By Susan Guillory

(Last Updated – 06/2025)

Are you a first-time homebuyer in Connecticut? You’re looking at a tough market in the Constitution State. In April 2025, home prices in Connecticut were up 7.6% year-over-year. The median price of a Nutmeg State home is $451,100, according to Redfin. This home-buying guide was crafted to help first-time homebuyers. But hey, that raises a question…

7 Connecticut Programs for First-Time Homebuyers

The Connecticut Housing Finance Authority leads the way in offering mortgages and down payment assistance to low- and moderate-income buyers.

Here are the programs.

1. Homebuyer Mortgage Program

Connecticut Housing Finance Authority mortgages with below-market interest rates can be paired with down payment assistance for those who qualify. Borrowers must be first-time homebuyers or purchasing in a targeted area. There are home price and income limits .

Borrowers must attend a free homebuyer education course, which will explain the home-buying process and mortgage basics.

2. HFA Advantage and HFA Preferred Loan Programs

This program for first-time buyers and people purchasing in a targeted area provides mortgage loans with lower monthly mortgage insurance costs. And mortgage insurance premiums end when the borrower reaches 20% equity.

You must meet sale price and income limits (see this chart).

3. Military, Teacher, and Police Homeownership Programs

Connecticut Housing offers benefits to active-duty military members, veterans, and surviving spouses who meet purchase price and income limits. The agency has a similar program for teachers and police officers .

Another mortgage and down payment program is for applicants who are disabled or who have a disabled member of the household.

4. Down Payment Assistance Program Loan

This very low-rate second mortgage program provides a loan of up to $15,000 at an attractive rate to help with a down payment or closing costs.

Borrowers must apply and qualify for a Connecticut Housing mortgage with a participating lender and demonstrate the ability to repay that mortgage and the second loan to qualify.

5. Time to Own: Forgivable Down Payment Assistance

This program provides 0.00% interest loans with no monthly payment required. Each year, 10% of the balance will be forgiven until the loan is fully forgiven in 10 years. The loan amounts are as follows:

•   Homes in high- or very high-opportunity areas : up to $50,000

•   Homes in other areas: up to $25,000

Borrowers must qualify and receive a Connecticut Housing mortgage, and must have been a resident of Connecticut for at least the preceding three years.

The Time to Own loan may be used with other down payment assistance programs.

6. Another Down Payment Assistance Program

The Housing Development Fund (HDF) offers down payment assistance to qualified first-time homebuyers (the applicant and any non-borrowing spouse must be first-time buyers). With the CT Forever program, first-time homebuyers can borrow up to $28,000 in down payment assistance at 1.00%. (If they sell within 10 years of purchase, the price must be affordable to homebuyers.) The Live Where You Work program offers first-time homebuyers up to $25,000 in down payment and closing cost assistance at 0.00% interest if they are buying a home in the town where they work. The SmartMove Homeownership second mortgage charges 3.00% on a loan for up to 25% of the home’s purchase price to help with down payment and qualified closing costs.

To be eligible, you must have not had a bankruptcy in the past four years or a foreclosure in the past seven years. You must have funds available to cover at least 1% of the purchase price, pre-closing costs, and emergency reserves, and be able to demonstrate a steady work history and on-time bill payment.

7. City Programs in Connecticut

Some cities also offer homeownership help. You might want to look into your city of choice and consult the list compiled by the CHFA.

How to Apply to Connecticut Programs for First-Time Homebuyers

To apply for a mortgage offered by the Connecticut Housing Finance Authority, contact one or more participating lenders .

To apply for Housing Development Fund down payment assistance, create an account and upload documents.

Do you know how much you can afford to pay for a house? This home affordability calculator could help.

Federal Programs for First-Time Homebuyers

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

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

Federal Housing Administration (FHA) Loans

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

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

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

FHA loans always require mortgage insurance: a 1.75% upfront fee and annual premiums for the life of the loan, unless you make a down payment of at least 10%, which allows the removal of mortgage insurance after 11 years. For a $300,000 mortgage balance, upfront MIP would be around $5,250 and monthly MIP, at a rate of 0.55%, would be around $137. You can learn more about these loans, including FHA loans for refinance and rehab of properties, by reading up on FHA requirements, loan limits, and rates.

Freddie Mac Home Possible Mortgages

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

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

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

Fannie Mae HomeReady Mortgages

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

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

Fannie Mae Standard 97 LTV Loan

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

Department of Veterans Affairs (VA) Loans

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

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

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

Native American Veteran Direct Loans (NADLs)

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

US Department of Agriculture (USDA) Loans

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

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

HUD Good Neighbor Next Door Program

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

First-Time Homebuyer Stats for 2024

•   Median home sale price in Connecticut: $451,500

•   3% down payment: $13,545

•   20% down payment: $90,300

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

•   Median age of first-time homebuyers: 38

•   Average credit score (vs. average U.S. score of 715): 726

Financing Tips for First-Time Homebuyers

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

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

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

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

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

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

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

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

Finally, this home affordability calculator can show you how much you can afford to spend on a home.

The Takeaway

First-time homebuyers in Connecticut may be able to take advantage of attractive home loan and down payment assistance options. Those who don’t fit within the parameters may be able to find good mortgage opportunities on their own.

By Kenny Zhu

(Last Updated – 06/2025)

If you’re thinking of buying a home in Delaware, you will likely be interested in knowing that for qualified buyers, there can be help with your down payment, mortgage, and closing costs.

Owning a home in Delaware can be somewhat more expensive than the national average. The current home value is, on average, $402,409 (up 2.0% year over year) versus the national average of $367,741.

If you are of lower or middle income, however, the Delaware State Housing Authority offers a number of homebuyer assistance programs that can help you make ends meet. The help comes in the form of home loans, down payment assistance, and tax credits. There are also other programs at the federal level that may help you purchase a property. Read on for the details.

2 Delaware Programs for First-Time Homebuyers

The Delaware State Housing Authority (DSHA) offers homebuyer assistance programs to encourage homeownership across the First State.

The programs are for both first-time homebuyers — generally people who have not owned a principal residence in the past three years — and repeat homebuyers.

Some have qualifying income or location requirements. You’ll also need to ensure that you’re obtaining your mortgage through a participating DSHA-approved lender in order to be eligible for any of the benefits.

1. DSHA Homeownership Loans

DSHA offers 30-year fixed-rate mortgages through conventional, FHA, VA, and USDA loan programs for first-time and repeat homebuyers alike. The mortgages may be underwritten at rates that are either at or below market, helping homebuyers afford a house.

The “Welcome Home” program includes:

•   Smart Start First Mortgage: Unassisted first mortgage.

•   First State Home Loan: 3% of the final loan amount for down payment and closing costs.

•   Diamond in the Rough: 5% of the final loan amount for down payment and closing costs. Available only to homebuyers who qualify for the FHA 203(k) Limited Program.

Under its “Home Again” program, the DSHA also offers Smart Start and First State Home Loans to homebuyers (first-time and repeat) who exceed the income limits for “Welcome Home.”

Learn more about these programs on the DSHA site .

2. Delaware First-Time Homebuyer Tax Credit

The state of Delaware allows eligible first-time homebuyers to claim up to 35% of their annual mortgage interest paid in the form of a federal tax credit of up to $2,000 a year.

Like some of the programs above, the mortgage credit certificate typically requires you to qualify as a first-time homebuyer.

You can learn more on the DSHA website .

💡 Quick Tip: Don’t overpay for your mortgage. Get your dream home or investment property and a competitive rate with SoFi Mortgage Loans.

Who Is Considered a First-Time Homebuyer in Delaware?

The Department of Housing and Urban Development (HUD) defines a first-time homebuyer as someone who hasn’t owned a principal residence within the past three years (including a spouse), a single parent (who may have owned a house with a former spouse), and a displaced homemaker who has only owned a house with a spouse.

Remember that those who aren’t first-time homebuyers may still qualify for homebuyer loans and down payment assistance through the DSHA. Make sure to check the specific requirements of your program to confirm.

Recommended: Guide for First-Time Homebuyers

How to Apply to Delaware Programs for First-Time Homebuyers

To qualify for one of DSHA’s Homeownership Loans, you’ll need to apply through a participating lender and meet all of the income, credit, and target location requirements.

Step 1: Verify That You Meet Income and Credit Requirements

To qualify for DSHA homebuyer benefits, you’ll need to have a credit score of 620 or higher and an annual household income at or below the limits set by the DHSA.

Qualifying first-time homebuyers often also need to complete a housing counseling course.

Step 2: Apply for a Mortgage Through a Participating Lender

To obtain DSHA homebuyer benefits, you will need to apply for a mortgage directly through a lender that participates in the program. This applies regardless of whether you’re trying to obtain a conventional, VA, USDA, or FHA home loan.

Participating DSHA lenders can be found on the DSHA website, as noted above.

Keep in mind that even though you may qualify under the housing authority’s minimum requirements, a lender may issue its own set of underwriting requirements.

Step 3: Find a Home and Finalize Your Mortgage Application

Once you submit an offer that’s accepted by the seller, you’ll need to contact your lender directly and provide the details of the property you wish to purchase so the lender can complete the underwriting process.

It’s essential that you remain responsive during this stage of the process to ensure that everything goes according to plan. Your loan officer will coordinate with you and your real estate agent to confirm an appropriate closing date, ensure that all necessary reviews are completed, and validate your DSHA benefits.

It can typically take from 30 to 45 days from the time your offer is accepted to closing day. The timeline may vary, though, based on the complexity of your deal.

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. Here’s more about how the program 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, in the range of 500 to 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 allowed from certain donors and will be documented in a gift letter for the mortgage.

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

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

Freddie Mac Home Possible^® Mortgages

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

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

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

Fannie Mae HomeReady Mortgages

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

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

Fannie Mae Standard 97 LTV Loan

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

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

Department of Veterans Affairs (VA) Loans

Eligible active-duty members of the military, veterans, reservists, and surviving spouses may apply for loans backed by the Department of Veterans Affairs.

•   VA loans, which can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment.

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

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

•   VA loans can 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. While the VA doesn’t require mortgage insurance, 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 that are guaranteed by the Department of Agriculture in specified areas. Borrowers must meet USDA income requirements, and will 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 borrowers. For loan basics and income and property eligibility, head to this USDA site .

HUD Good Neighbor Next Door Program

If you are a police officer, firefighter, emergency medical technician, or teachers, you may qualify for these mortgages in the areas you 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.

Delaware First-Time Homebuyer Stats for 2025

Here are some stats about home buying in Delaware:

•   Median home sales price in Delaware: $359,900

•   3% down payment: $10,797

•   20% down payment: $71,980

•   Average credit score in Delaware: 714

Additional Financing Tips for First-Time Homebuyers

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

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

If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals may 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 can 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 if 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 a 401(k) plan that it sponsors, you may consider taking a loan against the 401(k) account to help finance your home purchase. With most plans, you can borrow up to 50% of your 401(k) balance, up to $50,000, in a 12-month period without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have longer to repay.

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

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

There are fees associated with applying for and receiving the mortgage credit certificate that vary by state. Often the savings from the lifetime of the credit can outweigh these fees, but you may want to do the math to be sure.

•  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

Qualified first-time homebuyers in Delaware can leverage homebuyer assistance programs to help with the down payment, mortgage, and closing costs. These may be offered by the state or the federal government and can make homeownership more affordable. It’s also worthwhile to compare what these and offers from other lenders to find the right fit for your situation.

By Kelly Boyer Sagert

(Last Updated – 06/2025)

The University of Texas at Austin (UT Austin), established in 1883, is a leading public research university located in the heart of Austin, Texas. Known for its academic excellence, UT Austin offers over 170 undergraduate and graduate programs across 19 colleges and schools, including the prestigious McCombs School of Business and Cockrell School of Engineering. The university serves more than 50,000 students and is renowned for its vibrant campus life, cutting-edge research, and strong athletic programs.

Total Cost of Attendance

The University of Texas at Austin tuition in 2024-25 for state residents was $11,688. This is slightly higher than the national average of $11,260 for in-state tuition at public universities. For residents of other states, UT Austin tuition was $44,908, which is significantly higher than the national average for out-of-state tuition of $29,150.

Tuition, however, is only part of the total cost of attending college. Here’s a look at other expenses students can expect when attending the University of Texas at Austin.

Costs for 2024-25

Financial Aid

Around two-thirds (69%) of undergraduates receive some form of financial aid to help cover the UT Austin tuition and other costs. This may be scholarships, grants, or student loans, or a combination of these.

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

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

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

•  Grants: Generally based on financial need, these can come from federal, state, private, or nonprofit organizations.

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

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

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

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

•   US Department of Education – Search for grants from colleges and universities by state

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

•   SoFi Scholarship Finder – Use our handy tool to streamline your search by award type, location, level of study and more.

Private Student Loans

Roughly a third (30%) of students tap student loans to help pay the University of Texas at Austin tuition and other costs: 29% take out federal loans and 2% get private student loans (with an average amount of $18,848).

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

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

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

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

Recommended: Guide to Private Student Loans

Projected 4-Year-Degree Price

The University of Texas at Austin cost of attendance for four years — including tuition and fees, room and board, books, and other expenses — is $129,784 for in-state students (based on 2024-25 numbers). By comparison, the national average at public universities for in-state students is $115,360 for four years.

For out-of-state residents, the four-year cost for attending UT Austin is $262,664. This is well above the national average of $186,920 for out-of-state cost of attendance.

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

By Kelly Boyer Sagert

(Last Updated – 06/2025)

The University of Virginia (UVA), founded in 1819 by Thomas Jefferson, is a prestigious public research university located in Charlottesville. Known for its historic Jeffersonian architecture and strong commitment to student self-governance. UVA offers a wide range of undergraduate, graduate, and professional programs. It consistently ranks among the top public universities in the U.S.

Total Cost of Attendance

The University of Virginia tuition in 2024-25 for state residents was $21,803. This is significantly higher than the national average of $11,260 for in-state tuition at public universities. For residents of other states, UVA tuition was $59,512, which is well above the national average for out-of-state tuition of $29,150.

Tuition, however, is only part of the total cost of attending college. Here’s a look at other expenses students can expect when attending the University of Virginia.

Costs for 2024-25

Financial Aid

A large share of undergraduates (44%) receive some form of financial aid to help cover the UVA tuition and other costs. This may be scholarships, grants, or student loans, or a combination of these.

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

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

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

•  Grants: Generally based on financial need, these can come from federal, state, private, or nonprofit organizations.

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

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

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

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

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

•  US Department of Education – Search for grants from colleges and universities by state

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

•  SoFi Scholarship Finder – Use our handy tool to streamline your search by award type, location, level of study and more.

Private Student Loans

Many undergraduates tap student loans to help pay the University of Virginia tuition and other costs: 17% take out federal loans and 5% get private student loans (with an average amount of $18,848).

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

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

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

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

Recommended: Guide to Private Student Loans

Projected 4-Year-Degree Price

The University of Virginia cost of attendance for four years — including tuition and fees, room and board, books, and other expenses — is $167,212 for in-state students (based on 2024-25 numbers). By comparison, the national average at public universities for in-state students is $115,360 for four years.

For out-of-state residents, the four-year cost for attending UVA is $318,048. This is well above the national average of $186,920 for out-of-state cost of attendance.

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

Undergraduate Tuition and Fees

Costs for 2024-25

University of Virginia undergraduate tuition and fees for the 2024-25 academic years were $21,803 for in-state students, a 3.8% increase over 2023-34. The tuition and fees for out-of-state students were $59,512, a 2.6% over 2023-34.

Graduate Tuition and Fees

Costs for 2024-25

•   Average graduate tuition (in-state): $19,884

•   Fees (in-state): $3,642

•   Average graduate tuition (out-of-state): $33,304

•   Fees (out-of-state): $4,324

Tuition and fees for graduate students at UVA for 2024-25 averaged $23,526 for in-state students and $37,628 for out-of-state students. The average cost of graduate school tuition and fees in the U.S. is $22,430 per year.

There are graduate loans available to help with these costs

Cost per Credit Hour

If you attend UVA part time (less than 12 credit hours per semester), the cost per credit hour is $263 for Virginia residents and $1,075 for nonresidents.

Campus Housing Expenses

UVA offers a variety of living environments, including traditional residence halls, suites, and apartment complexes. They also offer opportunities to participate in specific living and learning programs, such as residential colleges, language immersion houses, and a transfer student-focused community.

Costs for 2024-25

•   Housing and food expenses (on/off campus): $14,800

•   Other living expenses (on/off campus): $5,206

Total living expenses for 2024-25 were estimated at $20,006, both for students who lived on campus as well as those who lived off campus.

University of Virginia Acceptance Rate

Fall 2023

The University of Virginia acceptance rate is 17%, which makes the school extremely selective.

Admission Requirements

If you’re interested in applying to UVA as a First-Year (the term the school uses for freshman), here’s what you’ll need to submit:

•   Common App

•   Secondary school report

•   One evaluation from an academic subject teacher

•   Standardized test scores (optional)

Students who exhibit exceptional talent in the arts may also submit an arts portfolio through the Common App via Slideroom.

Important deadlines to know:

•   November 1: Early decision deadline (with notification by December 15)

•   November 1: Early action deadline (with notification by By February 15)

•   January 5: Regular decision deadline (with notification by By April 1)

SAT and ACT Scores

Though submitting test scores is optional at UVA, it can be helpful to know the average scores of other students who chose to submit their scores.

Here are the standardized test scores of students who enrolled in UVA in Fall 2023 at the 25th and 75th percentiles.

Popular Majors at UVA

UVA offers more than 80 undergraduate majors. Here are 10 of the most popular areas of study.

1. Economics

Economics majors start with foundational courses in microeconomics, macroeconomics, and econometrics, then choose from a wide variety of electives, such as financial markets, industrial organization, health economics, antitrust policy, and environment economics.

Undergraduate degrees in 2023-24: 299

2. Computer Science

Students can pursue a B.S. in Computer Science through the School of Engineering and Applied Science, or a B.A. degree through the College of Arts and Sciences. Another pathway in computer science is the B.S. in Computer Engineering degree, which is jointly administered with the Electrical and Computer Engineering Department.

Undergraduate degrees in 2023-24: 292

3. Biology

Offered as a B.S. or B.A. degree, the biology program focuses on core concepts and principles in genetics, cell biology, and evolution. Students study the different levels of biological organization, from molecules to ecosystems, and learn how to interpret and critically analyze observational and experimental data.

Undergraduate degrees in 2023-24: 257

4. Psychology

Psychology majors study human behavior and mental processes, exploring a wide range of topics from human development to the brain and social interactions. They delve into areas like cognitive, social, and developmental psychology, along with the biological and neurological bases of behavior.

Undergraduate degrees in 2023-24: 183

5. Nursing

As part of the Bachelor of Science in Nursing, students take coursework in anatomy, physiology, pharmacology, pathophysiology, leadership, and nursing practice. They also conduct research and gain experience in a simulation learning lab. During the second year, they have the opportunity to participate in clinical rotations.

Undergraduate degrees in 2023-24: 120

6. English

UVA’s English department consistently ranks among the top in the nation. Students study closely with diverse and renowned professors and scholars. The program covers British, American, and global Anglophone literatures, from the early Middle Ages to the present day, and teaches methods of critical reading and writing.

Undergraduate degrees in 2023-24: 118

7. Biomedical Engineering

Biomedical engineering majors learn to improve human health through the design of new medical solutions, such as new generation imaging machines, advanced prosthetics, and targeted pharmaceuticals. This program is co-administered with the renowned UVA School of Medicine, uniquely positioning biomedical engineering students for success.

Undergraduate degrees in 2023-24: 112

8. Kinesiology

Kinesiology majors study how human movement and physical activity impact health, society, and quality of life. Areas of study include athletic training, exercise physiology, health education, and sports medicine. Graduates work in health-related fields like medicine, physical or occupational therapy, and athletic training.

Undergraduate degrees in 2023-24: 98

9. Chemistry

Chemistry majors can choose between the B.S. or B.A. in Chemistry. The B.S.program is a pre-professional degree designed for students who plan to become chemists, either by going to graduate school or by working in the chemical industry. The B.A. is a flexible program that prepares students for further study in a wide range of fields.

Undergraduate degrees in 2023-24: 93

10. Architecture

Architecture majors study a blend of design, history, theory, and technology within a studio culture. They develop a strong foundation in design principles and explore various aspects of the built environment, including architectural history, urban planning, and landscape architecture.

Undergraduate degrees in 2023-24: 72

Graduation Rate

The vast majority of UVA students complete their degree in four years. But some students take longer. Here are the graduation rates for students who began at the school in 2017.

•  4 years: 92%

•  6 years: 95%

Post-Graduation Average Earnings

On average, UVA graduates earn an annual salary of $87,000. This is higher than the average projected starting salary for the class of 2025 at the bachelor’s degree level, which is $68,680.

Who Is Considered a First-Time Homebuyer in Alabama?

Let’s take this on first, because the answer is a little counterintuitive.

A first-time homebuyer isn’t just anyone who has never owned a home. It’s anyone who hasn’t held an ownership interest in a primary residence over the past three years. Chances are if you’re buying a home, for the first time or the first time in recent memory, you’re going to need a home mortgage loan, and newcomers to the process have lots of options.

Recommended: First-Time Homebuyer’s Guide

4 Alabama Housing Programs for First-Time Homebuyers

Alabama Housing Finance Authority programs are generally dedicated to low- to moderate-income homebuyers with decent credit who need help with a down payment or closing costs.

Here are details about the AHFA’s main offerings.

1. First Step

AHFA has reintroduced a longtime program, now called First Step, offering first-time or repeat homebuyers below-market interest rates and up to $10,000 in down payment assistance. Nearly 50,000 Alabama households have benefitted from the program financed through Mortgage Revenue Bond loans.

The First Step program features the following:

•   Fixed-rate, 30-year mortgages.

•   Special low mortgage interest rates on FHA, VA, USDA, and Freddie Mac’s HFA Advantage conventional loans

•   Down payment assistance up to $10,000 or 4% of the home price, whichever is lower

•   Down payment funds secured by a 10-year second mortgage combined with the 30-year, fixed-rate First Step mortgage

•   Loan servicing by AHFA’s ServiSolutions, so homeowners write one check each month

To apply, contact a participating lender .

Email [email protected] to get help finding a lender in your area.

2. Step Up

Step Up is the flagship homeownership program of Alabama Housing and is designed specifically for moderate-income first-time and repeat homebuyers who can afford a mortgage, but need help with the down payment. It provides down payment assistance of up to 4% of the home’s sales price (up to $10,000) in the form of a second mortgage packaged with a 30-year, fixed-rate first mortgage.

The Step Up program features the following:

•   Down payment assistance repayable over 10 years.

•   HFA Advantage conventional, FHA, or VA loans

•   Qualifications including a minimum credit score of 640 for borrowers with incomes below 80% of area median income, or 680 for borrowers with incomes above 80% of area median income but less than $159,200

•   Requirement of a debt-to-income (DTI) ratio of less than 45%

•   Income cap of $159,200, regardless of household size or location

•   Homeownership education course requirement for borrowers

3. Affordable Income Subsidy Grant

In addition to Step Up, the Affordable Income Subsidy Grant provides lower-income HFA Advantage conventional loan borrowers with 0.50% to 1% of their total loan amount to assist with closing costs.

The grant is available to both first-time and repeat homebuyers whose income is under 80% of the area median income for the property’s location.

In addition:

•   Homebuyers must have a credit score of 640 or higher

•   DTI must be 45% or lower

•   Must complete a homeownership education course

4. Mortgage Credit Certificate

The mortgage credit certificate allows borrowers to reduce their federal tax liability, dollar by dollar, by a percentage of their annual mortgage interest paid, up to $2,000, for the life of the loan. Any remaining interest can be claimed as an annual mortgage interest dedication.

The certificate can be used with any 30-year fixed-rate amortizing mortgage offered by an AHFA participating lender. You must be a qualified homebuyer or buying a home in a targeted area.

The home purchase price must be under $665,173 for targeted areas or under $544,233 for non-targeted areas.

Mortgage credit rates are based on the loan amount:

•   20% MCC for loans of $150,001 or greater: no cap

•   30% MCC for loans of $100,001 to 150,000: $2,000/year cap

•   50% MCC for loans of $100,000 or less: $2,000/year cap

How to Apply to Alabama Programs for First-Time Homebuyers

If you are seeking AHFA homebuyer assistance, you’ll need to seek out a participating lender. Be sure to verify whether you fall within the prescribed income and purchase price limits. The lender can guide you after that.

If you haven’t crunched some numbers to see how much house you might be able to afford, use a home affordability calculator to do the math.

Recommended: Understanding the Different Types of Mortgage Loans

Federal Programs for First-Time Homebuyers

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

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 will allow a DTI of up to 57%, vs. a typical 45% maximum for a conventional loan.

FHA loans always require mortgage insurance: This includes an upfront fee of 1.75% of the base loan amount, which can be rolled into the loan, and annual premiums for the life of the loan. As of 2025, monthly MIP for new homebuyers is 0.15% to 0.75%. A down payment of at least 10% allows the removal of mortgage insurance after 11 years. For a $300,000 mortgage balance, upfront MIP would be around $5,250 and monthly MIP, at a rate of 0.55%, would be 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. These loans designed for those who serve our country can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.

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

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

Native American Veteran Direct Loans (NADLs)

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

US Department of Agriculture (USDA) Loans

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

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

HUD Good Neighbor Next Door Program

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

For more information, visit the HUD program page.

Alabama First-Time Homebuyer Stats for 2025

•   Median home price in Alabama: $289,700

•   Number of homes for sale: 26,883

•   Average home value: $234,142

•   Median down payment: $32,550

•   Percent of sales over list price: 16.1%

•   Housing units owner-occupied: 69.9%

•   Average credit score in Alabama: 685

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

•   Median age of first-time homebuyers: 38

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

Additional Financing Tips for First-Time Homebuyers

In addition to federal and state government-sponsored lending programs, while you’re using a mortgage calculator to project mortgage payments, you might want to hone your knowledge about other financial strategies that may help you become a homeowner. Some examples:

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

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

•  401(k) loans. If your employer allows borrowing from the 401(k) plan that it sponsors, you may consider taking a loan against the 401(k) account to help finance your home purchase. With most plans, you can borrow up to 50% of your 401(k) balance, up to $50,000, within a 12-month period without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have up to 15 years to repay.

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

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

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

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

The Takeaway

First-time homebuyers in Alabama of modest means may be able to take advantage of attractive mortgage and down payment/closing cost programs. Other first-time buyers can hunt for a fitting home loan on their own.