Are there specific programs for first-time homebuyers that help with the down payment?

There used to be a federal nationwide program years ago and many people still believe it exists. That was only during the downturn of the economy after the housing crisis. For your particular area, there are a few programs available for down payment assistance. Key options include the NIFA Homebuyer Assistance Program, which offers low-interest mortgages and down payment assistance, and the Bridges to Homeownership Program from the Omaha Housing Authority for qualified individuals. Best of luck

Yes, and most first-time buyers underestimate how many exist. State and local programs usually beat the generic federal options because they stack with FHA or conventional loans. In Florida, the Hometown Heroes program is the big one. If you work in public service, healthcare, education, or any of the qualifying professions on the state list, you can get up to 5% of the loan amount (capped around $35,000) as a 0% second mortgage toward down payment and closing costs. The Florida Housing Finance Corporation also runs a first-time buyer bond program with below-market rates and up to $10,000 in down payment assistance. Both require you to use an approved participating lender. We closed a Hometown Heroes deal in Hernando County last quarter where the buyer walked in with about $4,000 out of pocket on a $280,000 home. That is a very different math than trying to save $56,000 for 20% down. Start by asking a local lender which programs your income qualifies for. They will know the current layering rules better than a national 1-800 line. -- Kevin Neely & Kaitlynd Robbins | K2 Sells

You don’t need 20 percent down to buy a home, and that’s where a lot of these programs come in. There are grants and assistance programs that can help cover part of your down payment or closing costs. Some don’t need to be paid back, others are structured as low or deferred loans. It really depends on your income, where you’re buying, and the price range. The hard part is they’re not easy to find on your own. A lot of them are tied to specific lenders or local programs, so you won’t see everything just by searching online. The best step is to connect with a lender who regularly works with first-time buyers and ask them to check all available options for you. That’s usually when people realize they can get in much sooner than they thought.

Marcia there are different programs and opportunities nationally and locally. I would recommend that you find a top rated real estate professional and lender and have them help you find the best program that will work for your individual situation.

Start with local banks and credit unions, they usually know these programs best and can tell you quickly what you actually qualify for. Also connect with an experienced agent. We know which lenders actually use these grants and which ones don’t. In our market, there are quite a few options. Some are income-based, some are location-specific, and some are tied to community involvement or volunteering. Bottom line, skip the online rabbit hole. Talk to a local lender and agent and get real answers based on your situation.

Yes, the Oklahoma housing finance agency(OHFA) is one of the primary sources of down payment assistance programs. Any local lender will be able to assist as long as the assistance is still available.