Buying a home for the first time is no easy feat—even with the help of professionals at Haitian Realty, you may have questions about financing. When it comes to affording your first home, some programs and grants can make it a lot easier.

This article looks at some tools and resources you can use to help buy your first home!

Government Programs

There are a variety of programs that can assist first-time home buyers, with a couple more currently being considered by Congress.

Here’s a look at active first-time homebuyer programs and first-time homebuyer grants, and how they can help.

FHA Loans

FHA loans are a first-time home buyer program that can provide down payment assistance. After finding an approved lender, you can close a deal on a home with a down payment as low as 3.5%.

To qualify for a first-time home buyer, you must:

• Have a credit score of 580+ for a 3.5% down payment.
• Have a credit score of 500 – 579 for 10% down payment.
• Debt-to-income ratio below 43%.
• Be employed and have a consistent income.
• Purchase the home as your main residence.
• Sign up for mortgage insurance.

VA Loans

Military veterans or active duty can qualify for a first-time home buyer grant of up to $806,500 in most cities/states—but veterans with full entitlement may qualify for more. You also won’t need to come up with a down payment if you have full entitlement, and it doesn’t require Private Mortgage Insurance (PMI) to get.

If you’re applying for a VA loan, you’ll need to:

• Apply for a Certificate of Eligibility (COE).
• Find a lender that’s approved by the VA.
• Pay a VA funding fee.
• Meet certain credit requirements (which vary by lender).

National Homebuyers Fund, Inc. (NHF)

The NHF is a program that you can use when buying a home in most states, which offers both down payment assistance and forgivable loans. The National Homebuyers Fund, Inc., has more lenient qualifications than similar programs, making it a great choice for middle-income home buyers. However, this program does require a credit score above 640 and a 45% debt-to-income ratio.

Private Programs

The Federal and local governments aren’t the only options for first-time home buyers down payments and home mortgages. Private financial institutions offer many different programs and grants that can make it much easier to afford a home.

Here’s a look at some private programs that can make it more affordable to own your first property.

Rocket Mortgage ONE+

Rocket Mortgage ONE+ is a unique program that allows first-time home buyers looking for their primary residence to put down a 1% down payment on their first home. Rocket covers the other 2% of a minimum down payment, making it easier for buyers to make the initial payment. You’ll need to meet their conditions, which include a minimum credit score of 620, a 50% debt-to-income ratio, and a few others you can find here.

New American Funding

New American Funding has great resources for first-time home buyers, and its own program, as well. The mortgage lender will give $6,000 to first-time home buyers in 2025, which they can even use with other programs and grants. The money doesn’t need to be paid back and can be used for anything from down payments to unexpected costs.

Contact Your Bank

From small to large banks, there are many different private programs out there. At Haitian Realty, we can connect you with your local bank to see what first-time home buyer mortgage and down payment assistance programs they offer.

Find Out if You Qualify for a Program or Grant

The first step towards owning a home is financing—and these programs can help you take a step in the right direction. Haitian Realty is committed to helping you find your first home, and our team is happy to answer questions about eligibility and which programs are best for you!