

Mississippi first-time homebuyer programs

Mississippi Home Corporation

Mississippi mortgage lenders

North Carolina first-time homebuyer programs

North Carolina Housing Finance Agency

North Carolina mortgage lenders

Oklahoma first-time homebuyer programs

Oklahoma Housing Finance Agency

Oklahoma mortgage lenders

South Carolina first-time homebuyer programs

South Carolina State Housing Finance & Development Authority

South Carolina mortgage lenders

Tennessee first-time homebuyer programs

Tennessee Housing Development Agency

Tennessee mortgage lenders

Texas first-time homebuyer programs

Texas Department of Housing and Community Affairs

Texas mortgage lenders

Virginia first-time homebuyer programs

Virginia Housing

Virginia mortgage lenders

Washington, D.C. first-time homebuyer programs

District of Columbia Housing Finance Agency

Washington, D.C. mortgage lenders

West Virginia first-time homebuyer programs

West Virginia Housing Development Fund

West Virginia mortgage lenders


West

State

HFA

Mortgage lenders

Alaska first-time homebuyer programs

Alaska Housing Finance Corporation

Alaska mortgage lenders

Arizona first-time homebuyer programs

Arizona Industrial Development Authority

Arizona mortgage lenders

California first-time homebuyer programs

California Housing Finance Agency

California mortgage lenders

Colorado first-time homebuyer programs

Colorado Housing and Finance Authority

Colorado mortgage lenders

Hawaii first-time homebuyer programs

Hawaii Housing Finance & Development Corporation

Hawaii mortgage lenders

Idaho first-time homebuyer programs

Idaho Housing and Finance Association

Idaho mortgage lenders

Montana first-time homebuyer programs

Montana Housing

Montana mortgage lenders

Nevada first-time homebuyer programs

Nevada Housing Division

Nevada mortgage lenders

New Mexico first-time homebuyer programs

New Mexico Mortgage Finance Authority

New Mexico mortgage lenders

Oregon first-time homebuyer programs

Oregon Housing and Community Services

Oregon mortgage lenders

Utah first-time homebuyer programs

Utah Housing Corporation

Utah mortgage lenders

Washington first-time homebuyer programs

Washington State Housing Finance Commission

Washington mortgage lenders

Wyoming first-time homebuyer programs

Wyoming Community Development Authority

Wyoming mortgage lenders


How can a first-time homebuyer loan help me?

When you buy your first home, you’ll need to make a down payment on the purchase and pay for closing costs on your mortgage. These are costly expenses, and if you don’t have much in the way of savings, they can be difficult to accumulate.

That’s where a first-time homebuyer loan comes in. First-time homebuyer loan programs typically come with a 30-year fixed-rate mortgage — the loan you’ll use to pay for the home — and down payment assistance, either a grant or a second mortgage for a portion of the home’s purchase price, usually up to a certain amount. Grants don’t have to be repaid, and some second mortgages can be forgiven after a period of time, while others have to be paid back when you pay off your first mortgage. It all depends on the program.

Down payment help isn’t the only upside. First-time homebuyer loans also come with competitive interest rates, so even if you don’t need down payment assistance, you can still obtain a more affordable mortgage through one of these programs.

There’s at least one other benefit, too: To be eligible for a first-time homebuyer loan, many programs require you to take a homebuyer education class. These courses go over everything you need to know to prepare you for homeownership, so they’re especially valuable if it’s your first time buying. Some are free, and there are usually both in-person and online options.

How can I find a mortgage lender?

Many mortgage lenders offer first-time homebuyer loan programs or work with organizations that do. To find a lender, you can:

  • Locate your state’s housing finance agency website in the tables above and look for a list of “approved” or “participating” lenders.
  • Look up lender reviews and testimonials through Bankrate.
  • Visit the U.S. Department of Housing and Urban Development’s State Information page, locate your state and search for “Homebuying programs” or “Homeownership assistance.” In addition to state-level programs, this resource can help you find programs by city, county or town.

Source: Click here


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