2014 First Time Home Buyer Programs

There are many programs in place for various kinds of first time home buyers. These programs help those who are ready to enter homeownership, but could use some assistance because they have only a small amount of savings built up for their down payment.

The most popular first time home buyer program as of 2014 is still the FHA (Federal Housing Administration) loan with First-Time Home Buyer education. This program teaches homeowners what they need to know to manage their finances and take ownership of their first home. Those who take this educational course are given a certificate of completion that entitles them to savings on FHA mortgage insurance as well as the lower down payments that FHA loans offer. First time home buyer loans can also offer lower interest rates and fees, as well as being easier to qualify for.

Aside from federal first time home buyer programs, many states offer their own local home buying programs. Anyone interested in becoming a home owner for the first time should check out what options are available in his or her local area. Free pre-purchase housing counseling from a HUD-approved counseling agency can help make this task much easier.

Other 2014 first time home buyer programs

  • The U.S. Department of Veterans Affairs offers help with VA Home Loans for qualifying servicemembers, veterans, and surviving spouses.
  • The USDA (United States Department of Agriculture) offers a Rural Development Guaranteed Loan Program for home buyers in specific locations. Qualifying loans in this category are offered with no down payment.
  • Some large cities have their own local first time home buyer programs in addition to Federal and state programs. We urge anyone interested in these options to seek free counseling to be sure they are aware of all of their options.

Our pre-purchase counseling can help more than just first time home buyers. If you’ve previously lost your home to foreclosure or had to give up your home to a short sale or deed in lieu of foreclosure, there are programs that can help you. Get started today for free counseling and advice.