Owning a home is the American dream. But for many, that dream would not be possible if it weren’t for new homebuyer programs. New buyer programs help disadvantaged homeowners who have never previously bought a home get started with their homeownership journey. Usually, these programs are aimed at reducing some of the costs associated with a home purchase. Others aim to provide resources for new buyers in order to make the process easier and less confusing.
While you’re probably aware of some of the major new homebuyer programs, there are also some you probably don’t know about. Below, we’ve described them in detail.
Buyer Programs Most New Homebuyers Aren’t Aware of
You’ve heard all about new homebuyer programs like FHA loans and similar options. But what about the lesser-known ones? Here are some new homebuyer programs you may not know about:
Good Neighbor Next Door
Good Neighbor Next Door is a program that helps law enforcement officers, teachers, firefighters, and emergency medical professionals become homeowners. Through this program, qualifying individuals can purchase a home in a revitalization area at a considerably discounted price. In order to qualify, homeowners must agree to live in the property for at least 36 months and meet the program’s requirements.
HUD’s Dollar Homes
Dollar Homes is a program operated by the U.S. Department of Housing and Urban Development that aims to make homeownership affordable for low to moderate-income families. Local governments can purchase foreclosure homes that have been bought by the Federal Housing Administration for just one dollar plus closing costs. Buyers can then fix up the homes and resell them to members of their community who have low to moderate income. To see a list of available properties, visit HUD Homes.
HomePath Ready Buyer
HomePath is a first-time homebuyer program operated by Fannie Mae. The program strives to provide useful education to new homebuyers while also making homeownership more affordable. Qualifying participants can enroll in a homebuyer education class and gain access to Fannie Mae’s list of HomePath properties.
Native American Direct Loans
The Native American Direct Loan program is a program offered by the VA. It’s meant solely for Native American Veterans and individuals married to Native American Veterans. Qualifying participants can use Native American Direct Loans to buy, build, or improve a home on federal trust land.
Talk to an Expert About New Homebuyer Programs
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