Top Home Ownership Programs and Grants for First-Time Buyers

The ultimate goal of home ownership, and buying your first home can be intimidating. If you’re scratching your head over the process, you’re not alone.

As you get swept up in the emotion of falling in love with your first home, you still need to consider the technical aspects of the process. Having a balance of the two will make your home-buying experience fun, effective, and stress-free.

Home ownership programs are a great resource for first time home buyers looking for some financial help. Read on to learn everything you need to know about the best grants for first time home buyers!

Best Home Ownership Programs

There are tons of ways to get mortgage help these days including low-income home loans, first time home buyer grants, and other unique mortgage programs. Here are the best ones for first time home buyers.

USDA

If you’re looking to buy a home in a rural area, consider the not commonly known U.S. Department of Agriculture homebuyer assistance program. Many think that to qualify for this grant you need to purchase a farm, but in reality, it only requires buying in a rural area.

The loan is guaranteed by the USDA and doesn’t require any down payments. The loan payments are even fixed, and you can still qualify with a 640 or below as your credit score.

The process will move faster for those with a 640 or above, however, since you won’t be required to provide any extra documents about your financial history.

Check out your eligibility here.

Good Neighbor Next Door

The Good Neighbor Next Door assistance program was created in order to provide aid for firefighters, emergency medical technicians, law enforcement officers, and pre-K through 12th-grade educators.

It’s a pretty amazing program. Those who fall under these categories are eligible for up to 50% off a home’s listing price in “revitalization areas.”

You have to commit to living in the home for at least 36 months, but that’s a small price to pay for such a great deal. Check out their website to find qualifying properties in your area.

The Energy Efficient Mortgage Program

If you plan on adding energy-efficient features to your home, check out the Energy Efficient Mortgage Program, commonly known as the EEM or “green” loan.

It’s designed to enable you to make your home more energy efficient to help aid federal efforts to reduce global emissions. Some states, like California, are beginning to require all new homes to be built with solar energy, so it’s smart to jump on this mortgage program now.

If you’re approved for this mortgage, you’ll be able to make a significantly smaller down payment. The cost will be built into your primary loan instead.

Check out the EEM loan’s website for a list of qualifying home improvements.

Buying Your First Home

Now that you’ve read up on all the best home ownership programs out there today, you should be able to go forth with confidence into your new home-buying adventure!

Still feeling confused about the whole process? Get in touch. We’re always happy to answer questions and talk shop!