State-by-State Guide to Home Loan Grants and Incentives

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Owning a home is a dream for many Americans, but the cost of purchasing a house can be a significant barrier for some. Fortunately, there are various home loan grants and incentives available at the state level to help make homeownership more attainable. These programs can provide financial assistance, tax credits, and other incentives to help individuals and families purchase their own homes. In this State-by-State guide, we will explore some of the key home loan grants and incentives available across the United States.

California

CalHFA MyHome Assistance Program

The CalHFA MyHome Assistance Program offers a deferred-payment junior loan of up to 3.5% of the purchase price or appraised value, whichever is less, to assist with the down payment or closing costs. This program is available to first-time homebuyers in California and can be combined with a CalHFA first mortgage loan.

Texas

Texas State Affordable Housing Corporation (TSAHC)

TSAHC offers a variety of home loan programs for Texas residents, including down payment assistance grants, mortgage credit certificates, and home buyer education. The down payment assistance grants can be up to 5% of the loan amount and do not have to be repaid.

Florida

Florida Housing Finance Corporation (FHFC)

FHFC offers the Florida Assist program, which provides up to $7,500 in down payment and closing cost assistance to qualified first-time homebuyers in the state. This program is available in all 67 counties in Florida and can be combined with the FHFC first mortgage program.

New York

SONYMA

The State of New York Mortgage Agency (SONYMA) offers various home loan programs for first-time homebuyers in New York, including down payment assistance grants, low-interest mortgages, and mortgage credit certificates. The down payment assistance grants can be up to 3% of the home purchase price.

Illinois

Illinois Housing Development Authority (IHDA)

IHDA offers the 1stHomeIllinois program, which provides $7,500 in down payment assistance to first-time homebuyers in Illinois. This program can be combined with a variety of loan options, including FHA, VA, USDA, and conventional loans.

Conclusion

These are just a few examples of the many home loan grants and incentives available at the state level across the country. Before purchasing a home, be sure to research the programs available in your state and see if you qualify for any assistance. Homeownership may be more achievable than you think with the help of these valuable programs.

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