Programs

FirstTimeHomeBuyer.com
Find a program to get you home!
Program search, select a state below and begin :

In 2024 there are first time home buyer down payment and closing cost assistance programs that may be available to new buyers depending on the home's location and borrower's qualifications.


You should first begin by understanding the home loan process and available first time home buyer programs. 


Typical home loan programs designed for assistance with down payment and closing costs are usually either second mortgages attached to the home or forgivable grants (grants maybe a lien on the property until forgiven)


These are 'packaged' with a first mortgage on the home. This may allow for a zero down home purchase. States and local governments may offer a variety of assistance programs. Qualifications for these programs may vary. 

First time home buyer programs - down payment/closing cost grants, loans and gifts.

Most down payment and assistance programs tend to be second mortgages. These are second liens on the property.


These down payment assistance programs generally require that you are approved for a first lien mortgage. Typical first lien mortgages are usually  FHA , VA , USDA or Conventional home loans. 


Second loans that are used for assistance are usually State, County/City/Municipality funding and bond programs.  Not all States and areas offer bond programs to assist with down payment and closing costs.  


Where does the money for these assistance programs come from? Usually it is from bonds issued by municipalities. If the money is not from a bond they may be funded through the cost of the 1st home loan (in the interest rate) and given back to the borrower. 

The amount available for down payment and closing cost assistance may vary greatly depending on the program. Some programs may offer a flat dollar amount, which can vary from a few thousand to tens of thousands of dollars. While other programs may offer a percentage of the property sale's price.


New to 2024 programs there are higher maximum loan limits.


The Federal Housing Finance Agency has raised most of the loan limits on Fannie Mae and Freddie Mac conforming loans in the United States. The conforming loan limit for one unit has increased to $766,550 in 2024 and the maximum limits has gone up to $1,149,825 . Loan limits may vary depending on location and products but overall this is good news for the home shopper. It will allow for a larger ability to purchase. 


There are conventional home loans that may allow for a similar down payment as an FHA loan. HomeReady® and Home Possible® have been used in the past by first time buyers to assist them with reduced rates and/or down payments. 


The FHA home loan tends to be the most popular loan program for first time home buyers and in 2023 the loan limit has been raised.


In general, the FHA national mortgage limits for 2024 :


Min - $498,257

High - $1,149,825


Loan Limit search by location and unit


Depending on the property location and unit type the maximum loan amount available may vary.


Prior to utilizing any assistance program it is critical to know if you, as a buyer, qualifies for a 1st time home loan. After qualification is determined, the assistance program can be reviewed and determined if you and the property are a good match!


HomeReady® is a registered trademark of Fannie Mae. Home Possible® is a registered trademark of Freddie Mac.


There are conventional home loans that may allow for similar down payment as an FHA loan. Home Possible and Home Ready have been used in the past by first time buyers to assist them with reduced rates and/or down payments.


Lets see if we can match you with a home buying program in your state or locality!

Find first time home buyer programs 2023 by state:


Share by: