Texas First-Time Home Buying Assistance Programs & Grants
Texas First-Time Home-Buying Assistance Programs & Grants
(Last Updated – 06/2025)
Texas home prices may sound like a bargain: The average property value is $307,629, according to Zillow, vs. the national average of $367,711. But many first-time homebuyers can find the down payment, mortgage, and closing costs associated with a purchase hard to wrangle.
That’s where first-time homebuyer programs can help. They can provide assistance to those who qualify with the price of homeownership. Often, a prospective buyer must meet certain income or credit score criteria.
Read on to learn about these opportunities.
Who Is Considered a First-Time Homebuyer in Texas?
Anyone who hasn’t owned a primary home in the past three years is considered a first-time homebuyer in Texas, which jibes with the federal government’s definition. The U.S. Department of Housing and Urban Development (HUD) has other eligibility criteria for first-time homebuyers. These include a single parent who has only owned a home with a partner while married, and a displaced homemaker who has only owned a home with a spouse. Veterans may qualify for some of the same programs first-time buyers do.
Be aware that some benefit programs waive the first-time homeowner requirement for people purchasing a property in a qualified targeted census tract and for veterans.
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6 Texas Programs for First-Time Homebuyers
The Texas Department of Housing and Community Affairs (TDHCA), the state agency responsible for affordable housing, offers several homebuyer programs for both first-time and repeat buyers who meet certain income and purchase price limits.
In addition, the Texas State Affordable Housing Corporation is a nonprofit that helps low-income homebuyers break into the Texas real estate market. To participate in the two agencies’ programs, buyers must take a homebuyer education course, which can help them understand how much home they can afford, what fees are involved, and how the lending and closing processes work.
Texas is also home to local mortgage and down payment assistance programs. Here’s a look at some specific programs.
1. My First Texas Home
The My First Texas Home program for first-time buyers and military veterans from TDHCA offers a 30-year low-interest mortgage backed by the FHA, VA, or USDA. Up to 5% of the mortgage is available in an interest-free, no-payment second mortgage for down payment assistance. The loan is repaid only if you sell your home, refinance, or pay off your mortgage.
Buyers must have a credit score of 620 or above and meet the TDHCA income and purchase price limits determined by county.
2. My Choice Texas Home
Also a TDHCA program, My Choice Texas Home is available to first-time and repeat buyers. The 30-year, low-interest rate mortgages are guaranteed by the FHA, VA, and USDA. This program also offers conventional loans.
Like My First Texas Home, buyers can receive up to 5% in an interest-free, no-payment second mortgage for down payment assistance.
Buyers must have a credit score of 620 or above and meet the same TDHCA income limits as above.
3. Home Sweet Texas Home Loan Program
A good first step to see what Texas State Affordable Housing Corporation programs you might qualify for is to watch a video and take an eligibility quiz .
The Home Sweet Texas Home Loan Program offers first-time and repeat buyers a 30-year FHA, VA, USDA, or HFA conventional loan and includes up to 5% in down payment assistance, which can be a grant or a no-interest, no-payment second mortgage that is forgiven after three years unless you sell your home or refinance your mortgage before that.
Borrowers need to meet income and purchase price requirements and have a credit score of at least 620.
4. Homes for Texas Heroes
The Texas State Affordable Housing Corporation also offers the Homes for Texas Heroes program. This is a 30-year fixed-rate mortgage for veterans and certain public service professionals such as public school teachers, librarians, counselors, and nurses, as well as firefighters and corrections officers.
Like the Home Sweet Texas Home program, up to 5% down payment assistance is available as a grant or no-interest, no-payment second mortgage that’s forgivable.
In addition to being a veteran or public servant, borrowers must have a credit score of 620 or above and meet income and purchase price requirements.
5. Local Mortgage and Down Payment Assistance Programs
First-time and repeat buyers should be sure to check for local programs from various cities, counties, and financial institutions for additional assistance. Dallas, Austin, Houston, and Corpus Christi, for instance, have local and neighborhood down payment assistance programs.
6. Mortgage Credit Certificate
First-time borrowers, veterans, and people buying in targeted areas in Texas, including those in the My First Texas Home program, have in the past been eligible for a Texas mortgage credit certificate, which allows borrowers to take a portion of their mortgage interest paid as a federal tax credit of up to $2,000 a year. Although this program has been discontinued indefinitely, mortgage credit certificates may still be obtained in combination with Texas State Affordable Housing Corporation’s programs, as funds are available. So it’s worth asking about this if you are in conversations about a loan in Texas.
Recommended: First-Time Homebuyer Guide
How to Apply to Texas Programs for First-Time Homebuyers
You can find information about qualifications, applications, and requirements for loan programs at the websites for both the Texas Department of Housing and Community Affairs and the Texas State Affordable Housing Corporation , as well as via the specific program links provided above.
Neither organization lends directly, but you can find a list of their approved participating lenders on their websites. They also provide a list of recommended real estate professionals. It’s especially important for first-time buyers, who may be unfamiliar with the mortgage lending process, to compare interest rates, fees, and other costs among lenders to find the most affordable loan.
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 US Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Here are some details on how this works:
• 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 (specifically, 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, 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 acceptable from certain donors, and it 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.
◦ An 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.
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, reservists, veterans, 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. Here are some important points to note:
• 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 may 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: Active duty service members who have served for at least 90 consecutive days are eligible for a VA loan. But so are many veterans, surviving spouses, and National Guard and Reserves members. It’s worth exploring with an online VA loan application because the low interest rates and other advantages of this loan can’t be beat.†
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 doesn’t require 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, which 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 certain professionals (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. Get information from the HUD program page.
Texas First-Time Homebuyer Stats for 2025
• Percentage of buyers who are first-time buyers: 24%
• Average home value in Texas: $307,629
• 3% down payment: $9,229
• 20% down payment: $61,256
• Typical down payment percentage of first-time homebuyers: 9%
• Median household income of homebuyers: $97,000
• Average credit score in Texas: 695
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 this context, 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 you to borrow from the 401(k) plan that it sponsors, you might 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 purchase a property, you may have up to 15 or even 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.
• The mortgage credit certificate program. First-time homeowners and those who buy in targeted areas can sometimes 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 decide to 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. Check with your employer; they 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 are a first-time homebuyer in the state of Texas, there may be programs that help out with home-owning opportunities. Income-qualified buyers may reap mortgages paired with down payment and other forms of assistance. Others can look for an affordable mortgage on their own among the vast array of home loans from federal programs and commercial lenders.
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.
FAQ
Should I take first-time homebuyer classes?
Yes, first-time homebuyer classes can be a smart move, providing you with good information on the jargon, technicalities, and steps involved in applying for a mortgage and purchasing a home. In fact, these helpful classes are required for some government-sponsored loan programs.
Do first-time homebuyers with bad credit qualify for homeownership assistance?
Often it is possible to get financial help to purchase a home even if you have poor credit. Many government and nonprofit homeowner assistance programs are available to people with lower 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 some level of credit qualifications.
Is there a first-time homebuyer tax credit in Texas?
Yes. The Texas Mortgage Credit Program allows first-time homebuyers to take a portion of their mortgage interest as an annual federal tax credit, up to $2,000, depending on the size of their mortgage.
Is there a first-time veteran homebuyer assistance program in Texas?
Sometimes. The Texas State Affordable Housing Corporation provides credits as funds are available.
What credit score do I need for first-time homebuyer assistance in Texas?
For many of the programs available in Texas, buyers need a credit score of 620 or more to qualify. But there are other private, state, local, and federal loan programs that borrowers with lower scores or no credit history may be able to access.
What is the average age of first-time homebuyers in Texas?
While there aren’t many statistics available about the age of first-time Texan homebuyers, the national average is currently 38, according to the National Association of Realtors®.
Photo credit: iStock/ivanastar
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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.
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Virginia First-Time Home Buying Assistance Programs
Virginia First-Time Home-Buying Assistance Programs
(Last Updated – 06/2025)
Virginia is for lovers — or so the state slogan proclaims — and there are plenty of reasons why someone would love to purchase a home there. Good schools, good music, good food, and great scenery, to name a few.
But for first-time homebuyers in Virginia, breaking into the housing market can be daunting. The median sales price in the Old Dominion had risen 3% year-over year to hit $472,600 as of April 2025, according to Redfin. And in some Virginia communities, the year-over-year price increases were much higher. Tysons, Tysons Corner, and Bristol all posted increases over 50%.
Fortunately, Virginia first-time homebuyers may qualify for financial help through programs offered by the state and some cities. There also are longstanding federal programs that could improve a buyer’s chances of success.
Recommended: First-Time Homebuyer Guide and Resources
Who Is Considered a First-Time Homebuyer in Virginia?
The definition of a first-time buyer might surprise some people. Sure, it’s someone who has never bought a home, but for most programs offered in Virginia and elsewhere, applicants are considered first-time homebuyers if they haven’t owned a home for the past three years. Guidelines from the U.S. Department of Housing and Urban Development (HUD) also count these folks as first-timers, so lenders often follow their lead:.
• Someone who has not owned a home in the last three years
• A single parent who has only owned a home with a partner while married
• A displaced homemaker who has only owned a home with a spouse
Chances are if you’re a homebuyer in Virginia, and especially if you’re a first-time buyer, you’re going to need a home mortgage loan.
9 Virginia Programs for First-Time Homebuyers
Most first-time homebuyer programs in Virginia are designed to help low- to moderate-income buyers who need help finding an affordable mortgage or coming up with a down payment or closing costs. Which means program participants typically must meet eligibility requirements regarding their income, credit scores, and debt-to-income ratio (DTI).
There also may be limits on how much the home to be purchased can cost, and the home usually must be owner occupied. Also, at least one of the buyers may have to complete a homebuyer education course as part of the application process.
The Virginia Housing Development Authority has a long list of programs for first-time homebuyers, but there are other statewide programs you also may want to consider. Read on for a snapshot of what’s available.
- Virginia Housing Conventional Home Loan
- Virginia Housing Conventional No Mortgage Insurance
- Virginia Housing Plus Second Mortgage
- Virginia Housing Down Payment Assistance Grant
- Virginia Housing Closing Cost Assistance Grant
- Virginia Department of Housing and Community Development Down Payment Assistance
- HOME of Virginia Steps to Homeownership Program
- Virginia Tax First Time Home Buyer Savings Account Subtraction
1. Virginia Housing Conventional Home Loan
Virginia Housing’s Conventional Home Loan program offers first-time and repeat homebuyers the opportunity to qualify for a 30-year fixed-rate loan with a low down payment combined with the lowest available conventional mortgage insurance payments. It can be paired with down payment assistance.
Benefits and qualifications include:
• 3% down payment (as low as 1% down with a Virginia Housing Down Payment Assistance Grant or 0% with Virginia Housing Plus Second Mortgage)
• Flexible down payment sources are allowed, including gifts, down payment assistance loan or grant, or other eligible second mortgages
• 640 minimum credit score
• Maximum 50% DTI ratio
• Maximum 3% seller concessions (6% if down payment is 10% or more)
• Must meet Virginia Housing income limits
• Must complete a homebuyer education course
• Must be a single-family, one-unit home or agency-approved condo (no manufactured homes)
• No maximum sales price limit (unless combined with other Virginia Housing programs). An approved lender can help you get started. For general questions, call Virginia Housing at 877-843-2123.
2. Virginia Housing Conventional No Mortgage Insurance
This 30-year fixed-rate loan program is similar to the conventional loan program above, except borrowers aren’t required to pay for mortgage insurance. It can be paired with down payment assistance.
Benefits and qualifications include:
• 3% down payment (as low as 1% down with a Virginia Housing Down Payment Assistance Grant or 0% with Virginia Housing Plus Second Mortgage)
• Flexible down payment sources are allowed, including gifts, down payment assistance loan or grant, or other eligible second mortgages
• 660 minimum credit score
• Maximum 50% DTI ratio
• Maximum 3% seller concessions (6% if down payment is 10% or more)
• Must meet Virginia Housing income limits
• Must complete a homebuyer education course
• Must be a single-family, one-unit home or agency-approved condo (no manufactured homes)
• No maximum sales price limit (unless combined with other Virginia Housing programs). An approved lender can help you get started. For general questions, call Virginia Housing at 877-843-2123.
3. Virginia Housing Plus Second Mortgage
The Virginia Housing Plus Second Mortgage pairs a Virginia Housing conventional loan, Virginia Housing conventional no mortgage insurance loan, or FHA loan with a second mortgage that borrowers can use to make their down payment.
The second mortgage is 3% to 5% of the home’s purchase price (amount is based on credit score and mortgage type).
Benefits and qualifications include:
• 30-year fixed-rate loan
• Qualified buyers with 680 or higher credit scores also can finance part of their closing costs using the second mortgage
• Must be a first-time homebuyer unless purchasing in targeted opportunity area
• Minimum 620-680 credit score (based on loan program)
• Borrowers must have 1% of purchase price available to them at closing
• Must meet Virginia Housing income limits
• Must complete a homebuyer education course. Contact an approved lender to apply. For general questions, call Virginia Housing at 877-843-2123.
4. Virginia Housing Down Payment Assistance Grant
Virginia Housing offers a Down Payment Assistance Grant that provides qualifying homebuyers with up to 2.5% of the home’s purchase price for their down payment. The grant must be used with a Virginia Housing conventional first mortgage, Virginia Housing conventional no mortgage insurance loan, or an FHA loan.
Requirements include:
• Available to first-time homebuyers and repeat buyers
• Minimum credit score of 620 to 660 (based on loan program)
• Qualified buyers with credit scores of 680 or higher can also finance part of their closing costs into the second mortgage.
• Must meet Virginia Housing income and sales price limits
• Must complete a homebuyer education course
• Virginia Housing mortgage must be locked in before receiving grant. An approved lender can help you get started. For general questions, call Virginia Housing at 877-843-2123.
5. Virginia Housing Closing Cost Assistance Grant
Virginia Housing’s Closing Cost Assistance Grant can help borrowers who are applying for a USDA or VA loan cover their out-of-pocket expenses. The maximum grant is 2% of the home’s purchase price.
Benefits and requirements include:
• Nonrepayable grant can be applied to closing costs, USDA guarantee fee, or VA funding fee.
• Must be a first-time homebuyer
• Minimum credit score of 620
• Must meet Virginia Housing income and sales price limits
• Must complete a homebuyer education course. Contact an approved lender to get started.
6. Virginia Department of Housing and Community Development Down Payment Assistance
The Virginia Department of Housing and Community Development (DHCD) has a down payment assistance program for first-time homebuyers who are at or below 80% of the area median income. Qualifying homebuyers may receive a grant worth up to 15% of their home’s purchase price, plus up to $2,500 for closing costs.
Requirements include:
• Minimum credit score of 620
• Maximum DTI 43%
• Must contribute to the home purchase from personal funds (contribution amount based on household income)
• Must meet U.S. Department of Housing and Urban Development income limits for Virginia
• Sales price cannot exceed HUD limits (may vary by location)
• Must receive HUD-certified homeownership counseling and complete HUD-certified homebuyer education course
To apply, you must work through a participating local provider .
7. HOME of Virginia Steps to Homeownership Program
Housing Opportunities Made Equal (HOME) of Virginia is a federally funded nonprofit organization that offers assistance to first-time buyers who can get a home loan on their own but may need down payment help.
Participants must attend a homebuyer education course and meet with a program counselor. Income limits are based on household size. For more information about this program, you can check out the HOME website .
8. Virginia Tax First Time Home Buyer Savings Account Subtraction
Virginia’s Department of Taxation (known as Virginia Tax) offers this opportunity for first-time buyers who are saving for a home. It involves designating an account at a Virginia financial institution as a First Time Home Buyer Savings Account (including savings or other bank accounts, mutual funds, CDs, brokerage, and money market accounts).
There are limits on how much you can save in the account (principal and interest), and the money in the account can be used only to pay the down payment or closing costs for a single-family home. But the advantage is that any income produced by the account is considered tax-free in the state. You can then subtract this income from your federal adjusted gross income to calculate your Virginia adjusted gross income for your taxes.
For more information, check out the Virginia Tax website .
Other Virginia Homebuyer Programs by Location
If you’ve already chosen the part of Virginia you hope to make your home, you also may want to research local buyer assistance programs.
If you can’t find assistance in your chosen location, 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.
Some local programs:
Alexandria Flexible Homeownership Assistance Program
This loan program through the city of Alexandria provides down payment/closing cost assistance to first-time homebuyers who purchase a home made available through the Affordable Set-Aside Homebuyer Program, the Neighborhood Stabilization Program, or the Resale Restricted Homeownership Program.
Assistance is provided through a 0% interest, deferred-payment second mortgage. The assistance amount is based on household size, income, and financial need. For benefits and requirements, check out the website or call 703-746-3087.
Hopeful buyers also can sign up to receive email alerts about available affordable homes for sale and homebuyer training sessions, or call 703-746-4990.
Norfolk HomeNet Homeownership Center Programs
The HomeNet Homeownership Center offers several programs to help residents find, save up for, and buy an affordable home in Norfolk. The center’s opportunities include educational sessions, down payment assistance for qualifying homebuyers, and a matching savings program. Go to the center’s website or call 757-623-1111.
Recommended: Understanding Mortgage Basics
How to Apply to Virginia Programs for First-Time Homebuyers
Reaching out to an approved lender is often the key to learning what programs you might qualify for and how to follow all the steps from applying to closing.
Follow the links and contacts mentioned.
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 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: 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. Here’s a brief look at what is a VA loan: It 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 applying for a VA loan 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 the VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance but 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 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. Learn more information by visiting the HUD program page.
First-Time Homebuyer Stats for 2025
Ever wonder where you fit amid the buyers shopping for their first home, or their first in years? Here are some stats from a recent National Association of Realtors® Profile of Home Buyers and Sellers:
• Percentage of buyers nationwide who are first-time buyers: 24%
• Median household income of first-time buyers nationwide: $97,00
• Median down payment of first-time homebuyers: 9%
• Median age of first-time homebuyers: 38
• Average credit score in Virginia: 723
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. 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 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.
• 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 can qualify for one of the first-time homebuyer programs in Virginia, you may be able to reduce the costs of a purchase and make your dream of owning your own home a reality.
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.
FAQ
Should I take first-time homebuyer classes?
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 many government-sponsored loan programs.
Do first-time homebuyers with bad credit qualify for homeownership assistance?
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 Virginia?
There is not presently a first-time buyer tax credit in Virginia. The state ceased its mortgage credit certificate program in 2023. But Virginia’s Department of Taxation (known as Virginia Tax) does offer an opportunity for first-time buyers who are saving for a home to avoid taxes on special accounts used to save for a home.
Is there a first-time veteran homebuyer assistance program in Virginia?
Virginia Housing’s Closing Cost Assistance Grant allows VA loan applicants to cover their closing costs or the VA funding fee by providing up to 2% of the home’s purchase price. Also, Virginia Housing partners with the Virginia Department of Veterans Services to offer the Granting Freedom program, which provides grants of up to $8,000 for home modifications to Virginia veterans and service members who sustained a line-of-duty injury that resulted in a service-connected disability. If you qualify, you could use the money to make a home for sale a better fit for your needs.
What credit score do I need for first-time homebuyer assistance in Virginia?
Most homebuyer programs in Virginia require a credit score of at least 620.
What is the average age of first-time homebuyers?
The median age of first-time buyers is 38.
Photo credit: iStock/Sean Pavone
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.
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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SOHL-Q225-236
West Virginia First-Time Home Buying Assistance Programs & Grants
West Virginia First-Time Home-Buying Assistance Programs & Grants
(Last Updated – 06/2025)
With its proximity to Washington, D.C., Baltimore, and Pittsburgh, West Virginia is a popular place to live. The Mountain State also has some of the lowest home values in the nation.
The housing market in West Virginia, however, has heated up: The number of homes sold rose 8% year-over-year as of April 2025, and the median sale price rose 2.5%, according to Redfin, a real estate brokerage that analyzes housing market data across the country. The state now has a median sale price of $241,000.
If you’re a first-time homebuyer in West Virginia, know that city, state, and federal programs may be able to help you purchase your first home. With luck you’ve crunched numbers on a mortgage calculator, know your credit score, understand mortgage basics, and you’re ready to go.
Who Is Considered a First-Time Homebuyer in West Virginia?
Understanding the definition of a first-time homebuyer in West Virginia can help you determine if you’re eligible for assistance. At first glance, you might assume it means never having owned a house ever, but in most counties, and nationwide, it also means you haven’t owned a primary home in the past three years. Many lenders also count these as first-timers:
• Someone who has not owned a home in the last three years
• A single parent who has only owned a home with a partner while married
• A displaced homemaker who has only owned a home with a spouse
Recommended: First-Time Homebuyer Guide
6 West Virginia Programs for First-Time Homebuyers
Most first-time homebuyers will need a home mortgage loan. Let’s start by looking at state programs for first-time and repeat buyers in West Virginia. These programs generally are designed for people with low to moderate incomes or who are in certain demographic groups.
- West Virginia Housing Development Fund: The Homeownership Program
- West Virginia Housing Development Fund: Movin’ Up Program
- West Virginia Housing Development Down Payment Assistance
- Charleston Homebuyer Assistance Program
- Martinsburg Homebuyer Assistance Program
- Wood County First-Time Homebuyer Program
1. West Virginia Housing Development Fund: The Homeownership Program
This program provides lower-interest fixed-rate loans with 30-year terms for first-time buyers. Up to 100% of the home can be financed. Some first-time homebuyers in West Virginia may also qualify for the down payment and closing cost assistance program. Borrowers may be required to participate in homebuyer education.
You can get current rates for the program, as well as household income and house price limits here .
2. West Virginia Housing Development Fund: Movin’ Up Program
Another program offered by the West Virginia Housing Development Fund is the Movin’ Up Program, which helps first-time or repeat buyers purchase a new home. Income must be $130,560 or under for a one- or two-person household, and $152,320 or under for households with three or more members. Home purchase price limits apply, as above.
View current rates and income and house price limits for Movin’ Up here .
3. West Virginia Housing Development Down Payment Assistance
Down payment and closing cost assistance loans up to $8,000 are available with the Homeownership and Movin’ Up programs in the form of a 15-year loan with a current rate of 2%.
4. Charleston Homebuyer Assistance Program
Lower-income first-time buyers looking to purchase a house in Charleston or Kanawha County may want to look into the Home Blend program , which offers forgivable loans of up to $128,000 with a 10-year repayment term at 0%. The borrower takes out a mortgage from a participating lender for 80% of the purchase price; the additional 20% is provided as the 0% loan forgiven monthly.
Borrowers are required to invest a minimum of $500, have “acceptable” credit, and complete a homebuyer education workshop.
5. Martinsburg Homebuyer Assistance Program
If you’re a first-time homebuyer looking at a home in Martinsburg or Berkeley, Jefferson, or Morgan counties, you might want to look into deferred no-interest loans that can be used for a down payment and closing costs. The loan may be forgiven if you live in the home for the five-year loan period.
To qualify, you must meet income limits, prequalify for a mortgage, and invest a minimum of $500 toward the purchase of a home.
6. Wood County First-Time Homebuyer Program
The city of Parkersburg may provide up to $15,000 as a forgivable loan to eligible and approved homebuyers to cover the costs of a down payment and closing cost expenses.
How to Apply to West Virginia Programs for First-Time Homebuyers
To apply for the West Virginia Housing Development Fund Homeownership or Movin’ Up programs, contact participating lenders . You may want to compare fees and offerings to find the best fit. Applications for other programs are on program websites, and often include a phone number you can call with questions. Prepare to apply by gathering your financial documents, including your most recent tax return.
Make sure you only apply for a mortgage for a home you can afford. This home affordability calculator helps you figure out how much home you can afford, based on your income and expenses.
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 (DTI) ratio (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: 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 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 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.
Regional loan centers are closed to the public, but you can contact the Department of Veterans Affairs for West Virginia at [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, visit 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. West Virginians can reach the regional HUD office at 304-347-7000.
First-Time Homebuyer Stats for 2025
• Percentage of buyers nationwide who are first-time buyers: 24%
• Median age of first-time homebuyers: 38
• Median home sales price in West Virginia: $241,000
• 3% down payment: $7,230
• 20% down payment: $48,200
• Average credit score in West Virginia: 723
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. 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 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.
• 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
West Virginia city and state programs can help low- to moderate-income first-time homebuyers get a leg up in the Mountain State. Other first-time buyers may be able to find opportunities among government and conventional loans on their own.
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.
FAQ
Should I take first-time homebuyer classes?
Homebuying classes can be beneficial to anyone who is new to the real estate market. And for some first-time homebuyers applying for government-sponsored loans, a class is required.
Do first-time homebuyers with bad credit qualify for homeownership assistance?
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 West Virginia?
The West Virginia Housing Development Fund does not offer one. Ask your homebuyer education and counseling agency if a mortgage credit certificate is available in your area.
Is there a first-time veteran homebuyer assistance program in West Virginia?
A VA-backed loan is an option in West Virginia and may require no down payment or can be paired with down payment assistance.
What credit score do I need for first-time homebuyer assistance in West Virginia?
The West Virginia Housing Development Fund Homeownership Program generally requires a score of 640 or above. The upshot: The minimum credit score usually depends on the lender.
What is the average age of first-time homebuyers?
The median age of U.S. first-time homebuyers is 38.
Photo credit: iStock/LawrenceSawyer
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.
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.
SOHL-Q22-238
May 2025 Market Lookback
The Dollar Is Left Behind
After a remarkably turbulent April sparked by major tariff announcements, May saw financial markets largely regain their composure. This was boosted by the joint decision between the U.S. and China to temporarily remove retaliatory tariffs. The S&P 500 gained 6.3%, while the tech-heavy NASDAQ composite was up a robust 9.6%, its best showing since November 2023. Overall, that left the major stock indices basically flat on the year.
Similar trends could be seen in other markets as well. For instance, the 10-year Treasury yield rose from 4.16% at the start of the month, to nearly 4.60% on May 21 (the highest since mid-Feb), before ending the month at 4.40%. In the crypto space, Bitcoin continued its ascent, reaching an all-time high of $111,092 on its way to an 11.2% gain on the month.
Much of what linked the price action in these different markets was ongoing improvement in investor sentiment and reversal of the early April shock. But things aren’t all they seem on that front, as the U.S. dollar followed a different path. After declining 4.6% in April to a three-year low, the dollar index actually ended May marginally lower.
The currency’s lack of a recovery, especially in light of the moves elsewhere, was unexpected.
The Dollar Divergence
The Shift Continues
There is an inverse correlation between yields and prices. Higher yields generally mean lower bond prices, and vice versa. Typically, yields move on investor expectations for growth and inflation. For instance, if investors expect a stronger economy, bonds that pay a fixed rate might become less attractive.
Nevertheless, if investors find an asset less attractive, its price will generally decline. And because investments are bought with a currency, there can be ripple effects. In this case, higher Treasury yields should theoretically attract foreign capital and boost the dollar, yet that hasn’t happened.
One possible reason is that geopolitical upheaval and heightened policy uncertainty may be leading to lower demand from foreign investors not just for Treasurys, but U.S. assets more broadly.
There is some evidence for this: Developed International stocks are up nearly 15.0% year-to-date, while domestic stocks are barely positive. Rather than any broader economic judgment, the dollar’s depreciation might be symptomatic of lower confidence in the investability of the U.S.
Developed International Stocks Versus the United States
Year-to-Date
Market Recap
Asset Returns
May 2025 Sector Total Returns
Macro
• The United States and China announced a temporary pause in retaliatory tariffs to give time for negotiations.
• While April CPI came in only marginally below consensus (0.2% vs. the estimate of 0.3%), PPI’s print of -0.5% was significantly below consensus for 0.2%.
• Conference Board’s consumer confidence index surged to 98.0, significantly above the estimate of 87.1.
• National home prices fell 0.1% in March, firmly below expectations for an increase of 0.3%.
• Regional Fed bank surveys of executives from manufacturing and service firms indicated that business activity rebounded in May but remains near multi-year lows.
Equities
• The S&P 500 forward 12-month price/earnings ratio rose from 20.4x to 21.6x, representing multiple expansion of 5.9%.
• Large-cap stocks beat small-caps by 1.0 percentage points, the sixth straight month of outperformance and longest such streak since mid-2021.
• Health Care stocks underperformed the broader market by 11.9 percentage points, the second-worst relative performance in history behind December 1999.
• For a second consecutive month, growth stocks handedly beat value stocks. Their 5.2 percentage point outperformance was the most since December 2024.
Fixed Income
• 2- and 10-year Treasury yields rose 24 and 30 basis points, respectively, the first month in 2025 where yields finished the month higher than they began.
• High Yield corporate bond spreads narrowed by 69 basis points, the biggest decline in spreads since October 2022.
• 10-year breakeven inflation expectations rose from 2.24% to 2.33%, while real (i.e. inflation-adjusted) Treasury yields rose from 1.94% to 2.07%.
photo credit: iStock/phototechno
Performance data quoted represents past performance. Past performance does not guarantee future results. Market returns will fluctuate, and current performance may be lower or higher than the standardized performance data quoted.
Read moreKentucky First-Time Home Buying Assistance Programs
Kentucky First-Time Home-Buying Assistance Programs
(Last Updated – 06/2025)
The housing market is booming in the Bluegrass State.
According to Redfin, the median home price in Kentucky was $265,500 in April 2025 — a 3.2% increase in just 12 months. In some Kentucky communities, the numbers were higher.
In Hopkinsville, home prices were up a whopping 31% compared with last year, with a median sales price of $250,000. In Bowling Green, prices were up 17%, with a median selling price of $270,000. Lexington, one of the larger cities, has a median sale price of $315,000.
Price jumps are good news for home sellers, of course, but the hot seller’s market can be a problem for first-time homebuyers in Kentucky. Fortunately, the state and some counties offer financial help to buyers who meet criteria that include income and home price limits. Longstanding federal loan programs also could improve a buyer’s chances of success.
Recommended: First-Time Homebuyer Guide
3 Kentucky Programs for First-Time Homebuyers
The Kentucky Housing Corporation (KHC) offers several programs for first-time and other homebuyers who are looking for a home mortgage loan.
Most are designed to help low- to moderate-income individuals and families. Participants may have to meet certain standards to qualify, including income and purchase price limits. Typically, the home must be the buyer’s primary residence. And at least one of the buyers may have to complete a homebuyer education course.
Recommended: Understanding Mortgage Basics
1. KHC Conventional Preferred Loan Program
The KHC Conventional Preferred loan program offers first-time and other qualifying homebuyers a fixed-rate 30-year mortgage with a 3% down payment. Borrowers pay mortgage insurance at a reduced rate.
Availability: Statewide
Type of Assistance: 30-year fixed-rate mortgage with 3% down payment; reduced rate mortgage insurance
Benefits and Qualifications Include:
• Can be used with all KHC down payment assistance programs
• Purchase price limit is $510,939
• Minimum credit score of 660
• Income must not be more than 80% of the area median income
• May be required to take homebuyer education course
More Information: Future Homebuyers
2. KHC Conventional Preferred Plus 80
The Conventional Preferred Plus 80 loan program also offers a 30-year mortgage with a 3% down payment, but there are important differences. Standard mortgage insurance is required with this loan, and the income limits are higher.
Availability: Statewide
Type of Assistance: 30-year fixed-rate mortgage with 3% down payment
Benefits and Qualifications Include:
• Can be used with all KHC down payment assistance programs
• Purchase price limit $510,939
• Minimum credit score of 660
• Applicant income limits vary by county
• May be required to take homebuyer education course
More Information: Future Homebuyers
3. KHC Regular Down Payment Assistance Program (DAP)
The KHC Regular DAP is open to all KHC first mortgage borrowers. It offers down payment assistance through a second loan of up to $7,500. The loan is repayable over a 10-year period at a 3.75% interest rate.
Availability: Statewide
Assistance Amount: Up to $10,000 for down payment and closing costs
Assistance Type: Second loan repayable over a 10-year period at 3.75%
Benefits and Qualifications Include:
• Can be used with all KHC loan programs
• Purchase price up to $510,939
• No liquid asset review and no limit on borrower reserves
• Minimum credit score of 620
More Information: Future Homebuyers — Down Payment Assistance
Recommended: 7 Ways to Reduce a Mortgage Payment
City and County First-Time Buyer Programs
If you’ve already picked out which Kentucky 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 two.
Lexington First-Time Homebuyer Program
The Lexington-Fayette Urban County Government offers non-repayable mortgage subsidies and 0% to 2% loans to low- to moderate-income first-time homebuyers through REACH Inc. and Habitat for Humanity. Recipients must currently reside in Lexington and the purchased home must be in Lexington.
For information on benefits, eligibility requirements, and who to contact for help, you can check out the program website . Although the program exhausted all available funds as of May 2025, would-be buyers can monitor the program page for the next open application period.
Louisville Down Payment Assistance Program
The Louisville Metro Down Payment Assistance Program offers down payment and/or closing cost assistance to low- to moderate-income households through 0% interest partially forgivable loans. Assistance is based on the home’s purchase price and individual need.
For information on benefits and eligibility requirements, check out the program website .
Who Is Considered a First-Time Homebuyer in Kentucky?
A first-time homebuyer in Kentucky, as elsewhere, is typically defined as someone who hasn’t owned a primary home for at least three years. It’s always a good idea, though, to be clear on all current eligibility requirements before applying for any program.
How to Apply to Kentucky Programs for First-Time Homebuyers
In general, approved lenders and specially trained real estate agents can inform applicants and guide them through the process.
KHC Programs
It might be a good idea to familiarize yourself with the eligibility criteria if you’re interested in the Kentucky Housing Corporation loan programs and down payment assistance.
To apply, an approved lender can steer you from start to closing. Or call the KHC at (502) 564-7630.
Local Programs
Note the resources above for the Lexington and Louisville programs.
The U.S. Department of Housing and Urban Development (HUD) lists other possibilities in Kentucky, and you can dig further into whether your particular city or county offers assistance.
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 (DTI) ratio, which is 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. You’ll likely need to document this 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 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 the VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance but 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 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.
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? Here are some recent first-time homebuyer stats from the National Association of Realtors® (NAR) and Redfin.
• Percentage of buyers nationwide who are first-time buyers: 24%
• Median household income of first-time buyers nationwide: $97,000
• Median home price of a starter home (according to Redfin): $240,000
• Median down payment of first-time homebuyers: 9%
• Median age of first-time homebuyers: 38
• Source of funds for first-time buyers:
• Savings: 69%
• Loans or gifts from friends or family: 25%
• Financial assets: 21%
• Inheritance: 7%
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 permits 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. When it comes to IRA withdrawals, the IRS considers anyone who has not owned a primary residence in the past two years a first-timer. 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. The IRS allows tax- and penalty-free withdrawals of contributions for any reason as long as you’ve held the account for five years. (After all, Roth IRA contributions are made with after-tax money.) 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. Some employers allow borrowing from the 401(k) plan that they sponsor. If so, 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 make flexible second mortgages possible 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 may be able to 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. Consult a tax advisor about this program.
• 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
Being a first-time homebuyer can be especially challenging during a seller’s market. Even if you’ve done some mortgage calculations and you’re confident you can afford a home’s monthly payments, saving enough for a down payment and closing costs can be a major hurdle.
However, if you can qualify for one of the many first-time homebuyer programs in Kentucky, or a federal program, you may be able to reduce those costs. And even if you don’t qualify, remember that many borrowers don’t necessarily have to come up with a 20% down payment. (In fact, most buyers don’t.)
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.
FAQ
Should I take first-time homebuyer classes?
Good information is key to a successful home-buying experience for anyone, but especially for newcomers to the housing market. First-time homebuyer classes are actually 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, with interest rates and other loan pricing 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 Kentucky?
Yes. The Kentucky Housing Corporation administers a mortgage credit certificate program that allows first-time buyers to claim a portion of their annual mortgage interest as a federal tax credit every year for the life of their loan.
Is there a first-time veteran homebuyer assistance program in Kentucky?
Qualified applicants can pair a VA-backed home loan with a Kentucky down payment assistance program.
What credit score do I need for first-time homebuyer assistance in Kentucky?
Most Kentucky programs require a minimum FICO score of 620 or 660, depending on the loan type.
What is the average age of first-time homebuyers?
The typical first-time homebuyer is 38, the oldest first-time buyer age in the four decades that the National Association of Realtors® has been compiling data.
Photo credit: iStock/jnatkin
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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.
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.
SOHL-Q225-187
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