Federal First Time Home Buyers Program

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The First Home Club puts puts homeownership in reach for eligible first-time homebuyers by providing grants to be used toward down payments and closing costs.

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First-time home buyers can often find down payment grants – or no-down-payment mortgages – with favorable interest rates and even federal tax breaks.

First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas) Income and Acquisition limits apply 30 year fixed rate (set by IHCDA) Minimum credit score of 660 for FHA or minimum of 640 for Conv

All federally based first-time buyer programs require you to complete a homebuyer education course. The financial class teaches you about qualifying for a first mortgage, the buying process and homeownership costs. The housing agency you use to obtain a grant or secondary financing program likely offers a HUD-approved homebuyer education class.

The First-Time Homebuyer Mortgage Program is the foundational mortgage program that can be combined with the NJHMFA Down Payment Assistance Program, which provides qualified buyers with $10,000 as an interest-free, five-year forgivable second loan with no monthly payment that can be used to cover down payment and closing costs.

Any program the federal government has to assist first-time buyers in a home purchase will require that you attend a HUD approved Housing Counseling class. They help people get their finances organized so they will qualify for a mortgage.

HomePath ReadyBuyer Program – A program that provides 3 percent in closing-cost assistance to first-time buyers who complete an educational course and purchase a foreclosed Fannie Mae property.

Down Payment Assistance Programs for Homebuyers The following down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this page may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

Homebuying programs in your state Let FHA help you (FHA loan programs offer lower downpayments and are a good option for first-time homebuyers!) HUD’s special homebuying programs

How to get a $15,000 First Time Home Buyer Grant for FREE!! Audience: First-time buyer (3-year rule), very low-to-moderate income, elderly, disabled or displaced homebuyers feature: Up to $80,000 in down payment, plus up to $4,000 in closing cost assistance entire loan amount is immediately due upon sale, refinance, or if home is not owner-occupied