All loan programs
Quick answer
- Who it may fit
- First-time buyers, and in some programs buyers who have not owned recently
- Down payment
- Cash to close depends on the program, the property and your file — we quote your scenario before you apply.
- Main benefit
- May reduce the cash needed at closing
- Main tradeoff
- Eligibility rules, income limits and funding availability vary and change
A wide range of housing finance agencies, municipalities and lender-sponsored programs offer help with down payment and closing costs. Availability, structure and eligibility differ by state, county and program, and funding can open and close during the year — so this is a conversation to have early.
- First-time buyers, and in some programs buyers who have not owned recently
- Households whose income falls within a program's published limits
- Buyers in specific areas or professions targeted by a program
- May reduce the cash needed at closing
- Some assistance is structured as a second lien that may be forgiven over time, depending on program rules
- Often pairs with conventional or government first mortgages
- Eligibility rules, income limits and funding availability vary and change
- Some programs add a repayment obligation or a recapture provision
- Homebuyer education may be required
- Program participation can affect the first-mortgage pricing and the timeline
These are the factors an underwriter typically reviews. They are not a checklist of requirements, and meeting them does not guarantee eligibility or approval.
- Income within the specific program's limits
- First-time buyer status, where the program requires it
- Credit and qualifying standards for both the assistance and the first mortgage
- An eligible property in an eligible location
- Completion of homebuyer education, where required
All loans are subject to credit, income, property and underwriting approval. Nothing on this page is a loan offer, an approval, a rate lock or a commitment to lend. Programs, rates and terms are subject to change without notice.