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• First Time Home Buyer Programs For Disabled Women
• First Time Home Buyer

1. Consistent, Reliable Home Loans. As a state agency, THDA designed the Great Choice Home Loan program so that lenders are able to say “yes” to more first-time homebuyers. Responsible lending is our top priority. We only offer 30-year, fixed interest rate home loans, and we’ve never offered anything else.
2. First Time Homebuyer Program. The First Time Homebuyer Program is an initiative of Dakota County Community Development Agency (CDA). All first time homebuyers are eligible to receive up to $10,000 in down payment and closing cost assistance in the form of a second mortgage, depending on household size and income.

First-Time Homebuyers Programs The NC Housing Finance Agency provides information and assistance to first-time homebuyers. The US Department of HUD posts helpful information about buying a home with a low-interest loan and first-time homebuyers counseling. STATE/CITY PROGRAMS. This is a statewide program to assist first-time homebuyers with disabilities purchase a home. It’s a second-mortgage loan program in which all or part of the downpayment and closing costs can be borrowed. Additional funds may be borrowed for pre-paids, cash reserves, or to rehabilitate the home for accessibility.

Buying a first home in Connecticut can be a financial challenge. Help is available for first-timers, whether they’re shopping for a New Britain colonial, a New Haven condo or a New London cottage. Over nearly five decades, the Connecticut Housing Finance Authority, or CHFA, has assisted some 139,000 low- to moderate-income first-time home buyers with below-market-rate mortgages and down payment assistance. CHFA considers you a first-time buyer if you have not owned a home within three years.

USDA First Time Home Buyer Grants There’s a wide range of exceptional government programs available in the housing market that offer diverse mortgage services to prospective home buyers. Among these programs, one of the most popular one is the USDA program. FHA Down Payment Grants for 2019. Cedar Rapids First Time Home Buyer Program; Dubuque First-Time Homebuyer Loan Program. The FHA Loan is the type of mortgage most commonly used by first time home buyers and there's plenty of good reasons why. FHA Loan Guide. For this project, HSH.com only collected information on programs that were available statewide. While targeting first-time home buyers, we did not exclude programs available to repeat buyers as well. Each state defines a first-time home buyer as someone who has never owned a home, or someone who has not owned a home in the past three years.

National first-time home buyer programs

Many first-time home buyers take advantage of these national loan programs, which feature low down payment or flexible credit requirements. These loans are available nationwide through most lenders.

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Limited mortgage insurance premiums

What you need to know

First-time home buyers can get a conventional home loan with as little as 3% down if the mortgage meets requirements set by Fannie Mae and Freddie Mac. And if you put at least 20% down, you won’t have to pay mortgage insurance. Most lenders require a minimum credit score of 620 to qualify for a

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Low down payment

What you need to know

This is the go-to program for many first-time home buyers with lower credit scores. The Federal Housing Administration allows down payments as low as 3.5% for those with credit scores of 580 or higher. The FHA will insure loans for borrowers with scores as low as 500 but requires a 10% down payment

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Low down payment

What you need to know

The U.S. Department of Veterans Affairs helps service members, veterans and surviving spouses buy homes. VA loans are especially generous, providing competitive interest rates, often requiring no down payment or mortgage insurance. Although there is no official minimum credit score, most

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Rural

What you need to know

The USDA home loan program encourages rural and suburban homeownership by offering zero-down-payment mortgages to lower-income buyers. Borrowers with nontraditional credit data, like rent or utility payments, can still apply, but those with a score of 640 or above will experience faster loan

CHFA highlights and eligibility requirements

Connecticut offers first-time home buyers several ways to afford a home in the Constitution State. CHFA’s Homebuyer Mortgage Program gives buyers a chance at below-market interest rates. Another home loan program includes low-cost mortgage insurance with a conventional mortgage. The state helps disabled buyers, public housing tenants, educators, police officers and military service members get a mortgage with additional mortgage discounts. And, for those eligible, down payment assistance is available with some loans.

» MORE: Tips for first-time home buyers

Highlights

• Down payment assistance is available with most loans.
• Programs are available for public housing tenants, educators, police and disabled and military borrowers.
• First-time home buyer requirement is waived, and a rate discount offered, in federally designated areas targeted for revitalization.

Eligibility

• The home must be your primary residence.
• Home price and income limits apply.
• Free home buyer education is required.

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» MORE: Compare the best CHFA lenders

CHFA first-time home buyer loan programs

HFA Advantage and HFA Preferred Loans

State program

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Low interest rate

Programs For Disabled Home Buyers

What you need to know

These loans offer eligible first-time home buyers lower monthly mortgage insurance premiums with a conventional mortgage. No upfront mortgage insurance payment is required, and the mortgage insurance is canceled when your equity reaches 20%. Limits on borrower income and sales price vary by

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First Time Home Buyer Loan

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What you need to know

First-time home buyers who are current service members or veterans, including the Army National Guard and Air National Guard, may receive an additional 0.125 percentage point discount on CHFA’s below-market interest rates.

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What you need to know

To help teachers afford homeownership in communities where they work, CHFA offers qualifying first-time buyers an extra 0.125 percentage point discount on CHFA’s below-market interest rate. Requirements:* Must purchase a home in a school district designated “priority” or “transitional.”* Or

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What you need to know

CHFA offers an extra 0.125 percentage point discount on its below-market interest rate for municipal police officers purchasing homes in certain cities and towns where they work. State police officers may use the program, too, if buying in participating towns. Some municipalities also offer officers

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What you need to know

First-time home buyers with a disability may be eligible for either a low-interest home loan with no down payment or down payment assistance. If you are not disabled but a disabled family member will be living in the home with you, you may be eligible. Documentation of the disability is required.

Homeownership for Public Housing Residents

State program

Best for

What you need to know

Tenants in public housing and those using housing assistance may be able to use CHFA’s below-market interest rates to buy a first home. Qualified tenants must rent in public housing or get rental assistance from CHFA, the Department of Housing and Urban Development or a local housing authority.

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What you need to know

First-time borrowers also may be able to get a second mortgage of $3,000 or more to cover down payment costs. The DAP loan is at the same interest rate as your primary mortgage. Requirements:* You don’t have the savings for a down payment but do have enough monthly income to make monthly payments

Summary: 2019 CHFA first-time home buyer programs

• HFA Advantage and HFA Preferred loans with low interest rates and lower mortgage insurance premiums.
• Military Mortgage Option with interest rate discount for current service members or veterans.
• Teachers Mortgage Assistance with interest rate discount for educators.
• Police Homeownership Program with interest rate discount for law enforcement officers.
• Home of Your Own Program with down payment assistance or no down payment requirement for people with disabilities.
• Homeownership for Public Housing Residents with below-market interest rates for public housing residents.
• Downpayment Assistance Program offering second mortgages for down payments.

If these loans and programs sound like a fit for you, check out the details at the CHFA website. The next step is to contact one of the many CHFA-approved lenders who can see whether you qualify and help you apply. Also, be sure to explore every option. Ask your city’s or town’s community development department if it has other down payment assistance grants or low-interest loans.

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