First-Time Homebuyer Programs — Down Payment Help in Every State We Serve
Down payment assistance, below-market rates, and tax credits for first-time buyers aren't marketing gimmicks — they're real programs funded by state housing finance agencies and the federal government. Billions of dollars go unclaimed every year because buyers don't know they qualify. Here's what's available in every state HCMG serves.
Who Counts as a First-Time Buyer?
The definition is more forgiving than it sounds. You're considered a first-time buyer if you haven't owned a primary residence in the past three years. That means previous homeowners who rented for a few years may qualify again.
Divorced individuals who owned jointly with a spouse and haven't owned since may also qualify. Some programs have no first-time buyer requirement at all — they're based purely on income and purchase price.
Florida — Florida Housing Finance Corporation
The Florida Housing Finance Corporation (FHFC) offers the Florida First and HFA Preferred programs with below-market 30-year fixed rates for eligible buyers.
Florida Assist (FL Assist): A deferred second mortgage of up to $10,000 for down payment and closing costs. No monthly payments, no interest — repayment only when you sell, refinance, or move.
Florida Homeownership Loan Program (HLP): A $10,000 second mortgage at 3% simple interest with monthly payments of ~$43.
Income limits and purchase price limits apply and vary by county. HCMG loan officers can check your eligibility in minutes.
Texas — TSAHC and TDHCA Programs
Texas offers two main agencies for first-time buyers:
TSAHC (Texas State Affordable Housing Corporation): Offers down payment assistance grants of up to 5% of the loan amount — no repayment required. Also offers a My Choice Texas Home program with no first-time buyer requirement.
TDHCA (Texas Department of Housing and Community Affairs): The My First Texas Home program provides 30-year fixed-rate loans with a 5% down payment assistance loan at 0% interest, deferred until sale or refinance.
Both programs work with FHA, VA, USDA, and conventional loans.
Georgia — Georgia Dream
Georgia Dream is administered by GAHFA (Georgia Housing and Finance Authority) and provides:
Standard DPA: Up to $10,000 in down payment assistance as a 0%, deferred loan.
Choice DPA: Up to $12,500 for buyers who are public protectors, educators, healthcare workers, or active military.
Pen DPA: Up to $12,500 for buyers with a family member with a disability.
Income limits are based on household size and county. Buyers must complete an approved homebuyer education course.
Nevada — Home Is Possible
Nevada Housing Division runs the Home Is Possible (HIP) program, which offers a 4% grant toward down payment and closing costs — money that does not have to be repaid.
For first-time buyers, the HIP For First-Time Homebuyers program pairs the grant with a below-market rate first mortgage.
Income limits: Generally up to $105,000 for a household of 1–2, higher for larger households.
Colorado — CHFA
The Colorado Housing and Finance Authority (CHFA) offers first mortgage loans at below-market rates plus down payment assistance:
CHFA SmartStep: A deferred second loan for down payment assistance. No monthly payments until you sell or refinance.
CHFA Salary Second: A second mortgage at 3.5% interest to cover down payment and some closing costs.
Income limits vary by county. CHFA-approved lenders (including HCMG) can tell you the exact limit for your area.
Virginia & Maryland — VHDA and MMP
Virginia: The Virginia Housing Development Authority (VHDA) offers the Granting Freedom and Down Payment Assistance Grant programs. The DPA Grant provides up to 2.5% of the purchase price — no repayment required.
Maryland: The Maryland Mortgage Program (MMP) offers competitive rates plus Partner Match grants, where the state matches local government or employer contributions to down payment assistance dollar for dollar.
Both states also offer mortgage credit certificates (MCCs) — federal tax credits worth 20–25% of annual mortgage interest paid.
California — CalHFA
The California Housing Finance Agency (CalHFA) offers several programs for first-time buyers:
MyHome Assistance Program: A deferred-payment junior loan up to 3.5% of the purchase price or appraised value for down payment and closing costs.
Dream For All: Shared appreciation loan for down payment — CalHFA provides up to 20% of the purchase price and shares in the appreciation when you sell. This program is highly competitive and opens in limited rounds.
CalHFA Zero Interest Program (ZIP): For closing cost assistance with zero interest and no monthly payments.
Mississippi — MHC Programs
The Mississippi Home Corporation (MHC) offers the Smart Solution program — a 30-year fixed rate first mortgage with down payment assistance of 3–4% of the loan amount.
Mississippi consistently has some of the most affordable home prices in the Southeast, meaning down payment requirements are often the most accessible in the country.
Common Questions
Can I combine down payment assistance with an FHA loan?
Yes. Most state DPA programs are specifically designed to layer on top of FHA loans. The DPA covers the required 3.5% down payment, which means some buyers purchase a home with effectively zero out-of-pocket for the down payment (closing costs still apply).
Do I have to repay down payment assistance?
It depends on the program. Grants are free money — no repayment. Deferred loans must be repaid when you sell or refinance, but require no monthly payments. Some programs forgive the loan entirely after you've lived in the home for a set period (usually 5–10 years).
Is there an income limit for these programs?
Yes. Almost all DPA programs have household income limits, typically set at 80–120% of area median income (AMI). The limit varies by county and household size. Your HCMG loan officer will check your eligibility for every program available in your area.
Get a Down Payment Assistance in your state
Ready to take the next step?
A licensed HCMG loan officer will walk you through your exact scenario — your credit, income, down payment, and goals — and tell you what you qualify for, with no hard credit check.