First Time Home Buyer
- Grant options available: a 3.5% grant and a 2% grant
- The 3.5% grant** offers a true “no money down solution” with up to an additional 3% toward closing costs
- If you have borrowers who do not need the “no money down” solution, you can offer a lower interest rate†
- No repayment required
- No need for a second lien on the property
- May be combined with up to 6% seller concession for closing costs
- Minimum qualifying credit score
- Can be used with the FHA 203(b) program or any of our FHA renovation programs, as well as the FHA One-Time Close program
- Program has expanded to include eligible properties located in an underserved census tract:Underserved Census Tract Look-Up Tool
