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Homebuyer Assistance Program

Current rates

Program
Name
Government
Loan Rate
Conventional
Loan Rate
Military Home2.375%*N/A
First Home Targeted2.375%*2.750%*
First Home2.625%*3.000%*
Homebuyer Assistance (HBA)3.125%* - 1st loan
1.000%* - 2nd loan
3.500%* - 1st loan
1.000%* - 2nd loan

Last changed 10/26/21 at 9:00 a.m
*This is not an advertisement for credit as defined in Reg.Z; contact a participating NIFA lender for Annual Percentage Rate (APR) information. Rates are subject to change without prior notice. 

Homebuyer Assistance Program

The Homebuyer Assistance Program (also called HBA) opens the door to homeownership, even if you don’t have a down payment or money for the closing costs. Our HBA Program can help you buy a home with a minimum investment of $1,000. All buyers in this program must meet NIFA’s first-time homebuyer eligibility requirements

This program includes a first and second mortgage loan. The interest rate for the first mortgage loan is higher because it includes down payment and closing cost assistance. The maximum amount for the second mortgage loan is 5% of the home’s purchase price, not to exceed $10,000. The term of the second mortgage loan is 120 months or 10 years. The interest rate on the second mortgage loan is 1%.

Note: There may be situations where the minimum investment needs to be more than $1,000 depending on the type of loan (government or conventional) and the amount of closing costs the seller is willing to pay. Talk to a NIFA specialist today to learn more.

Loan Options & Helpful Links

The loan type options are Conventional, FHA, USDA Rural Development or VA.  For conventional loans, mortgage insurance is not required if the down payment is 20% or more.  

Other helpful links:

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