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Home Buying programs for First Time Home Buyers

/ Buffalo, NY Real Estate / By

Are you aware that numerous home buying programs exist to provide financial support for first-time homebuyers? Let’s explore a selection of these programs and delve into what sets them apart.

Home Buying Programs

1. EEM (Energy-Efficient Mortgage) Loans

  • Insured through the FHA or VA program, EEM loans empower homebuyers to create energy-efficient homes (e.g., new windows, insulation, heating systems) without necessitating a larger down payment.

2. Fannie Mae and Freddie Mac

  • Government agencies collaborating with low- and moderate-income families, offering competitive interest rates and a low down payment option.

3. FHA (Federal Housing Administration) Loan

  • Designed to protect lenders if the borrower defaults, FHA loans feature competitive interest rates, a smaller down payment, and lower closing costs.

4. FHA Section 203(k) Loan

  • Backed by the FHA, this loan enables buyers of fixer-uppers to include home improvement funding in their mortgage, with a low down payment requirement.

5. Good Neighbor Next Door Program

  • Sponsored by HUD, it provides benefits for law enforcement officers, firefighters, EMTs, and teachers purchasing in designated “revitalization areas.” HUD also offers a first-time homebuyer program and a Dollar Home Program featuring foreclosed FHA homes.

6. HomeReady HomePath Mortgage

  • Requires first-time buyers to complete an educational course in exchange for benefits such as a low down payment requirement.

7. Native American Veteran Direct Loan Program

  • Tailored for Native American veterans and their spouses, featuring no down payment, no private mortgage insurance, and low closing costs.

8. USDA (U.S. Department of Agriculture) Loan

  • Focused on specific rural areas, this USDA-guaranteed loan may have no down payment requirement, with income limitations applying.

9. VA Loans

  • Issued by the U.S. Department of Veterans Affairs, these loans assist military members, veterans, and surviving spouses. VA loans offer a competitive interest rate and do not require a down payment.

10. Local and State Assistance Programs

  • Many cities and states also provide assistance for first-time homebuyers.

For more detailed information on home buying programs, feel free to contact The Olear Team today!