Southern Trust: First Time Homebuyer Grants and Programs

Dated: March 21 2024

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The Assist: Don’t Miss These First-Time Homebuyer Grants and Programs

Congratulations on deciding to step onto the homeownership court! As you gear up for this exciting journey, remember that finding the right loan is just as important as finding the perfect home. Luckily, there are plenty of grants and programs available at Southern Trust Mortgage to help you with down payments, closing costs, and other expenses associated with buying a home.

  1. Federal Housing Administration (FHA) Loans:

Think of FHA loans as your MVP in the game of homeownership. With their low down payment requirements and flexible eligibility criteria, they make scoring your dream home easier with as little as a 3.5% down payment.

  1. Fannie Mae and Freddie Mac HomeReady and Home Possible Programs:

These programs are like your star players, designed to assist low-to-moderate-income borrowers in making their homeownership dreams a reality. With low down payments and flexible credit requirements, they're a winning choice for many first-time buyers.

  1. State and Local First-Time Homebuyer Assistance Programs:

Your home team—the state and local governments—offer a variety of assistance programs, including grants and down payment assistance, tailored to help you navigate the homebuying process successfully. Don't forget to check with your state housing agency or local housing authority for available programs in your area.

  1. USDA Rural Development Loans:

Just like a fast break down the court, USDA Rural Development loans offer 100% financing for eligible homebuyers in rural and suburban areas. With competitive interest rates and flexible credit requirements, they're a slam dunk for many first-time buyers.

  1. FHLB Program for First-Time Homebuyers

This is a great opportunity for first-time homebuyers! Also, if you're a repeat buyer and employed as a Community Partner—like a police officer, teacher, firefighter, paramedic, or veteran—you could qualify for up to $15,000 towards closing costs and/or down payment. Don't wait—these funds are limited!

With so many options available, it's essential to consult with a professional to choose the right program for you. Since 1998, the loan experts at Southern Trust Mortgage have been helping buyers find their dream homes. Contact us today and let us help make home happen for you! Just like in basketball, with the right team by your side, victory is within reach.

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Administrative Assistant

I am the administrative assistant at NextHome Tidewater Realty.  I am the one that runs the office behind the scenes.....

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