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Bankrate's First-Time Homebuyer Loan Programs by State

 A first-time homebuyer loan allows a buyer with a low or mid-range income and limited savings to finance a home purchase. Typically, these types of loans come with a below-market rate and sometimes lower mortgage insurance premiums. You can often pair them with a down payment and closing cost assistance, so they’re ideal if you don’t have the means to put a substantial amount of money down on a home.

Many first-time homebuyer loan programs only require that you haven’t owned a home in the last three years, not that you’re a true first-time buyer. Often, all it takes to qualify is an acceptable credit score and income level (determined by program), the completion of a homebuyer class, and a contribution of some of your own funds to the purchase. Many mortgage lenders offer first-time homebuyer loans, sometimes through partnerships with a state housing finance agency, or HFA. Here are these first-time homebuyer loan programs by state.

Click here to access Bankrate's Loan Program by State locator>>>