Top First Time Home Buyer Programs
Buying your first home is a big deal, so it’s natural to feel a bit overwhelmed. What if I told you there are programs out there where you can pay literally nothing down and purchase a home! Would that make it a little less nerve-wrecking?
Many states housing authorities offer down payment assistance and grants with favorable interest rates and tax breaks. These first-time home buyer programs enhance buyers’ chances of owning homes in certain areas and even help borrowers in certain professions, such as educators, first-responders, or active-duty military and veterans.
Here are 3 First-Time Home Buyer Programs that are the best in my opinion!
1. Good Neighbor Next Door Program
Good Neighbor Next Door Program:
Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
Neighborhood Assistance Corporation of America (NACA):
- No down payment
- No closing costs
- No points or fees
- No credit score consideration
- Below market 30-yr and 15-yr fixed rate
Home Purchase Assistance Program (HPAP):
The Home Purchase Assistance (HPAP) program provides interest-free loans and closing cost assistance to qualified applicants to purchase single family houses, condominiums, or cooperative units. Eligible applicants can receive a maximum of $80,000 in gap financing assistance and an additional $4,000 in closing cost.