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Student Budget Calculator
June 13, 2025
Managing student finances can feel overwhelming, but with the right tools, it can be simpler than you think. SoFi’s student budget calculator helps you gain a clear picture of your expenses for the school year.
Understanding what you’ll need to pay for tuition, dorm living or off-campus rent, textbooks, eating out, and more can help you make informed choices throughout the year and build a solid foundation for your financial future.
How to Use the Student Budget Calculator
Our calculator is simple and easy to use. Just follow these steps to create your personalized student budget:
Input your academic period: Specify the number of months in the school year using the slider.
Detail your educational costs: Input your annual out-of-pocket tuition (excluding financial aid), anticipated costs for books and supplies, and other miscellaneous school costs.
Account for living expenses: Fill in the cost for your annual dorm and meal plan, or rent if you’re living off-campus.
Add your food costs: Enter your monthly grocery costs, if applicable, and your anticipated monthly total for eating out.
Add other personal costs: Include the monthly cost of internet service, your cell phone, entertainment expenses, and any out-of-pocket medical expenses, such as prescription fees or health-related supplies.
Review your Summary: The calculator will automatically update your total yearly student budget as well as your monthly budget, school costs, living costs, food costs, and personal costs, giving you a clear financial snapshot.
Adjust and optimize: Use the insights to identify areas where you can save or allocate funds more effectively.
Budgeting Methods for Students
Determining your student budget is the first step in creating an achievable financial plan. The next is applying a budgeting method that will keep your finances on track throughout the year. Here are a few popular strategies:
The 50/30/20 Rule
This straightforward rule suggests dividing your after-tax income into three groups:
50% for Needs: This includes essential expenses like tuition, rent, groceries, minimum debt payments, and health care costs.
30% for Wants: This covers discretionary spending like eating out, entertainment, and non-essential shopping.
20% for Savings & Debt Repayment: Dedicate this portion to building your savings and paying off your debts above the minimum requirements.
The Envelope System
For those who prefer a more tangible and visual way to budget, the envelope system may be right for you. This method involves putting a set amount of cash into different spending groups each month. Once the cash in an envelope is gone, you stop spending in that area until the next month. This approach works well for managing variable or discretionary expenses like groceries, dining out, or entertainment.
Zero-Based Budgeting
With zero-based budgeting, every dollar of your income is assigned a “job” — whether it’s an expense, savings, or debt repayment. The goal is for your income minus your expenses to equal zero. This method requires careful planning but ensures that you are fully aware of where every dollar is going, preventing unintentional overspending.
FAQ
How do you calculate a student budget?
Calculating a student budget involves these key steps:
Identify all income sources: These include student loan payments, scholarships, wages, and family contributions.
List all expenses: Categorize fixed costs (e.g., tuition, rent) and variable costs (e.g., groceries, eating out, and books and supplies). Non-recurring expenses can be averaged monthly.
Compare income vs. expenses: A surplus allows saving or faster debt repayment; a deficit means reducing spending or increasing income to balance your budget.
How do you set up a student budget?
Setting up a student budget is straightforward:
Set financial goals: Define what you want to achieve.
Determine income: Calculate all monthly income, including student loan payments.
List fixed expenses: Include costs like tuition and rent.
Estimate variable expenses: Account for fluctuating costs such as groceries and books and supplies.
Choose a budgeting method: Select a budgeting method (e.g., 50/30/20 rule).
Monitor and adjust: Regularly review your budget to make sure it aligns with your income, expenses, and goals.
What is a good monthly budget for a college student?
There isn’t a single “good” monthly budget for college students, as it varies significantly based on factors like location, living situation, course of study, lifestyle choices, and income sources, such as student loan payments.
For example, students can expect to spend close to $1,900 per month on living expenses, according to the College Board.1 Ultimately, a good budget covers essential needs (tuition, room and board, and medical expenses), supports financial goals, and allows for reasonable discretionary spending without accumulating unmanageable debt, reflecting your unique circumstances and priorities.
How much of my paycheck should I save as a student?
It’s generally recommended to put about 20% of your after-tax income into savings. For college students, however, this number can vary depending on their circumstances. Syphoning a portion of your income into an emergency fund can provide a buffer if a financial emergency arises, and even small, consistent savings can turn into large sums over time. That said, putting money toward high-interest debt is important for students since the interest accrued on debt could eclipse interest earned on savings.
It’s a long journey through the 440-mile length of Tennessee. That’s why the Volunteer State is divided into three Grand Divisions — East Tennessee, Middle Tennessee, and West Tennessee — each with a unique personality and real estate market.
East Tennessee is square in the Appalachian Mountains and is home to Knoxville and Chattanooga, the state’s third- and fourth-largest cities. The rolling hills of the middle area are anchored by Nashville, Tennessee’s largest city and the capital. The western division slides into the flatlands of the Mississippi River and is home to the inimitable Memphis.
For houses in Tennessee, the median list price is now $434,137, according to Redfin. That’s a large number but still more affordable than in many other states. Plus, Tennessee offers a robust first-time homeowner assistance program for mortgages and down payments.
Who Is Considered a First-Time Homebuyer in Tennessee?
Like many states, Tennessee follows the federal government’s definition of first-time buyer as someone who has not owned a home in the past three years. However, the Tennessee Housing Development Agency does not require active-duty military members and veterans to be first-time borrowers to obtain a home mortgage loan through its Homeownership for the Brave program. In addition, in several designated counties and targeted areas of the state, Tennessee Housing program borrowers may be repeat homeowners.
First-time homebuyers can find help through the Tennessee Housing Development Agency’s Home Loan Program. Down payment assistance is also part of the agency’s menu. Here’s a closer look.
This program offers conventional, FHA, VA, and USDA 30-year fixed-rate loans to first-time homebuyers. Interest rates vary based on the market and the mortgage lender. Down payment assistance is available for FHA or USDA loans.
To qualify, borrowers need to make a 3% down payment for insured conventional loans and a 3.5% down payment for FHA and USDA loans. Income and purchase price limits apply, depending on the county and household size. Buyers who are not first-timers are also able to participate in this program if they are qualified military buyers or are buying in certain targeted areas.
The housing agency requires a minimum FICO® credit score of 640 for everyone on the loan application and completion of a home education course.
2. Homeownership for Heroes
Available to active military service members including the National Guard, as well as veterans, law enforcement officers, EMTs, paramedics, and firefighters this program provides for a 30-year loan at a reduced interest rate.
Applicants must have a minimum credit score of 640, meet the same income and purchase price limits as in the Great Choice program, and complete a homebuyer education course if using down payment assistance. They may, though, borrow up to 100% of a home’s purchase price with a loan backed by the Department of Veterans Affairs.
3. Great Choice Plus: Help With a Down Payment or Closing Costs
This is Tennessee Housing’s down payment assistance program, to be used with the Great Choice mortgages. There are two options. The deferred option offers a forgivable second mortgage for $6,000 to be used for down payment and/or closing costs. The loan has a 0% interest rate, and payments are deferred until the end of the 30-year term, at which time the loan is forgiven. If you refinance or sell, the loan is due in full.
The amortizing option provides 5% of the sales price (up to a maximum of $15,000) to be used for down payment and/or closing costs. This second mortgage is repaid in monthly payments over 30 years at an interest rate that is the same as your first mortgage rate.
Borrower requirements are the same as they are for the Great Choice Program.
4. Local First-Time Homebuyer Programs
Local housing initiatives may offer help with down payments, closing costs, and other assistance for first-time buyers in certain areas. The City of Clarksville, for example, has a program for first-time homebuyers.
Get matched with a local
real estate agent and earn up to
$9,500‡ cash back when you close.
Pair up with a local real estate agent through HomeStory and unlock up to $9,500 cash back at closing.‡ Average cash back received is $1,700.
How to Apply to Tennessee Programs for First-Time Homebuyers
The Tennessee Housing Development Agency website contains clear descriptions and requirements for its mortgage and down payment assistance programs available to first-time homebuyers in the state. The agency does not lend directly, but you can find a list of approved lenders so you can compare interest rates, fees, and other costs. This is particularly important for newbie homebuyers, who may be unfamiliar with the process.
First-time buyers can also find links to approved homebuyer education courses , which are required for participation in most of the THDA’s programs.
In addition, the THDA website provides a list of approved credit counselors who may be able to help potential borrowers who fall below the required credit score of 640.
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. Those with scores as low as 500 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 allow a DTI ratio of up to 57% in some cases, 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 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. 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. 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, 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
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. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.
Another positive aspect 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. For further information, contact [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.
First-Time Homebuyer Stats for 2025
• Median home list price in Tennessee: $434,137
• 3% down payment: $13,024
• 20% down payment: $86,827
• Percentage of buyers nationwide who are first-time buyers: 24%
• Median age of first-time homebuyers: 38
• Average credit score (vs. average U.S. score of 715): 706
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 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 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
Tennessee has a streamlined state program for first-time homebuyers who meet income limits and credit qualifications. Other first-time buyers may opt to look into federally insured or conventional mortgages on their own to unlock the door to homeownership.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Yes! Good information is key to a successful home-buying experience for newcomers, who can easily be overwhelmed by the process of applying for a mortgage and purchasing a home. First-time homebuyer classes can help. Indeed, they are required for some government-sponsored loan programs.
Do first-time homebuyers with bad credit qualify for homeownership assistance?
Often they do. Many government and nonprofit homeowner assistance programs are available to people with low credit scores. And often, interest rates and other loan pricing are competitive with those of loans available to borrowers with higher credit scores. That said, almost any lending program has credit qualifications.
Is there a first-time homebuyer tax credit in Tennessee?
Not at present, though many homeowners can still deduct home mortgage interest on their federal taxes.
Is there a first-time veteran homebuyer assistance program in Tennessee?
Yes. Tennessee has a particularly robust program for active military service members and veterans called Homeownership for Heroes. It offers an interest rate discount on a mortgage that can be paired with down payment assistance, if needed. In addition, Tennessee veterans may find options in the federal VA loan programs listed above.
What credit score do I need for first-time homebuyer assistance in Tennessee?
Programs administered by the Tennessee Housing Development Agency require a credit score of 640 or above. To help achieve this goal, the agency provides a list of credit counselors. In addition, there are other private, state, and federal loan programs that borrowers with lower scores may be able to access.
What is the average age of first-time homebuyers in Tennessee?
The Tennessee age is hard to pin down, but the average age nationally is 38.
Photo credit: iStock/f11photo
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¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
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HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
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Homes in the Hawkeye State are relatively affordable, with an average value of $227,579 versus the national figure of $367,711, according to Zillow.
However, that doesn’t mean it’s necessarily easy to buy a home for the first time in Iowa. If you could use a helping hand with down payment, mortgage, and closing costs, you may want to look into what the Iowa Finance Authority (IFA) and others offer. A number of homebuyer assistance programs exist that can help put homebuying within reach.
Who Is Considered a First-Time Homebuyer in Iowa?
The IFA defines a first-time homebuyer as someone who has not owned a primary residence in the past three years. This conforms with the federal definition cited by the U.S. Department of Housing and Urban Development (HUD).
Keep in mind that there are exceptions for veterans, as well as those seeking to purchase a home in targeted areas under the IFA’s FirstHome program.
💡 Quick Tip: Want the comforts of home and to feel comfortable with your home loan? SoFi has a simple online application and a team dedicated to closing your loan on time. No surprise SoFi has been named a Top Online Lender in 2024 by LendingTree/Newsweek.
5 Iowa Programs for First-Time Homebuyers
The IFA offers two major homebuyer assistance programs geared toward helping both repeat and first-time homebuyers. Benefits are offered in the form of competitive mortgage rates, grants, and deferred loans.
The FirstHome Program offers below-market interest rates on mortgages that may require just 3% down and may include reduced mortgage insurance.
The mortgage can be paired with a FirstHome grant or second mortgage.
While eligibility for FirstHome program benefits are generally limited to first-time homebuyers, military members (who have a discharge other than dishonorable and have not used a similar program) may be able to skip this requirement, as well as buyers of homes in targeted disadvantaged areas.
• Household income limit: Generally should not exceed $134,550, but the limit varies by county.
• Home purchase price limit: $510,000 for non-targeted areas; $624,000 in targeted areas.
• Primary residence: Buyer must intend to occupy home as primary residence within 60 days of closing.
• Minimum FICO® credit score: 640
• Debt-to-income (DTI) ratio: cannot exceed 50%
A homebuyer education course is required for borrowers taking out conventional loans, which will help participants understand the whole buying process and types of mortgage loans.
2. Homes for Iowans
First-time and repeat homebuyers who obtain a mortgage under the Homes for Iowans program will benefit from lower mortgage fees and credit score does not impact the interest rate.
The program has more liberal home price and household income limits than FirstHome.
• Household income limit: Generally should not exceed $163,800
• Home purchase price limit: $624,000
• Primary residence: Buyer must intend to occupy home as primary residence within 60 days of closing.
• Minimum FICO® credit score: 640 (with options for those without credit scores)
• Debt-to-income (DTI) ratio: cannot exceed 50%
3. Down Payment and Closing Costs Programs
The IFA’s two mortgage programs can be married with down payment and closing costs programs . Specifically, borrowers may qualify for either a $2,500 grant or a loan of up to 5% of the purchase price (repayable if the home is sold or refinanced, or the first mortgage is paid off) to help with a down payment or closing costs.
Eligibility requirements for both the FirstHome and Homes for Iowans down payment assistance programs include income and home purchase price limits.
Your lender will help you qualify for the grant or loan as part of your application process.
4. Military Down Payment Program
This program offers a $5,000 grant to eligible homebuyers to cover a down payment and closing costs. The Military Homeownership Assistance is geared toward eligible veterans, active-duty service members, and surviving spouses using a FirstHome or Homes for Iowans mortgage.
The program is subject to funding availability, so it’s a good idea to ask your mortgage lender to check whether the funding status of either program has changed.
5. Local Assistance
City and county programs also exist to boost homeownership. Check the page kept by HUD.
Get matched with a local
real estate agent and earn up to
$9,500‡ cash back when you close.
Pair up with a local real estate agent through HomeStory and unlock up to $9,500 cash back at closing.‡ Average cash back received is $1,700.
How to Apply to Iowa Programs for First-Time Homebuyers
Above, there are links to the programs mentioned so you can learn more about eligibility. Regardless of which IFA program you pick, you’ll need to make sure you contact an approved mortgage lender to start your loan application.
Once your lender has verified that you meet the minimum program requirements, you may be asked to complete a homebuyer education course. Homebuyer education is required for all conventional mortgage loans and must be completed before closing.
Your mortgage lender will guide you through the necessary steps to take until you’re ready to close.
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 US 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 details on this 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 low credit scores (between 500 and 579) must put at least 10% down.
• Lenders will look at your debt-to-income ratio (DTI, 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.
• Gift money for the down payment is allowed from some 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.
◦ Example: 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.
💡 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.
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
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. 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. For more details, contact [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 website .
HUD Good Neighbor Next Door Program
Police officers, firefighters, emergency medical technicians, and teachers can get help qualifying for mortgages in the areas they serve with the HUD Good Neighbor Next Door Program . 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.
Iowa First-Time Homebuyer Stats for 2025
Here’s a snapshot of Iowa homebuyers:
• Average home value: $227,579
• Change year over year: 3.9%
• 3% down payment: $6,827.37
• 20% down payment: $45,515.80
• Average credit score: 730 (vs. 715 nationwide)
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 may cut into 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 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 in Iowa may qualify to claim a portion of their mortgage interest as a tax credit, up to 50% of the interest paid at a $2,000 cap. However, funding is not available as of this writing. It can be wise to check if the Iowa mortgage credit certificate gets additional funding when you are ready to purchase a property.
• 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
First-time homebuyers in Iowa may qualify for down payment, mortgage, and closing costs assistance through a state or local program. Other first-time buyers can look into the array of available mortgages as well to find the right fit.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Yes! Good information is key to a successful home-buying experience for anyone, but especially for newcomers. First-time homebuyer classes can help. Indeed they are required for some government-sponsored loan programs.
Do first-time homebuyers with bad credit qualify for homeownership assistance?
Often they do. Many government and nonprofit homeowner assistance programs are available to people with low credit scores. And frequently, interest rates and other loan pricing are competitive with those of loans available to borrowers with higher credit scores. That said, almost any lending program has credit qualifications.
Is there a first-time homebuyer tax credit in Iowa?
Technically, Iowa offers a first-time homebuyer tax credit through its mortgage credit certificate program, though its availability can depend on state funding. At the time of this writing, there was no available funding for the tax credit. The credits are usually issued on a first-come, first-served basis.
Is there a first-time veteran homebuyer assistance program in Iowa?
Yes, the IFA offers eligible service members and veterans a grant of up to $5,000 toward a down payment or closing costs on qualified homes. This program is also contingent on funding availability, so make sure to check with your mortgage lender when applying for a home loan.
What credit score do I need for first-time homebuyer assistance in Iowa?
Both the IFA’s FirstHome and Homes for Iowans programs list a minimum credit score of 640 to be eligible for assistance.
What is the average age of first-time homebuyers in Iowa?
While information on the average age of an Iowa homebuyer can be hard to find, the national average is currently 38.
Photo credit: iStock/MelindaRose
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
Rhode Island may be a very small state, but demand for housing is high, and the prices reflect that. The average property value is $487,258, up 5.7% year over year, according to Zillow, vs. the national average of $367,711.
To help with these steep costs, many first-time homebuyers may qualify for assistance with the down payment, mortgage, and closing costs associated with a purchase. A prospective buyer typically must meet certain income, credit score, or professional criteria.
Read on to learn about these programs.
Who Is Considered a First-Time Homebuyer in Rhode Island?
To qualify as a first-time homebuyer in Rhode Island, either you must have never owned a home or you must have not owned a home in the last three years.
As a first-time buyer, there are certain types of mortgage loans you’ll want to familiarize yourself with, as well as various ways to help with financing your down payment and other aspects of your upcoming purchase.
5 Rhode Island Programs for First-Time Homebuyers
If you’re a first-time homebuyer in Rhode Island, you may qualify for one or more of these state programs that provide low-interest mortgage loans and other financial assistance. The state agency that administers them is RIHousing, which helps Rhode Islanders with their homeownership and rental housing concerns.
Interested in a fixer-upper? RIHousing offers a Homebuyer Renovation Mortgage that combines the purchase price of the house and renovation costs into one low-interest loan.
The total purchase and renovation costs can’t exceed FHA Maximum Loan Limits, and you must have a construction contract with a state-licensed and insured general contractor. You are required to take a Homebuyer Education class before closing.
3. RIHousing: 15kDPA
Eligible homebuyers can get a 0.00%-interest down payment/closing costs loan of $15,000 through this program. You pay the loan only when you sell the home or transfer it.
To qualify for RIHousing 15kDPA, you must be a first-time homebuyer and have a credit score of 660. You must also meet housing price and income limits and complete a homebuyer education course.
4. RIHousing: Extra Assistance
With the RIHousing Extra Assistance down payment assistance program for first-time homebuyers, you can receive funding for up to 6% of the purchase price or $20,000, whichever is lower. Your primary loan must be through RIHousing, and this second loan will have the same interest rate and a 15-year term. You need a credit score of 620.
5. RIHousing: FirstGenHomeRI
This program is for first-time homebuyers who are also first-generation homebuyers — meaning someone whose parents never owned a home during their lifetime or lost the home due to a foreclosure or short sale. People who lived in foster care also qualify. FirstGenHomeRI provides $25,000 in down payment and closing cost assistance. The interest rate is 0.00% and the loan is forgivable once you’ve lived in the house for five years.
You must have a credit score of 660, meet housing price and income limits, live in certain communities or areas, have a first mortgage through RIHousing, and complete a homebuyer education course.
Get matched with a local
real estate agent and earn up to
$9,500‡ cash back when you close.
Pair up with a local real estate agent through HomeStory and unlock up to $9,500 cash back at closing.‡ Average cash back received is $1,700.
How to Apply to Rhode Island Programs for First-Time Homebuyers
The best way to start your application for any of the programs above is to first click on the links and learn more about the programs and qualifications required. Then you can find a participating lender. They will review your finances and other criteria to ensure that you qualify, and they can guide you through the process.
It may also be helpful to use this mortgage calculator to determine what you’d pay each month for your mortgage.
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. Here are some options worth knowing about:
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. Those with low credit scores (between 500 and 579) must put at least 10% down.
A few considerations:
• 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 allow a DTI ratio of up to 57% in some cases, 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 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. 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.
💡 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.
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.
Unlike an FHA loan, the 97 LTV loan has no upfront mortgage insurance fee and does have cancellable mortgage insurance. The loan is for just one-unit single-family homes, co-ops, condos, and planned unit developments.
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. 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%. In addition, 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 itself is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee. For further information, contact [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 as well as income and property eligibility, head to this USDA site .
HUD Good Neighbor Next Door Program
Police officers, firefighters, emergency medical technicians, teachers, and certain other professionals can 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
• Percentage of buyers who are first-time buyers: 24%
• Average home value in Rhode Island: $487,258
• 3% down payment: $14,618
• 20% down payment: $97,452
• Typical down payment percentage of first-time homebuyers: 9%
• Median household income of first-time homebuyers: $97,000
• Average credit score in Rhode Island: 721
Financing Tips for First-Time Homebuyers
Educate yourself on mortgage basics, learn how to choose mortgage term loans, and then check out this list of tips on how to lower your mortgage payment before you buy your first home.
• 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 buy a house. 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.
Another option: You may 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 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, as part of the mortgage credit certificate program.
However, this program is currently suspended in Rhode Island. You might check the RIHousing website to see if it reopens.
• 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.
Rhode Island’s housing market can be pricey, but qualified first-time homebuyers may be able to take advantage of assistance and save. There are state programs that can help with down payment and mortgage costs. And government-backed and conventional loans offer options for future homeowners in the Ocean State as well.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Yes! Good information is key to a successful home-buying experience for anyone, but especially for newcomers, who can easily be overwhelmed by the jargon, technicalities, and magnitude of applying for a mortgage and purchasing a home. First-time homebuyer classes can help. Indeed, they are required for some government-sponsored loan programs.
Do first-time homebuyers with bad credit qualify for homeownership assistance?
Often they do. Many government and nonprofit homeowner assistance programs are available to people with low credit scores. And often, interest rates and other loan pricing are competitive with those of loans available to borrowers with higher credit scores. That said, almost any lending program has credit qualifications. That’s why it’s important to take all possible steps to improve your credit standing before you go house hunting.
Is there a first-time homebuyer tax credit in Rhode Island?
The mortgage credit certificate program for first-time homeowners in Rhode Island is currently suspended.
Is there a first-time veteran homebuyer assistance program in Rhode Island?
Yes. The U.S. Department of Veterans Affairs offers home loans to eligible active-duty members of the military, veterans, reservists, and surviving spouses.
What credit score do I need for first-time homebuyer assistance in Rhode Island?
Credit score requirements vary, depending on the homebuyer assistance program. For example, some of the programs offered by RIHousing require a credit score of 620.
What is the average age of first-time homebuyers in Rhode Island?
While figures specific to Rhode Island are hard to find, the median age of first-time homebuyers in the U.S. is 38.
Photo credit: iStock/DenisTangneyJr
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
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With its breathtaking natural beauty, clean air, and miles and miles of wilderness, Alaska, known as the Last Frontier, is a nature lover’s paradise. And it’s a good place to be looking for a home: As of April 2025, home prices in Alaska were up 3.7% from the year prior. But Alaska’s median home selling price of $385,700 still significantly beats the national median home sale price of $438,357, according to Redfin data.
As a first-time homebuyer in Alaska, you may qualify for a low-interest mortgage or help with the down payment. Here’s what you need to know.
Who Is Considered a First-Time Homebuyer in Alaska?
For a number of the state’s home mortgage loan programs, you’re considered a first-time buyer in Alaska if you haven’t owned a home in the last three years. You may also qualify if you meet U.S. Department of Housing and Urban Development (HUD) requirements, such as being a single parent or a displaced homemaker who has only owned a home with a spouse. Looking for the most budget-friendly spot to settle in this vast state? Check out a list of the best affordable places in Alaska.
2 Alaska Programs for First-Time Homebuyers
Offerings by the Alaska Housing Finance Corporation can give first-time homebuyers access to lower-interest-rate mortgages, or assistance with down payments and closing costs. Start here if you’re looking for different types of mortgage loans with the best interest rates in Alaska.
This program offers lower-interest-rate mortgages to first-time homebuyers. To qualify, you must meet income and purchase price limits and have not owned a home in the past three years, unless the property you plan to buy is within a targeted area or you are a qualified veteran.
• Targeted areas are HUD designated census tracts and have higher income and acquisition cost limits.
• Eligible properties include single-family homes, condominiums, duplexes, and certain manufactured homes.
• A duplex must be five or more years old and occupied for at least the last five years as a multi-family residence.
• Borrowers must read the tax-exempt booklet.
2. First Home Loans
First Home offers mortgages with reduced interest rates to eligible borrowers, but unlike the First Home Limited program, it does not have income or purchase price limits. To qualify, you must not have not owned a primary residence in the past three years.
• Eligible properties include owner-occupied single-family residences, condominiums, duplexes, and certain manufactured homes.
• At least one unit in a duplex must be the borrower’s principal residence.
Both of these AHFC programs offer multiple loan options providing lower interest rates. These include the:
• Affordable Housing Enhanced Loan
• Energy Efficiency Interest Rate Reduction
• Interest Rate Reduction for Low-Income Borrowers
• Energy Efficiency Interest Rate Reduction
• State Veterans’ Preference
You must meet certain income limits and participate in a homebuyer education course. To apply, contact AHFC-approved lender.
How to Apply to Alaska Programs for First-Time Homebuyers
If you’re a first-time home buyer in Alaska and you qualify for one of these programs, reach out to a lender who participates in that program to start your application.
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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.
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, a 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 participating in the FHA loan program. Loans offer competitive interest rates and require down payments of 3.5% of the purchase price. Borrowers typically need FICO® credit scores of 580 and up. A buyer with a score as low as 500 must put down 10% or more.
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 loans allow a DTI ratio of up to 50% in some cases, 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 always require mortgage insurance premiums (MIP): This includes a fee of 1.75% of the base loan amount, which can be rolled into the loan, upfront. Borrowers also carry annual premiums for the life of the loan. As of 2025, monthly MIP for new homebuyers is 0.15% to 0.75%. A down payment of at least 10% allows the removal of mortgage insurance 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 about $137.
Low- and very low-income borrowers may make just a 3% down payment on a HomePossible® 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, or formally, the Federal National Mortgage Association, is a publicly traded government-sponsored enterprise that dates back to the Great Depression.
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.
Unlike an FHA loan, the 97 LTV loan has no upfront mortgage insurance fee and does have cancellable mortgage insurance. The loan is for just one-unit single-family homes, co-ops, condos, and planned unit developments.
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. 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 advantage of VA loans 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, 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.
• 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. A first-time homebuyer, for the purposes of IRA withdrawals, is someone who has not owned a principal residence in the last two years. 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, 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./p>
• 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.
There is plenty of opportunity for qualified first-time homebuyers in Alaska. The state offers programs that can help with the mortgage and down payment. Plus there are federal and conventional loans available that can assist you in your quest to purchase a home.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
First-time homebuyer classes are required for some government-sponsored loan programs. And for everyone else, this experience is a great way to get acquainted with the home-buying process before you dive into your search in earnest.
Do first-time homebuyers with bad credit qualify for homeownership assistance?
Yes, often they do. Many government and nonprofit homeowner assistance programs are available to people who don’t have the highest credit scores. And often, interest rates and other loan pricing are competitive with those of loans available to borrowers with higher credit scores. That said, almost any lending program has credit qualifications. That’s why it’s important to take all possible steps to improve your credit standing before you go house hunting.
Is there a first-time homebuyer tax credit in Alaska?
No there isn’t, although the state does offer assistance for first-time homebuyers through several AHFC programs. Both offer lower interest rates and potential help with down payments. A federal first-time homebuyer tax credit, like one for $15,000 proposed by former President Joe Biden in the 118th Congress of 2023-2024, has not been enacted.
Is there a first-time veteran homebuyer assistance program in Alaska?
First-time veteran homebuyers can get help through the AHFC’s Veterans Mortgage Program, including a 1% interest rate deduction on the first $50,000 of the loan. Also, the U.S. Department of Veterans Affairs (VA) offers no-down-payment VA loans with no monthly MIP, and interest rates that are often lower than those on conventional loans.
What credit score do I need for first-time homebuyer assistance in Alaska?
Credit score requirements vary, depending on the homebuyer assistance program. For example, if you have a credit score of 580 or higher, you may qualify for a lower interest rate on an FHA loan.
What is the average age of first-time homebuyers in Alaska?
The average age of a first-time homebuyer has increased to 38, according to data from the National Association of Realtors®.
Photo credit: iStock/toddmedia
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¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
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