Chapter 5: First-Time Buyer Programs, Money That May Be Yours

Chapter 5: First-Time Buyer Programs, Money That May Be Yours

A Scene from Real Life

A family saved $12,000 and stopped. A counselor asked: “Did you check the state program?” Two months later they got a $10,000 grant and bought the house. The money was there all along.

State Housing Finance Agencies

Every state has one: MassHousing, SONYMA (NY), CalHFA. Find yours: Google your state + “housing finance agency” or visit HUD.gov.

They offer: below-market loans, down-payment grants, closing-cost help, free education courses.

Other Programs

• Good Neighbor Next Door (HUD): 50% off for teachers, police, firefighters. HUD.gov.
• Employer programs: ask HR.
• Local nonprofits: free counseling (HUD.gov “housing counseling agency”).

How to Apply

• Check eligibility on your state agency’s site.
• Complete the buyer education course (certificate valid 1 year).
• Choose a program-approved lender.
• Apply in parallel with the mortgage.
• Follow up yourself — programs can take 4-8 weeks.

Action Steps

• Find your state’s agency and join its mailing list.
• Enroll in a HUD-approved course.
• Do not assume you’re ineligible — many cover moderate incomes.

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