Ready to buy your first home? Our smart loan matcher can help pair you with the ideal lender and program—federal, state, or both.
Buying your first home can feel overwhelming—but it doesn’t have to be. One of the most powerful tools for new buyers is tapping into first-time homebuyer loan programs available in your state. These programs often come with low down payments, favorable interest rates, and even grants or forgivable loans.
Let’s explore national loan options and top programs offered by individual states.
National First-Time Buyer Loan Options
Before diving into state-specific programs, it’s essential to know the key nationwide loan options that most states layer their benefits onto:
- FHA Loans: Backed by the Federal Housing Administration, these loans require just 3.5% down and are ideal for buyers with lower credit scores.
- USDA Loans: Available in rural areas, these offer 100% financing and low interest rates.
- VA Loans: If you’re a veteran or active military, this zero-down loan with no mortgage insurance is unbeatable.
- Conventional 30-Year: Good credit? You may qualify for 3% down and lower PMI with this standard option.
🛠 Pro Tip: Use our Loan Comparison Calculator to evaluate which program best suits your financial profile.
Top State-Specific First-Time Buyer Programs
Many states offer down payment assistance (DPA) or affordable first-time homebuyer loan options. Here’s a preview of what some states offer:
California
- CalHFA First Mortgage + MyHome Assistance Program: Offers up to 3.5% in down payment or closing cost assistance.
- Combine with an FHA loan for a low-cost path to ownership.
Texas
- My First Texas Home (MFTH): Down payment and closing cost assistance with fixed low interest FHA, VA, and USDA loans.
Florida
- Florida HFA Preferred + Plus: Offers up to 3%–5% in forgivable loans to cover your down payment or closing costs.
Ohio
- Your Choice! DPA Program: Provides up to 5% of the home’s value as down payment assistance, forgivable after 7 years.
Georgia
- Georgia Dream Homeownership Program: Offers affordable financing plus $5,000 in down payment assistance for most, and up to $7,500 for community heroes like teachers and police officers.
💡 Want to dig deeper into your state? Scroll down to our A–Z state guide or contact us to get personalized help.
How to Compare Loan Options
Not sure which program is right for you? Start by:
- Checking your mortgage affordability
- Comparing FHA vs. conventional with our loan comparison tool
- Reading our guide: FHA vs. Conventional Loans
Understanding the pros and cons of each loan type can save you thousands over the life of your mortgage.
Get Matched With the Perfect Loan
Ready to buy your first home? Our smart loan matcher can help pair you with the ideal lender and program—federal, state, or both.
Tools and Resources to Get Started
📊 Use These Tools:
📘 Helpful Guides:
FAQs
What qualifies me as a first-time buyer?
You’re considered a first-time buyer if you haven’t owned a home in the last three years.
Can I combine state programs with FHA loans?
Yes! Most state DPA programs are designed to work with FHA loans.
Is a conventional loan better than FHA?
It depends—compare both using our loan comparison guide.
Our advice is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.