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First Time Home Buyer Programs by State<\/a><\/li>
What are First Time Home Buyer Programs?<\/a><\/li>
Alabama First Time Home Buyer Programs<\/a>
- Step Up Alabama Down Payment Assistance<\/a><\/li>
- Mortgage Credit Certificate (MCC)<\/a><\/li><\/ul><\/li>
- Alaska First Time Home Buyer Programs<\/a>
  - AHFC HomeChoice Down Payment Assistance<\/a><\/li>
  - Senior Citizens Housing Development Fund (SCHDF)<\/a><\/li>
  - Homebuyer Education<\/a><\/li><\/ul><\/li>
  - Arizona First Time Home Buyer Programs<\/a>
    - Homes for Arizonans Homebuyer Assistance<\/a><\/li>
    - MCC Advantage<\/a><\/li><\/ul><\/li>
    - Arkansas First Time Home Buyer Programs<\/a>
      - Arkansas Dream Down Payment Initiative<\/a><\/li>
      - MCC Partnership<\/a><\/li><\/ul><\/li>
      - California First Time Home Buyer Programs<\/a>
        CalHFA Mortgage Credit Certificate (MCC) Program<\/a><\/li>
        My Home Assistance Program<\/a><\/li>
        School Staff Down Payment Assistance Program<\/a><\/li><\/ul><\/li>
        Colorado First Time Home Buyer Programs<\/a>
        CHFA Advantage Mortgage Credit Certificate (MCC)<\/a><\/li>
        CHFA SmartStep<\/a><\/li>
        MetroDownpayment Assistance (MDA)<\/a><\/li><\/ul><\/li>
        Connecticut First Time Home Buyer Programs<\/a>
        Downpayment Assistance Program<\/a><\/li>
        Mortgage Credit Certificate (MCC)<\/a><\/li><\/ul><\/li>
        Delaware First Time Home Buyer Programs<\/a>
        Second Mortgage Assistance Loan (SMAL)<\/a><\/li>
        Delaware First-Time Homebuyer Tax Credit<\/a><\/li><\/ul><\/li>
        Florida First Time Home Buyer Programs<\/a>
        Florida Assist<\/a><\/li>
        Homeownership Pool (HOP)<\/a><\/li>
        Homebuyer Loan Program<\/a><\/li><\/ul><\/li>
        Georgia First Time Home Buyer Programs<\/a>
        Down Payment Assistance (DPA)<\/a><\/li>
        Georgia Dream Second Mortgage<\/a><\/li><\/ul><\/li>
        Hawaii First Time Home Buyer Programs<\/a>
        Hula Mae Down Payment Loan<\/a><\/li>
        Mortgage Credit Certificate<\/a><\/li><\/ul><\/li>
        Idaho First Time Home Buyer Programs<\/a><\/li>
        Illinois First Time Home Buyer Programs<\/a>
        IHDA Down Payment Assistance<\/a><\/li>
        Illinois Affordable Housing Tax Credit<\/a><\/li><\/ul><\/li>
        Indiana First Time Home Buyer Programs<\/a>
        First Home Ownership Program<\/a><\/li>
        Mortgage Credit Certificate (MCC)<\/a><\/li><\/ul><\/li>
        Iowa First Time Home Buyer Programs<\/a>
        FirstHome Plus<\/a><\/li>
        FirstHome Advantage<\/a><\/li>
        First Home Affordable<\/a><\/li><\/ul><\/li>
        Kansas First Time Home Buyer Programs<\/a>
        Kansas Homeownership Opportunities Program<\/a><\/li>
        Mortgage Credit Certificate (MCC) Program<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n
        <\/span>First Time Home Buyer Programs by State<\/span><\/h2>\n
        $\"First$
        First Time Home Buyer Programs by state<\/p><\/div>\n
        Buying your first home is an exciting milestone in life. It represents independence, stability and a chance to put down roots in a community you love. But the process of purchasing real estate for the first time can also be daunting, especially when it comes to securing financing. That’s where first time home buyer programs can help!<\/p>\n
        <\/span>What are First Time Home Buyer Programs?<\/span><\/h2>\n
        First time home buyer<\/a> (FTHB) programs are special programs offered by federal, state and local governments, as well as private lenders, to help make buying a home more affordable for qualifying first time purchasers. These programs offer various types of assistance, such as:<\/p>\n
        \n
        Down payment assistance<\/strong>\u00a0– Programs that provide grants, forgivable loans or matching funds to help with your down payment and closing costs. This allows you to buy a home with less money out of pocket.<\/li>\n
        Reduced interest rates<\/strong>\u00a0– State and local housing agencies partner with lenders to offer below-market interest rates on home loans for first time buyers. This results in lower monthly mortgage payments.<\/li>\n
        Tax credits<\/strong>\u00a0– Some programs provide federal income tax credits up to $2,000 – $8,000 to help offset the cost of buying your first home. Credits are applied when you file your tax return.<\/li>\n
        Reduced PMI<\/strong>\u00a0– Private mortgage insurance (PMI) is typically required when you put less than 20% down. Some programs help first time buyers reduce or eliminate PMI.<\/li>\n
        Decreased insurance premiums<\/strong>\u00a0– Certain state and local programs help first time home buyers receive discounts on homeowners insurance rates.<\/li>\n
        Homebuyer education<\/strong>\u00a0– Many programs require completing a homebuyer education course. This helps equip you with skills for sustainable homeownership. Some programs then provide a certificate which qualifies you for grants or other perks.<\/li>\n<\/ul>\n
        The great news is that every state offers first time home buyer assistance programs to residents! The specifics vary widely, but taking advantage of these opportunities can make financing your first home much more feasible.<\/p>\n
        Below we will explore FTHB programs available in each state and how to determine if you qualify.<\/p>\n
        <\/span>Alabama First Time Home Buyer Programs<\/span><\/h2>\n
        The Alabama Housing Finance Authority offers two key programs to support first time buyers in the state:<\/p>\n
        <\/span>Step Up Alabama Down Payment Assistance<\/span><\/h3>\n
        This statewide program provides a 30 year, fixed rate mortgage along with down payment<\/a> and closing cost assistance. Qualified borrowers receive a 5% grant based on the loan amount. For example, if you purchase a $100,000 home, you would get $5,000 in down payment help.<\/p>\n
        To qualify, home buyers must:<\/p>\n
        \n
        Be first time buyers who have not owned a home in the past 3 years<\/li>\n
        Meet income limits by county and household size<\/li>\n
        Occupy the home as your full-time primary residence<\/li>\n
        Have a credit score of at least 640<\/li>\n
        Complete a pre-purchase homebuyer education course<\/li>\n<\/ul>\n
        <\/span>Mortgage Credit Certificate (MCC)<\/span><\/h3>\n
        Alabama’s MCC provides an annual federal income tax credit up to $2,000 on your mortgage interest. The credit essentially reduces your tax bill, so your refund is larger. MCC credits can be claimed each year you occupy the home.<\/p>\n
        To qualify, home buyers must:<\/p>