First time home buyer grant or down payment assistance programs are programs that are designed to help first time home buyers boost their chances of owning a home

These first time home buyer assistance programs are found in particular areas and some can be for certain professions such as educators, first responders, active-duty military personal or veterans.

Buying your first home can be very stressful since there are so many things you may need to know and do, you can find some useful hacks for first time home buyers here.

Also, notes that finding a mortgage lender in 2020 can be a bit difficult due to the corona virus, many lenders are dealing with high demand currently.

Programs For A First Time Home Buyer

There are so many programs for first time home buyers. These programs can differ by the area or state you are from, we have come up with a list that can serve as a starting point for your search for down payment assistance programs.

Alabama

  • The Step up program – This a program by the Alabama housing finance authority that helps low to medium income earners to purchase their homes by providing down payment assistance for upto 3% of the price the home is purchased at. These funds are provided in the form of a 10-year second mortgage which will be combined with a 30-year fixed rate primary mortgage
  • Mobile county down payment assistance program – The program provides funds between $1000 to $10 000 as a form of a grant to income-eligible applicants. The money can be used towards down payment and closing costs which are associated with the mortgage. This program is designed for individuals who can afford a mortgage payment but are not able to afford a down payment.

Alaska

  • Affordable housing enhanced loan program – The program is a down payment assistance program or a secondary financing option, which comes in the form of a grant, forgivable loan or a combination of options.
  • Cook inlet down payment assistance program – This program is for eligible applicants in the Cook inlet Region area and provides upto 20% of the purchase price with a maximum of $60 000 in the form of a second mortgage

Arizona

  • HOME down payment assistance program – This program assists home buyers with a 3.5% of the purchase price. This can only be a house in Pima County of Tucson. The funds can only be put towards covering the down payment, closing costs or prepaid items.
  • Pima Tucson home buyer’s solution program – This program offers eligible applicants with a 30-year fixed rate first mortgage, the program also gives assistance funds upto 3,4,5% of the loan amount. Which is available to both first time buyers and repeat buyers The funds can be used for the down payment, closing costs or prepaid items. This assistance has no repayment or recapture tax associated with it.

Arkansas

  • ADFA down payment assistance – This program provides applicants with money between $1000 to $6000 which is to put towards covering some or all of the down payment, closing costs, or prepaid items. It comes in the form of a 10-year second mortgage with a 4% interest rate.
  • Arkansas Dream down payment initiative – This program provides low income applicants who qualify with assistance funds in the form of a forgivable, soft 2nd mortgage upto 10% of the purchase price but should not be over $10 000. The funds can be used to cover some or all of the down payment costs or closing costs.
  • City of Pine Bluff down payment grants – This program provides income eligible applicants upto $2000 which can be put towards the down payment and $3000 for closing costs which do not include prepaid items. These funds are provided in a 5 year 0 interest deferred loan, the loan does not need to be repaid unless the house is sold.

California

  • CalHFA My home assistance program – This program offers applicants a deferred-payment junior loan up to 3%of the purchase price, This is to be used towards the down payment or closing costs.
  • Brentwood down payment assistance program – Brentwood City offers people first time home buyers with funds that go towards the down payment or closing costs. These funds are provided through the city’s Down payment assistance program.
  • First home mortgage program – This program give applicants upto 4% of the total first mortgage loan amount which is to be put towards paying the down payment and closing cost assistance.

Colorado

  • Turnkey mortgage program – This program offers eligible applicants with down payment assistance grants upto 4% of the mortgage amount.
  • Metro Mortgage Assistance Plus Program – This program provides borrowers who apply for a 30-year fixed rate loan through a qualifying mortgage lender, the borrower may be eligible for a grant which offers upto 4% of the mortgage amount. These funds can be used to cover part of or all of the down payment and closing costs.
  • CHFA first step plus – The CHFA first step plus offers potential homeowners with funds to help cover the upfront costs that a borrower can incur when getting a mortgage

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