First-Time Homebuyer Programs to Consider

Owning a home is part of the American Dream. To make that dream a reality, both the federal and state governments have created special programs to help first-time homebuyers get into a house of their dreams, or at least one they can afford. Here are some of the federal and state agencies that are making homeownership more affordable:

HUD and FHA Home Loan Programs

The U.S. Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) offer several programs to help homeowners afford their home:

  • HUD’s Good Neighbor Next Door Program: Police officers, pre-K through 12th grade teachers, emergency medical technicians or firefighters, may qualify for a substantial discount (up to 50%) on your home.
  • FHA Loans: HUD oversees the FHA, and offers a first-time homebuyers program that can help lower your down payment (starting at just 3.5%), lower your closing costs and help you qualify.
  • Habitat for Humanity Home Application: For those willing to actively participate in building their new home with other volunteers, consider applying to live in a habitat-built home. 

State Programs

In addition to federal programs, many states also offer special help to new homeowners. Here are some of our top picks for prospective home buyers living in Ohio, Michigan or Indiana.  

Want to learn more about buying your first home or how to get pre-qualified for a mortgage loan? Download our homebuyers guide or speak with your local mortgage lender. We also have five first-time homebuyer tips to bookmark and reference. With so many options for financing your first home, we are ready to evaluate your options to afford the home of your dreams.

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