Learn About the Best First-Time Homeownership Grants In Individual States

First time home buyer grants can assist new home buyers with the purchase of a home. These programs provide invaluable assistance to low- and moderate-income families and promote homeownership.

While there are a few notable grant and loan programs offered on a national level, the most notable programs are offered by state and local governments and nonprofits. 

By learning more about first time home buyer grants in your state, you will have a greater opportunity to apply for a grant that you may qualify for to help you get in the home of your dreams.

Like all grant programs, each type of grant will include specific eligibility requirements that you must meet to receive financial aid.

The expenses that the grant may be applied to will also vary by program but could include costs related to closing, down payments, home purchase amounts and more. 

What are the Best First Time Home Buyer Grants in Texas?

You can apply for first time home buyer grants in Texas through the Texas State Affordable Housing Corporation (TSAHC). TSAHC provides: 

  • Mortgage loans. 
  • Mortgage credit certificates for qualifying first-time buyers. 
  • Down-payment assistance grants. 

While TSAHC grants are generally only provided to first-time homebuyers, this eligibility requirement is waived for U.S. veterans who have been honorably discharged from military services. Additionally, homebuyers must typically meet qualifications such as: 

  • A minimum credit score requirement of 620. 
  • Income and loan requirements. 
  • Purchase price limits. 
  • Property type restrictions. 

TSAHC first time home buyer grants and loans can generally only be used to purchase a Texas single-family home or single-unit condominium.

However, in some cases, manufactured homes or duplexes may be allowed. Any home that you wish to purchase must not exceed the purchase price limit for the program. 

To qualify for a mortgage and down-payment grant, you must typically either meet income-based requirements or you must meet career-based qualifications. The Homes for Texas Heroes Home Loan Program is only available to: 

  • Teachers.
  • Firefighters.
  • EMS personnel. 
  • Law enforcement. 
  • Correctional officers.
  • Veterans. 

Loans are provided on a 30-year fixed interest rate. Down payment assistance is provided as a grant or a repayable second lien loan depending on applicant eligibility.

Depending on your qualifications, you could receive a down payment assistance amount of up to six percent of your loan amount.  

What are the Best First Time Home Buyer Grants in NY?

One of the best first time home buyer grants in NY is offered by the State of New York Mortgage Agency (SONYMA). This mortgage and grant program provides several benefits, including:

  • No credit score requirement for mortgage programs. 
  • Down payment assistance is available. 

SONYMA is typically only available to first-time home buyers. However, this eligibility requirement is waived if: 

  • You are a U.S. veteran who was discharged honorably. 
  • You are purchasing a home in a federally designated “target area” that is at an economic disadvantage. 

To qualify for mortgages and first time home buyer grants in NY, you must meet certain qualifications, including: 

  • Have a minimum of three lines of credit that have been active for a minimum of 18 months within the past 24 months that have all been consistently paid on time. 
  • Meet income limits that are county-imposed and based upon the purchase price of a home. 
  • Stable employment history of a minimum of two years. 
  • Attend an educational course for homebuyers. 

What are the Best First Time Home Buyer Grants in Illinois?

You may be eligible for first time home buyer grants in Illinois through the Illinois Housing Development Authority (IHDA). Grants and loan programs are available to residents of Illinois what meet eligibility requirements. 

Grants may be used towards a number of home buying expenses, including closing costs and down payments. IHDA features several attractive benefits, including: 

  • Grants that may be applied to closing costs or down payments. 
  • Loan programs that do not need to be repaid. 
  • Government-backed loan availability. 
  • 30-year fixed-rate loans available to those who qualify. 
  • Additional incentives for buyers who would like to purchase in a redevelopment area. 

To qualify for IDHA, you must: 

  • Have a credit score of 640 or higher. 
  • Have the ability to consistently make monthly payments.
  • Meet county and purchase price limits determined by the county. 
  • Contribute at least $1,000 or one percent towards the purchase price of a home, whichever is greater. 
  • Live in the home you purchase as your primary residence. 
  • Complete homeownership counseling. 

What are the Best First Time Home Buyer Grants in Colorado?

Some of the best first time home buyer grants in Colorado are offered through the Colorado Housing and Finance Authority (CHFA).

CHFA provides loan programs as well as financial assistance and grants to those who qualify. CHFA provides benefits such as: 

  • Tax credits. 
  • Financial assistance towards a down payment and closing costs. 
  • Unique programs for Section 8 renters and persons with disabilities. 
  • A variety of options for low-cost or no mortgage insurance loans. 

To be eligible to receive a loan or grant from CHFA, you must meet specific eligibility requirements for the program: 

  • A minimum credit score of 620 on average. 
  • Must complete a homebuyer education course. 
  • Meet income limits that are based upon county and household size. 
  • For most loan types, you must be able to contribute a minimal down payment amount. 

What are the Best First Time Home Buyer Grants in Florida?

Florida Housing offers first time home buyer grants in Florida for those who qualify as well as attractive mortgage options for first-time buyers.

While most applicants must be a first-time home buyer to qualify, this requirement is waived for active U.S. military and honorably discharged veterans. Florida Housing features an array of benefits, including: 

  • Competitive 30-year fixed-rate mortgages.
  • Interest tax credits. 
  • Florida Housing mortgages can be combined with assistance programs for down payment and closing cost expenses. 

To qualify for first time home buyer grants in Florida, you must be purchasing a home within the state and intending to occupy that home as your primary residence. You must also meet the following qualifications: 

  • Income-based requirements. 
  • Credit-based requirements. 
  • Purchase price requirements. 
  • Attend a homebuyer education course. 

What are the Best First Time Home Buyer Grants in PA?

You may qualify for a loan or for first time home buyer grants in PA through the Pennsylvania Housing Finance Agency (PHFA).

The PHFA offers several mortgage programs as well as financial assistance to those who qualify. PHFA features several benefits, including: 

  • Assistance with closing cost and down payment expenses. 
  • Additional programs for disabled borrowers. 
  • Tax credits. 
  • Attractive 30-year fixed-interest loans. 
  • Employer-assisted housing through participating employers. 

To be eligible for assistance, you must meet certain qualifications, including: 

  • Income and asset limits. 
  • Purchase price limits based upon county limits. 
  • Debt-to-income ratio requirements. 
  • Credit score requirements. 
  • The completion of home buyer education (waived if your credit score is at least 640).