State Homebuyer Programs
Many states offer programs to make homeownership more affordable. Our team is here to help you take full advantage.
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Take advantage of state homebuyer programs
Every U.S. state runs special programs designed to make homeownership more affordable. These programs can offer low interest rates, help cover your down payment, assist with closing costs, or even put cash back in your pocket at tax time.
The catch? Most buyers never find out about them.
At First Heritage Mortgage, we’re experts in state homebuyer programs, including state bond programs, down payment assistance (DPA), and mortgage credit certificates (MCCs). We’ll help you figure out what’s available in your state, whether you qualify, and how to put these programs to work for you.
What These Programs Can Do for You
State homebuyer programs offer a range of benefits. Many can be combined to maximize your savings.
- Take advantage of lower interest rates. Many state bond programs offer below-market mortgage rates that can save you thousands over the life of your loan.
- Cover your down payment. Down payment assistance programs can provide thousands of dollars, sometimes fully forgivable, so you don’t have to wait years to save up.
- Help with closing costs. Some programs offer grants or deferred loans to cover the upfront costs of buying.
- Reduce your tax bill. Mortgage Credit Certificates (MCCs) let eligible buyers claim a federal tax credit each year based on the mortgage interest they pay.
- Stack your benefits. In many cases, these programs can be layered on top of FHA, VA, USDA, or conventional loans to give you more help than any single program offers alone.
More About State Homebuyer Programs
State homebuyer programs, sometimes called state bond programs, are run by each state’s Housing Finance Agency (HFA). These agencies raise funds by issuing tax-exempt bonds, then use the proceeds to offer below-market mortgage rates and financial assistance to qualifying buyers. Think of it as your state putting its financial weight behind homeownership, and then passing the savings directly to you.
That’s one of the most common comments we hear. These programs aren’t heavily advertised, and not every lender is set up to offer them. Many buyers only discover state bond programs by accident, or by working with a lender who knows to ask. Because First Heritage Mortgage is an approved participating lender in multiple states, we’re one of the few places where you can access these programs and have an expert guide you through them.
Eligibility varies by state and program, but many programs are designed for:
- First-time homebuyers, which often includes anyone who hasn’t owned a home in the past three years
- Buyers within certain income limits, often up to 115% of the area median income, which includes middle-income households
- Buyers purchasing a primary residence, which means the home you’ll actually live in
- Repeat buyers in some states, particularly those purchasing in targeted areas
You may be closer to qualifying than you think. The only way to know for sure is to talk with one of our loan officers.
Let’s find out what you qualify for
Work with our team to find out if you’re eligible to take advantage of a state bond program. We know these programs inside and out, and we’ll take the guesswork out of the process.
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THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENTAL AGENCY, AND THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE GOVERNMENT.