By Kim Franke-Folstad

(Last Updated – 06/2025)

South Carolina’s beautiful coastline, historic towns, and Southern hospitality have always been a magnet for tourists. But the state is also an appealing haven for homebuyers who fall in love with its charms.

South Carolina is becoming a popular option for retirees, remote workers, and others who decide to migrate from large cities. According to Redfin, the median statewide sales price rose to $380,800 in April 2025 — holding fairly steady year-over-year. In some South Carolina communities, prices are rising faster. Hanahan, Socastee, and Lake Wylie are among the places that saw increases of more than 20%.

According to Redfin, the median statewide sales price rose to $361,900 in February 2024 — a 6.7% increase in 12 months. In some South Carolina communities, the numbers were much higher. Prices rose especially steeply in Garden City, Spartanburg, and Hilton Head Island.

Buyers in the Palmetto State may think homeownership is out of reach, but fortunately, assistance programs are offered by the state and some cities and counties. Longstanding federal programs also could improve a buyer’s chances of success.

Recommended: First-Time Homebuyer Guide

5 South Carolina Programs for First-Time Homebuyers

Most first-time homebuyer programs in South Carolina are designed to help low- to moderate-income buyers who need help coming up with a down payment and/or closing costs. Generally, that assistance comes in the form of a second home mortgage loan that is fully forgiven if the buyer stays in the home for a set amount of time (usually three years).

During that time, buyers don’t have to make a monthly payment or pay interest on the second loan. But if they sell the home before the full three years is up, they will be required to repay a portion of the assistance they received.

Participants must meet limits regarding their income, credit scores, and debt-to-income ratio. Typically, the home must be the buyer’s primary residence, and there may be limits on how much the home can cost. Also, at least one of the buyers may be required to complete a homebuyer education course.

Recommended: Understanding Mortgage Basics

Here are details about South Carolina’s homebuyer programs.

1. SC Housing Homebuyer Program

The SC Housing Homebuyer Program offers qualifying first-time buyers a 30-year, fixed-rate mortgage paired with a forgivable no-payment, 0% interest second loan to put toward a down payment, closing costs, or both for a primary home.

Participants have the option of choosing from several different types of mortgages, including FHA, VA, USDA, and conventional home loans.

Availability: Statewide (though program benefits may differ by county)

Type of Assistance: Second mortgage forgiven monthly over a 15-year term. If borrowers remain in the home for the full term, the second loan is fully forgiven.

Benefits and Qualifications Include:

•   In “non-targeted” counties, the program is for first-time homebuyers (including borrowers who haven’t owned a principal residence in three years)

•   In “targeted” counties, borrowers cannot have any ownership interest in a home at the time of closing

•   Minimum credit score of 620 or 640, depending on loan type

•   Must complete homeownership education course

To Apply: Contact an approved lender or SC Housing via the link on this page.

2. SC Housing Palmetto Home Advantage

The Palmetto Home Advantage program offers qualifying first-time and repeat buyers a 30-year, fixed-rate mortgage paired with a forgivable no-payment, 0% interest second loan to put toward their down payment and/or closing costs. Participants may have the option of choosing from FHA, VA, USDA, and conventional home loans.

Availability: Statewide

Assistance Amount: 0%, 3%, or 4% of the loan amount

Type of Assistance: Second loan forgiven monthly over a 10-year term.

Benefits and Qualifications Include:

•   No first-time buyer limitations

•   Borrowers who require mortgage insurance may receive reduced rates

•   Income limit for government loans is $127,200 per borrower

•   Borrower income limit for conventional loans can’t exceed 80% of area median income

•   Minimum credit score of 640 for all loan types

To Apply: Contact an approved lender or SC Housing directly at [email protected].

3. SC Housing Palmetto Heroes

The Palmetto Heroes program benefits South Carolina teachers, law enforcement and corrections officers, firefighters, emergency medical services and health care workers, active-duty military, veterans, and members of South Carolina’s Army National Guard and Air National Guard by offering a reduced-rate first mortgage paired with $10,000 in forgivable down payment assistance through a 0% interest, no-payment second mortgage.

4. SC Housing County First Initiative

The County First Initiative is designed to help potential homebuyers in underserved communities with poor economic conditions. It offers a reduced-rate conventional, FHA, VA, or USDA first mortgage plus assistance with down payment and closing costs.

To Apply: Contact an approved lender .

5. SC Mortgage Tax Credit Program

The SC Mortgage Tax Credit program offered by SC Housing is a different kind of assistance program designed to help low-income homebuyers. Borrowers can use a mortgage credit certificate to claim a portion of their annual mortgage interest, dollar for dollar, up to $2,000, as a federal tax credit every year for the life of their loan.

The cost of a SC Mortgage Tax Credit is $500, and participating lenders also may charge a processing fee up to $500. This cost may be paid by the borrower or by the seller.

Applicants must be first-time homebuyers (you can’t have owned a home within the past three years) unless you’re a qualified military veteran or buying in a designated area. Income and home purchase price limitations may vary by county.

To Apply: You can apply for the credit certificate when you take out a home loan through a state-approved participating lender. To get the credit, you’ll need to complete IRS Form 8396 when you file your taxes. (Talk to your tax advisor.)

Recommended: 6 Simple Ways to Reduce a Mortgage Payment

City and County First-Time Buyer Programs

If you’ve already picked out the South Carolina city or county you hope to make your home, you may want to research the local buyer assistance programs that are available. Here’s the rundown on a few.

City of Charleston Homeownership Initiative First-Time Homebuyer Program

The City of Charleston partners with several agencies to assist first-time homebuyers in low- to moderate-income families. For information on the program’s benefits and eligibility requirements, visit this page

Richland County Homeownership Assistance Program

Richland County Community Development offers down payment and/or closing cost assistance to low- to moderate-income households through forgivable loans of up to $24,500. For information on the program’s benefits and eligibility requirements, go to the program’s website or email [email protected].

City of Rock Hill First-Time Homebuyer Program

The Housing Development Corporation of Rock Hill provides up to $5,000 in down payment and closing cost assistance to eligible homebuyers through a forgivable second mortgage.

Who Is Considered a First-Time Homebuyer in Utah?

The answer to that question isn’t as obvious as it seems. For most programs offered in Utah and elsewhere, applicants are considered first-time homebuyers if they haven’t owned a home for the past three years.

Additionally, some programs may make exceptions for veterans, single parents, and others. It’s a good idea to be clear on specific eligibility standards before you start any application.

💡 Quick Tip: Buying a home shouldn’t be aggravating. Online mortgage loan forms can make applying quick and simple.

Other Utah Homebuyer Programs by Location

If you already know which Utah community you hope to make your home, you also may want to research local first-time homebuyer programs. If you can’t find assistance in your chosen location, you may want to check back occasionally for new offers. Some first-time homebuyer programs base their opportunities (and deadlines) on the funds they expect to become available. When their money runs out, they may press pause.

At Home in Layton Down Payment Assistance Program

Layton City offers the At Home in Layton Down Payment Assistance Program to income-eligible first-time homebuyers. The assistance comes in the form of a grant in $10,000 increments that can be used for a down payment, closing costs, or principal reduction. If the purchased home is sold before the end of the fifth year after closing, all or a portion of the grant may have to be repaid to the city.

The next round of funding is set to become available on July 1, 2025. Funds are limited, and applications are accepted on a first-come, first-served basis, so it’s wise to check and see what is available. For more information, you can check out the program’s web page or go to the brochure for application guidelines . Contact the Layton City Community Development Block Grant administrator at 801-336-3770 or [email protected].

Own in Ogden Loan Program

The Own in Ogden loan program provides qualifying first-time and repeat homebuyers with a 0% interest, deferred-payment second loan for their down payment or closing costs. The loan also can be used to reduce the principal on the buyer’s first mortgage. Income and purchase price limits may apply. Please note: At present, the program is accepting applications, but they cannot be funded until July 1, 2025.

•  Homebuyers can receive $10,000 to purchase a primary residence in Ogden.

•  State-certified K-12 classroom teachers or administrators in schools that serve city students can receive a $15,000 loan.

•  Ogden employees and new hires who don’t currently live in the city can receive a loan of up to $15,000 to help them move there .

•  Ogden police officers and firefighters can receive a $20,000 loan.

  Income and purchase limits apply. For more information, you can go to the program’s web page or view the program brochure for application guidelines .

Provo Home Purchase Plus Program

The Provo Home Purchase Plus Program offers eligible homeowners the opportunity to apply for a 0% interest, deferred-payment second loan to help pay their down payment and closing costs. Payment is due in full when the borrower no longer lives in the home as their primary residence. (If the home is sold or vacated within two years of purchase, there may be a $5,000 penalty.)

Income limits, asset limits, credit requirements, and purchase price limits apply, and all household members over 18 must pass a background check. For more information, check out the program’s web page or call 801-852-6162.

Utah County Loan to Own Program

Utah County’s Loan to Own program provides down payment assistance to moderate-income first-time homebuyers in the form of a 0% interest, deferred-payment second loan. This loan is available up to $40,000 currently. The loan must be repaid if the owner vacates or sells the property, and there is a $5,000 penalty if the owner does so within two years of closing.

This program is available countywide except for Eagle Mountain, Alpine, Fairfield, and Provo. Income limits, credit requirements, and purchase price limits apply. You can get more information at the program’s web page or call the Housing Authority at Utah County at 801-373-8333.

How to Apply to Utah Programs for First-Time Homebuyers

If you are interested in any of the above programs for first-time homebuyers in Utah, Follow the links relevant to each program to check what funding is available and find an approved lender or other contact.

Recommended: Understanding Mortgage Basics

Federal Programs for First-Time Homebuyers

Several federal government programs are designed for people who have low credit scores or limited cash for a down payment. Although most of these programs are available to repeat homeowners, like state programs, they can be particularly helpful to people who are buying a first home or who haven’t owned a home in several years.

The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes.

Federal Housing Administration (FHA) Loans

The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Homebuyers choose from a list of approved lenders that participate in the FHA loan program. Here are some details to note:

•   Loans have competitive interest rates and require a down payment of 3.5% of the purchase price from borrowers, who typically need FICO® credit scores of 580 or higher. Those with low credit scores (between 500 and 579) must put at least 10% down.

•   In addition to examining your credit score, lenders will look at your debt-to-income ratio (DTI, which is your monthly debt payments compared with your monthly gross income). FHA loans allow a DTI ratio of up to 57% in some cases, vs. a typical 45% to 50% maximum for a conventional loan.

•   Using gift money for the down payment is allowed if it’s from certain donors and will be documented in a gift letter for the mortgage.

•   FHA loans always require mortgage insurance — a 1.75% upfront fee and annual premiums for the life of the loan — unless you make a down payment of at least 10%, which allows for the removal of mortgage insurance after 11 years.

Interested in finding out moreJ? You can learn more about these loans, including FHA loans for refinance and rehab of properties, by reading up on FHA requirements, loan limits, and rates.

Freddie Mac Home Possible Mortgages

Very low- and low-income borrowers may make a 3% down payment on a Home Possible^® mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity.

The Home Possible mortgage is for buyers who have a credit score of at least 660.

Once you pay 20% of your loan, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments.

Fannie Mae HomeReady Mortgages

Fannie Mae HomeReady^® Mortgages allow down payments as low as 3% for low-income borrowers. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.

For income limits, a comparison to an FHA loan, and other information, visit this Fannie Mae site .

Fannie Mae Standard 97 LTV Loan

The conventional 97 LTV loan is for first-time homebuyers of any income level who have a credit score of at least 620 and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get down payment and closing cost assistance from third-party sources.

Department of Veterans Affairs (VA) Loans

Eligible active-duty members of the military, veterans, reservists, and surviving spouses may apply for loans backed by the Department of Veterans Affairs. VA loans, which can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. A few specifics:

•   Most borrowers pay a one-time funding fee that can be rolled into the mortgage.

•   VA loans do not require private mortgage insurance (PMI) for borrowers who make a down payment of less than 20%.

•   These loans have more flexible credit score requirements. In some cases, even those who have previously been in foreclosure or bankruptcy can qualify.

Borrowers applying for a VA loan will need a Certificate of Eligibility from the VA so make sure to review a guide to qualifying for a VA loan as a first step in the process.

💡 Quick Tip: Apply for a VA loan and borrow up to $1.5 million with a fixed- or adjustable-rate mortgage. The flexibility extends to the down payment, too — qualified VA homebuyers don’t even need one!^{†^}

Native American Veteran Direct Loans (NADLs)

Eligible Native American veterans and their spouses may use these no-down-payment loans to buy, improve, or build a home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee. Learn more about this mortgage option by emailing [email protected].

US Department of Agriculture (USDA) Loans

No down payment is required on these loans to moderate-income borrowers that are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.

The USDA also directly issues loans to low- and very low-income people. For loan basics and income and property eligibility, head to this USDA site .

HUD Good Neighbor Next Door Program

This program helps those in certain professions (such as police officers, firefighters, emergency medical technicians, and teachers) qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years. For more information, visit the HUD program page.

First-Time Homebuyer Stats for 2025

Ever wonder where you fit amid the mix of buyers who are out there shopping for their first home (or the first one in a while)? Here are some stats to check out:

Percentage of buyers nationwide who are first-time buyers: 24%

Average credit score of a first-time homebuyer in the U.S.: 715

Average credit score in Utah: 730

Median age of a first-time homebuyer: 38

Average home value in Utah: $538,898

3% down payment: $16,167

20% down payment: $107,780

Additional Financing Tips for First-Time Homebuyers

In addition to federal and state government-sponsored lending programs, there are other financial strategies that may help you become a homeowner. Some examples:

•  Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. The IRS considers anyone who has not owned a primary residence in the past two years a first-time homebuyer. You will still owe income tax on the IRA withdrawal.

If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals can take a bite out of your retirement savings.

•  Roth IRA withdrawals. Because Roth IRA contributions are made with after-tax money, the IRS allows tax- and penalty-free withdrawals of contributions for any reason as long as you’ve held the account for five years. You may also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years.

Take note: With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.

•  401(k) loans. If your employer allows borrowing from the 401(k) plan that it sponsors, you may consider taking a loan against your 401(k) account to help finance your home purchase. With most plans, you can borrow up to 50% of your 401(k) balance, up to $50,000, in a 12-month period without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account.

You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have longer to repay.

•  State and local down payment assistance programs. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment.

•  The mortgage credit certificate program. First-time homeowners and those who buy in targeted areas can claim a portion of their mortgage interest as a tax credit, up to $2,000. Any additional interest paid can still be used as an itemized deduction. To qualify for the credit, you must be a first-time homebuyer, live in the home, and meet income and purchase price requirements, which vary by state.

If you refinance, the credit disappears, and if you sell the house before nine years, you may have to pay some of the tax credit back. There are fees associated with applying for and receiving the mortgage credit certificate that vary by state. Often the savings from the lifetime of the credit can outweigh these fees.

•  Your employer. Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home-buying education courses.

•  Your lender. Always ask your lender about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.

The Takeaway

Utah has an array of state and local assistance programs for low- to moderate-income first-time homebuyers. This can be in the form of help with a down payment, mortgage, and/or closing costs. Other first-time buyers may find an affordable choice among the various federal and commercial mortgages available.

By Kenny Zhu

(Last Updated – 06/2025)

Real estate competition has been brewing in the Buckeye State, just as it has everywhere else.

In June 2025, home prices in Ohio were up 6.0% compared to last year, hitting a $253,300 median price, according to Redfin. Sales prices had the biggest jumps in Chillicothe, Hilliard, and Canton.

Things can look a bit intimidating for first-time Ohio homebuyers. But homeownership may be more accessible than you think.

The Ohio Housing Finance Agency (OHFA) offers a variety of programs to assist low- and moderate-income first-time and repeat homebuyers hoping to achieve homeownership.

4 Ohio Programs for First-Time Homebuyers

OHFA offers four first-time homebuyer assistance programs that can be used in tandem with 30-year fixed-rate FHA, VA, USDA, or conventional mortgage loans.

The benefits from these programs come in the form of down payment assistance, a discounted rate, and a tax credit. Here are the program basics.

1. Your Choice Down Payment Assistance

The OHFA YourChoice! Down Payment Assistance program allows qualifying first-time homebuyers to borrow, in the form of a forgivable loan, 2.5% or 5% of the value of their home purchase to put toward their down payment or closing costs.

OHFA will forgive the assistance after seven years if the homebuyer doesn’t sell or refinance the home. If you sell or refinance your property before seven years are up, you will be required to repay all assistance provided.

2. Ohio Heroes

OHFA offers a discounted mortgage rate for first-time homebuyers in Ohio who work in industries that serve the public interest. Those who qualify for Ohio Heroes benefits are also eligible for the OHFA’s 2.5% to 5% down payment assistance loan.

Qualifying sectors include: veterans, active-duty military and reserve members, and surviving spouses; police officers and professional and volunteer firefighters; EMTs and paramedics; physicians, nurse practitioners, nurses, and state-tested nursing assistants; teachers, administrators, and counselors (preK-12).

Criteria for Ohio Heroes include credit scores of 640 or higher for conventional, USDA and VA Loans, and 650 or higher for FHA Loans. Income limits vary depending on the number of people in your family and whether or not your home is in a target or non-target area.

Qualified buyers must complete a free homebuyer education course with any counseling agency approved by the U.S. Department of Housing and Urban Development (HUD) in Ohio.

3. Grants for Grads

The Grants for Grads program offers a discounted mortgage rate and 2.5% to 5% in down payment assistance, forgivable after five years, for first-time Ohio homebuyers who have obtained a qualifying degree in the 48 months leading up to their loan origination.

Eligible degrees include an associate, bachelor’s, master’s, and doctorate degree. Down payment assistance is forgiven after five years as long as you remain in the state of Ohio. If you sell your home and move out of Ohio within five years, you must repay some or all of the assistance provided.

You may meet the program’s criteria if you have not owned or had ownership interest in a primary residence in at least three years. You must meet income limits according to the number of people in your family and the prospective home’s location in a target or non-target area. Credit score requirements are 640 or higher for conventional, USDA and VA Loans, and 650 or higher for FHA loans.

Qualified buyers must complete a free homebuyer education course with any counseling agency approved by the U.S. Department of Housing and Urban Development (HUD) in Ohio.

4. Mortgage Tax Credit

OHFA offers a mortgage tax credit of 40% of annual mortgage interest paid, up to $2,000, for anyone who qualifies under OHFA’s first-time homebuyer program.

If you use the tax credit with a different mortgage option from your lender, your tax credit percentage will be 20% for a property located in a target area and 15% for other properties.

Note: As of late May 2025, OHFA was not accepting applications for the Mortgage Tax Credit. The program may become available again in July 2025, so check back for updates.

How to Apply to Ohio Programs for First-Time Homebuyers

To participate in OHFA’s first-time homebuyer programs, you’ll need to go through the following steps to find and apply for a loan. Don’t worry; it’s almost exactly the same process as applying for a conventional home loan. The main caveat is that your mortgage lender must work with OHFA.

Step 1: Find a Participating Lender

Not all banks fall under the umbrella of OHFA-approved lenders, but the organization lists participating mortgage lenders on the website. Find a lender working in the target county where you want to buy.

Make sure you find a lender that works in the target county where you’re trying to buy. Most large local financial institutions typically show up as participants in the program.

Getting preapproved for a mortgage will show you the size of the loan, and the interest rate, you’d likely qualify for.

Step 2: Find an Agent and a Home

A real estate agent can help you find a home in your price range and ensure that the property meets OHFA income and sales price limits.

OHFA may offer additional incentives for buyers of homes located in challenged “targeted areas .”

Step 3: Take the Homebuyer Education Course

OHFA requires all first-time homebuyers participating in its programs to complete a free homebuyer education course (the sole exception being mortgage tax credit basic buyers).

You can complete the course directly through the website , free of charge.

Keep in mind that while it’s recommended that you complete the online education course in advance, the homebuyer education isn’t technically complete until after you’ve submitted a formal loan application through your lender.

Step 4: Get an Offer Accepted and Finalize Your Loan Application

Think of all the different types of homes out there, from condo to townhouse and single-family home, your budget, school districts, and wants and needs.

Once you make an offer and the home seller has accepted it, you can move forward with finalizing your mortgage application. Your lender will work with you to coordinate a target closing date and verify that all underwriting and OHFA requirements are met.

Your loan officer will advise you on how final OHFA benefits will be disbursed in accordance with which first-time homebuyer program you qualified for.

Federal Programs for First-Time Homebuyers

The OHFA’s first-time homebuyer program includes perks, but higher earners and others will not qualify. A number of federal government programs exist for people with low credit scores or limited down payment funds. Although they are sometimes for repeat homeowners, these national programs can be very helpful for people who are buying a first home or who haven’t owned a home in several years.

Several federal government programs are designed for people who have low credit scores or limited cash for a down payment.

The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes.

Federal Housing Administration (FHA) Loans

The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Homebuyers choose from an approved-lenders list of institutions participating in the FHA loan program. Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers, who typically need FICO^® credit scores of 580 or higher. Those with scores as low as 500 must put at least 10% down.

FHA loan limits in 2025 range from $524,225 for single units to $1,008,300 for four-unit properties, with higher limits in high-cost areas.

In addition to examining your credit score, lenders will look at your debt-to-income ratio (DTI, your monthly debt payments compared with your monthly gross income). FHA will accept a DTI of up to 57%, vs. a typical 45% maximum for a conventional loan.

Gift money for the down payment is allowed from certain donors and will be documented in a gift letter for the mortgage.

FHA loans without exception require mortgage insurance premiums (MIP): This includes a fee of 1.75% of the base loan amount, usually rolled into the loan, upfront. Borrowers must carry annual premiums for the life of the loan. As of 2025, new homebuyer monthly MIP is 0.15% to 0.75%. With a down payment of at least 10%, the removal of mortgage insurance is possible after 11 years. For a $300,000 mortgage balance, upfront MIP would be around $5,250 and monthly MIP, at a rate of 0.55%, would be around $137..

Freddie Mac Home Possible Mortgages

Low- and very low-income borrowers may make just a 3% down payment on a Home Possible® mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity.

The Home Possible mortgage is for buyers who have a credit score of at least 660. Once you pay 20% of your loan, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments.

Once you pay 20% of your loan, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments.

Fannie Mae HomeReady Mortgages

Fannie Mae HomeReady^® Mortgages allow down payments as low as 3% for low-income borrowers. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.

For income limits, a comparison to an FHA loan, and other information, go to this Fannie Mae site.

Fannie Mae Standard 97 LTV Loan

The conventional 97 LTV loan is for first-time homebuyers of any income level who have a credit score of at least 620 and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get down payment and closing cost assistance from third-party sources.

Department of Veterans Affairs (VA) Loans

Active members of the military, veterans, reservists, and surviving spouses who are eligible may apply for loans backed by the Department of Veterans Affairs. These loans designed for those who serve our country can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.

Another VA loan advantage is that they do not require PMI for borrowers who make a down payment of less than 20%. And they have more flexible credit score requirements. In some cases, even those who have previously been in foreclosure or bankruptcy can qualify.

Borrowers applying for a VA loan will need a Certificate of Eligibility from the VA so make sure to review a guide to qualifying for a VA loan as a first step in the process.

Native American Veteran Direct Loans (NADLs)

Eligible Native American veterans and their spouses may use these no-down-payment loans to buy, improve, or build a home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee.

US Department of Agriculture (USDA) Loans

No down payment is required on these loans to moderate-income borrowers that are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.

The USDA also directly issues loans to low- and very low-income people. For loan basics and income and property eligibility, head to this USDA website .

HUD Good Neighbor Next Door Program

This program helps police officers, firefighters, EMTs, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in a “revitalization area.” They must live in the home for at least three years.

Visit the HUD program page for more information.

Ohio First-Time Homebuyer Stats for 2025

•   Percentage of buyers nationwide who are first-time buyers: 24%

•   Median age of first-time U.S. homebuyers: 38

•   Median down payment for first-time homebuyer: 9%

•   Median home price in Ohio: $253,300, according to Redfin

•   Median down payment: $26,000

•   Average credit score in Ohio (vs. average U.S. score of 714): 716

Additional Financing Tips for First-Time Homebuyers

In addition to federal and state government-sponsored lending programs, there are other financial strategies that may help you become a homeowner. Some examples:

•  Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. In the event of an IRA withdrawal, someone who has not owned a principal residence in the last two years is considered a first-time homebuyer. You will still owe income tax on the IRA withdrawal. If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals may jeopardize your retirement savings.

•  Roth IRA withdrawals. Because Roth IRA contributions are made with after-tax money, the IRS allows tax- and penalty-free withdrawals of contributions for any reason as long as you’ve held the account for five years. You may also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years. With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.

•  401(k) loans. If your employer allows borrowing from the 401(k) plan that it sponsors, you may consider taking a loan against the 401(k) account to help finance your home purchase. Most plans let you borrow up to 50% of your 401(k) balance, not exceeding $50,000, within a 12-month period without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have up to 15 years to repay.

•  State and local down payment assistance programs. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment.

•  The mortgage credit certificate program. First-time homeowners and those who buy in targeted areas can claim a portion of their mortgage interest as a tax credit, up to $2,000. Any additional interest paid can still be used as an itemized deduction. To qualify for the credit, you must be a first-time homebuyer, live in the home, and meet income and purchase price requirements, which vary by state. If you refinance, the credit disappears, and if you sell the house before nine years, you may have to pay some of the tax credit back. There are fees associated with applying for and receiving the mortgage credit certificate that vary by state. Often the savings from the lifetime of the credit can outweigh these fees.

•  Your employer. Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home buying education courses.

•  Your lender. Always ask your lender about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.

The Takeaway

If you’re a first-time homebuyer in Ohio, discounted-rate mortgage programs and down payment assistance are available to help make your home purchase more affordable in today’s tough market.If you don’t qualify for those programs, you might want to further investigate government-backed loans and conventional loans.

Who Is Considered a First-Time Homebuyer in Wisconsin?

You are considered a first-time homebuyer in Wisconsin if you’ve never owned a home — or if you haven’t owned a home within the last three years. And, according to the U.S. Department of Housing and Urban Development (HUD), you also qualify as a first-time homebuyer if you are a single parent who has only owned a home with a partner while married or a displaced homemaker who has only owned a home with a spouse.

💡 Quick Tip: SoFi’s Lock and Look ⁺ feature allows you to lock in a low mortgage financing rate for 90 days while you search for the perfect place to call home.

5 Wisconsin Programs for First-Time Homebuyers

There are different types of mortgage loans and financial assistance programs for the first-time homebuyer in Wisconsin and some of them welcome buyers who aren’t purchasing their first home. Some may have income or credit score requirements.

1. WHEDA: Advantage Conventional Loan

The Wisconsin Housing and Economic Development Authority offers the Advantage Conventional Loan . The property you’re buying must be your primary residence for the life of the loan.

To qualify, you must have a credit score of 620 and meet income limits. You will also take a homebuyer education course.

2. WHEDA: Advantage FHA

This program is similar to the Advantage Conventional Loan — but you must have a credit score of at least 640 to qualify. To see if you are eligible, find a WHEDA lender .

3. WHEDA: Easy Close DPA

This down payment assistance program provides at least $1,000 and up to 6% of the purchase price of a home when partnered with a WHEDA Conventional first mortgage loan. It is a 10-year fixed-rate second mortgage with monthly payments.

To qualify, you must meet the income limits that apply to your WHEDA Conventional first mortgage.

4. WHEDA: Capital Access DPA

This down payment assistance program is similar to the Easy Close DPA, with a few notable differences. This is a 30-year 0% interest loan with no payments required. (The loan is paid in full when the first mortgage is paid off.) There are separate income limits, which are generally lower. As of May 1, 2025, the Capital Access DPA program was closed for the year due to funding restraints. Check into the program when you’re ready to buy as funds come and go.

5. City of Madison: Home-Buy the American Dream

Here’s an example of one of the financial assistance programs offered by individual cities in Wisconsin: Madison offers down payment and closing cost assistance in the form of a loan up to $35,000.

The home you’re buying must be in the city of Madison and be a single-family home, condo, or one-half of a duplex.

Payments are deferred until you sell or refinance the property. You are required to invest 1% in the transaction.

Recommended: First-Time Homebuyer Guide

How to Apply to Wisconsin Programs for First-Time Homebuyers

The state programs covered above have different criteria you must meet in order to qualify. Contact a participating lender to find out which programs are right for you.

It may also be helpful to run some numbers using an online mortgage calculator to see how much a loan might cost you. This can also help you think about how much house you can afford.

Federal Programs for First-Time Homebuyers

Several federal government programs are designed for people who have low credit scores or limited cash for a down payment. Although most of these programs are available to repeat homeowners, like state programs, they can be especially helpful to people who are buying a first home or who haven’t owned a home in several years.

The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes.

Federal Housing Administration (FHA) Loans

The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Homebuyers choose from a list of approved lenders that participate in the FHA loan program. Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers, who typically need FICO® credit scores of 580 or higher.

Worth noting: Those with lower credit scores (in the 500 to 579 range) must put at least 10% down.

In addition to examining your credit score, lenders will look at your debt-to-income ratio (DTI, your monthly debt payments compared with your monthly gross income). FHA loans may allow a DTI ratio of up to 57% in some cases, vs. a typical 45% to 50% maximum for a conventional loan.

Gift money for the down payment is allowed from certain donors and will be documented in a gift letter for the mortgage.

FHA loans always require mortgage insurance: a 1.75% upfront fee and annual premiums for the life of the loan, unless you make a down payment of at least 10%, which allows the removal of mortgage insurance after 11 years.

You can learn more about these loans, including FHA loans for refinance and rehab of properties, by reading up on FHA requirements, loan limits, and rates.

💡 Quick Tip: Backed by the Federal Housing Administration (FHA), FHA loans provide those with a fair credit score the opportunity to buy a home. They’re a great option for first-time homebuyers.¹

Freddie Mac Home Possible Mortgages

Very low- and low-income borrowers may make a 3% down payment on a Home Possible® mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity.

The Home Possible mortgage is for buyers who have a credit score of at least 660.

Once you pay 20% of your loan, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments. (Or, if you put down 20% as a down payment, you won’t have to pay any mortgage insurance.)

Fannie Mae HomeReady Mortgages

Fannie Mae HomeReady® Mortgages allow down payments as low as 3% for low-income borrowers and may offer a $2,500 credit to use toward down payment or closing costs for qualified individuals. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts toward a mortgage and grants.

For income limits, a comparison to an FHA loan, and other information, go to this Fannie Mae site .

Fannie Mae Standard 97 LTV Loan

The conventional 97 LTV loan is for first-time homebuyers of any income level who have a credit score of at least 620 and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get down payment and closing cost assistance from third-party sources.

Unlike an FHA loan, the 97 LTV loan has no upfront mortgage insurance fee, though it does have cancellable mortgage insurance. The loan is for just one-unit single-family homes, co-ops, condos, and planned unit developments which you will live in.

Department of Veterans Affairs (VA) Loans

Active-duty members of the military, veterans, and eligible family members may apply for loans backed by the Department of Veterans Affairs. VA loans, which can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.

Another benefit of VA loans is that they do not require private mortgage insurance (PMI) for borrowers who make a down payment of less than 20%. And they have more flexible credit score requirements. In some cases, even those who have previously been in foreclosure or bankruptcy can qualify.

Borrowers applying for a VA loan will need a Certificate of Eligibility from the VA so make sure to review a guide to qualifying for a VA loan as a first step in the process.

Native American Veteran Direct Loans (NADLs)

Eligible Native American veterans and their spouses may use these no-down-payment loans to buy, improve, or build a home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee. Find out more by emailing [email protected].

US Department of Agriculture (USDA) Loans

No down payment is required on these loans to moderate-income borrowers that are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.

The USDA also directly issues loans to low- and very low-income people. For loan basics and income and property eligibility, head to this USDA site .

HUD Good Neighbor Next Door Program

This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years. For more information, visit the HUD program page.

Wisconsin First-Time Homebuyer Stats for 2025

Want a better picture of how you stand as a first-time homebuyer? Consider these figures:

•  First-time homebuyers in the U.S.: 24% of all homebuyers

•  Median age of first-time homebuyers in U.S.: 38

•  Median home price in Wisconsin: $328,500

•  Average down payment in Wisconsin: 13%

•  Average credit score of homebuyer in Wisconsin: 738

Financing Tips for First-Time Homebuyers

In addition to federal and state government-sponsored lending programs, there are other financial strategies that teach you how to lower your mortgage payment:

•  Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. For this purpose, the IRS considers anyone who has not owned a primary residence in the past two years a first-time homebuyer. You will still owe income tax on the IRA withdrawal. If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals may jeopardize your retirement savings.

•  Roth IRA withdrawals. Because Roth IRA contributions are made with after-tax money, the IRS allows tax- and penalty-free withdrawals of contributions for any reason as long as you’ve held the account for five years. You may also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years. With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.

•  401(k) loans. If your employer allows borrowing from the 401(k) plan that it sponsors, you may consider taking a loan against the 401(k) account to help finance your home purchase. With most plans, you can borrow up to 50% of your 401(k) balance, up to $50,000 in a 12-month period, without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have up to 25 years to repay.

•  State and local down payment assistance programs. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment.

•  Your employer. Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home buying education courses.

•  Your lender. Always ask your lender about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.

The Takeaway

The housing market in Wisconsin is competitive, but there are programs that can help first-time homebuyers save on a mortgage and down payment costs, as long as they qualify. Federal-backed and conventional loans are also worth exploring.

By Kelly Boyer Sagert

(Last Updated – 06/2025)

The University of Tennessee, Knoxville, also known as UT Knoxville, is the flagship campus of the five-campus University of Tennessee system. The public, four-year research institution is known for its supply chain and sciences programs and is home to the UT Space Institute and the UT Institute of Agriculture.

Here’s an overview of University of Tennessee tuition costs for both in-state and out-of-state students, housing and other costs, as well as Tennessee’s acceptance rate.

Total Cost of Attendance

Financial Aid

Nearly every student at UT Knoxville (90%) uses one or more types of financial aid to help pay for the University of Tennessee’s costs. This may include scholarships, grants, and/or loans. For example, 17% of students have Pell Grants, a type of federal funding for undergraduates with exceptional financial need.

Generally, financial aid is monetary assistance awarded to students based on personal need merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:

•  Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.

•  Grants: Grants are generally based on financial need. These can come from federal, state, private, or nonprofit organizations.

•  Work-study: Federal Work-Study provides qualifying students with part-time employment to earn money for expenses while in school.

•  Federal student loans: Federal student loans are money borrowed directly from the U.S. Department of Education. They come with fixed interest rates that are typically lower than private loans.

Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA®) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.

You can find other financial aid opportunities on databases such as:

•  U.S. Department of Education — Search for grants from colleges and universities by state

•  College Scholarship Service Profile (CSS) — A global college scholarship application used by select institutions to award financial aid

Recommended: Tennessee Student Loan & Scholarships

Private Student Loans

At the University of Tennessee, Knoxville, 29% of students take out federal student loans and 7% take out private student loans. The average private student loan is $23,030.

Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.

What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.

If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

Recommended: Guide to Private Student Loans

Projected 4-Year-Degree Price

The University of Tennessee cost for four years, including tuition and fees, room and board, books, and other expenses, would be $140,256 for Tennessee residents (based on 2024-25 numbers). This is higher than the national average of $115,360 for in-state students at public universities.

For residents of other states, the total cost of UT Knoxville would be $218,032, which is more than the national average for out-of-state students at public universities of $186,920.

This student loan and scholarship information may be valuable as you research schools and costs.

Undergraduate Tuition and Fees

Costs for 2024-25

The cost for University of Tennessee tuition and fees was $13,812 for in-state students and $33,256 for out-of-state students in 2024-25. Books and supplies were $1,598. This came to a total cost of $15,410 for in-state students and $34,854 for out-of-state students.

Graduate Tuition and Fees

The average University of Tennessee tuition and fees for graduate school was $15,972 for in-state residents in 2024-25. In comparison, the average cost of graduate school in the U.S. is $36,760.

There are many options for graduate loans that can help with these costs.

Cost per Credit Hour

The cost per credit hour for Tennessee residents is $502. Out-of-state residents will pay $1,317 per credit hour.

Campus Housing Expenses

At UT Knoxville, freshmen are required to live on campus. Students can choose from apartment-style housing, residence halls, and community-style halls. There are also Living and Learning Communities where students can live with others who share their same interests and fields of study.

For upperclassmen, there are many off-campus housing options within walking distance of the university.

University of Tennessee Acceptance Rate

Admission Requirements

When applying to the University of Tennessee, here’s what you’ll need to submit with your application.

Required:

•  High school academic record

•  Standardized test scores

•  Essay

Optional:

•  Recommendation letters (academic, professional, or personal)

•  Supporting statement (might include academic achievements, community involvement, and other information about your experiences and background)

The UT Knoxville Early Action application deadline is November 1, and the Regular Admission deadline is December 16.

SAT and ACT Scores

Here are the standardized test scores of accepted students at UT Knoxville.

Popular Majors at the University of Tennessee

UT Knoxville offers numerous degree programs across ​​12 academic colleges and the Baker School of Public Policy. These are some of the most popular majors.

1. Supply Chain Management

The Supply Chain Management Bachelor of Science (BS) degree has several areas of focus to choose from, including Business Analytics, Health Integrated and Business Engineering, Information Management, or International Business.

Undergraduate degrees in 2023-24: 423

2. Psychology

Psychology students will learn research methods they can apply in hands-on lab work. They’ll take courses like Human Development, Cognitive Basis of Behavior, and Evolutionary Psychology and Ethology.

Undergraduate degrees in 2023-24: 332

3. Marketing

Depending on a student’s interest, a marketing degree can focus on Business Analytics, Customer and Brand Strategy, Digital and Visual Marketing, Professional Sales, Health Integrated Business and Engineering, Information Management, International Business, or Supply Chain Management.

Undergraduate degrees in 2023-24: 295

4. Nursing

Students train for future placement as a licensed registered nurse. The school also offers an accelerated track for a Bachelor of Science in Nursing degree for non-nurses who already have a college degree and want to pursue a career in nursing.

Undergraduate degrees in 2023-24: 239

5. Biological Science

In this program, biological science majors can opt for a concentration like Biochemistry and Cellular and Molecular Biology, Ecology and Evolutionary Biology, Microbiology, or the Biology of Global Health.

Undergraduate degrees in 2023-24: 239

6. Finance

Students interested in pursuing a BS degree in finance learn how to assess financial statements, construct investment portfolios, present financial data, and more.

Undergraduate degrees in 2023-24: 237

7. Kinesiology

Kinesiology students learn about exercise physiology, biomechanics, sport psychology, motor behavior, and physical activity epidemiology. Many choose to pursue a master’s degree. They typically go on to have careers in physical therapy, occupational therapy, chiropractic, or athletic training, or as physician assistants.

Undergraduate degrees in 2023-24: 192

8. Business Statistics

Another top major at UT Knoxville is business statistics, which focuses on applied statistics. Students learn how to gather data about an organization’s performance, analyze it to offer business solutions, and make predictions about further growth.

Undergraduate degrees in 2023-24: 179

9. Mechanical Engineering

After getting a solid foundation in general science, mechanical engineering students learn about mechanical design, solid and fluid mechanics, thermodynamics, heat transfer, vibrations, manufacturing processes, instrumentation, and automatic control.

Undergraduate degrees in 2023-24: 143

10. Political Science

Political science students can opt for a concentration in International Affairs, Law and Courts, or Public Administration. Courses in this degree program include Introduction to Comparative Politics, Introduction to Political Philosophy, and Tennessee Government and Politics.

Undergraduate degrees in 2023-24: 132

Graduation Rate

Here are the graduation rates at the University of Tennessee for students pursuing bachelor’s degrees who began in fall 2017.

•  4 years: 56%

•  6 years: 73%

Post-Graduation Median Earnings

UT Knoxville graduates earn a median annual salary of $60,249. This is slightly less than the median annual salary for all graduates of four-year colleges, which is $68,680.