It’s a well-known fact that there are many incentive programs available today for first-time homebuyers. But did you know that there are also programs that are geared specifically towards military members and Veterans? And we’re not just talking about VA loans! There are both national and state-specific programs that are specially designed to help service members and Veterans fulfill their dreams of homeownership. Below, we’ve discussed these in detail.
List of First-Time Buyer Programs for Service Members & Veterans
From free homebuyer representation to down payment assistance, first-time buyer programs offer numerous incentives for military members and Veterans. If you’re a current or former service member and are thinking about buying your first home, we recommend looking at the following options:
- Alaska State Veterans Interest Rate Preference Program – This program is designed for Veterans in Alaska. The program allows qualifying individuals to receive a 1% interest rate deduction on the first $50,000 of their home loan. Loans exceeding $50,000 receive a blended interest rate rounded up to the next 0.125%.
- CHFA Military Homeownership Program: This program is offered by the Connecticut Housing Finance Authority. Qualifying military members and Veterans in Connecticut may be able to receive down payment assistance and a reduction on their mortgage interest rate.
- Florida Housing Military Heroes Program: This program is available to qualifying military members and Veterans in certain counties in Florida. Those who qualify may be able to receive closing cost assistance, down payment assistance, and/or an interest rate deduction.
- Homes for Texas Heroes: Here is a great program offered by the Texas State Affordable Housing Corporation. Qualifying individuals may be able to receive down payment assistance in the form of a grant or a deferred forgivable second lien loan (which only needs to be repaid if you sell or refinance within three years).
- Washington State Veterans Down Payment Assistance Loan Program: Veterans in the state of Washington may be able to receive down payment assistance in the form of a second mortgage loan program with a 3% interest rate and payments deferred for up to 30 years through this program.
Get More Info on First-Time Homebuyer Programs
Looking for more information on first-time buyer programs for service members and Veterans? We’d love to help! Call our office today to get in touch!
