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Homebuyer Programs

ELIGIBILITY

First-time and repeat homebuyers are eligible for the NIFA Welcome Home Program. NIFA is committed to helping homebuyers get into their new home with affordable lending options. Check out the Income and Purchases Price Limit information below. 

If you are a "First-Time Homebuyer," Homebuyer Education will be required prior to closing.
First-Time Homebuyers include those who have not owned and occupied a home as their primary residence within the past three years. If this is you, please explore our list of homebuyer education courses. A Homebuyer education course is not required for all other borrowers.

INCOME LIMIT

NIFA Household Income Limit is $174,000 effective 6/14/2024. One of our Participating Lender partners will determine your household income.

PURCHASE PRICE LIMIT

NIFA's purchase price limit is $470,000 for one unit and $601,000 for two units, effective 6/14/2024. 
You must occupy the home as your primary residence within 60 days of the loan closing. 

In addition to NIFA's program eligibility requirements, credit underwriting guidelines also apply. These guidelines include minimum credit scores and maximum debt-to-income (DTI) ratios. 

Participating Lenders use a credit score to determine the creditworthiness of a borrower. The DTI ratio calculates by taking your total monthly expenses and dividing them by your total monthly gross income.

Conventional and Government Loans: The minimum credit score requirement is 640 with a maximum total DTI ratio of 45%. If your credit score is 660 and above, NIFA will allow a maximum total DTI of 50%. If your Participating Lender needs to use manual underwriting guidelines to approve the loan, the minimum credit score and maximum DTI varies depending on the type of loan. If you do not have a credit score, you may still qualify for a NIFA loan.

Participating Lenders are required to determine if a borrower meets all NIFA program eligibility and credit underwriting guidelines.

NIFA requires First-Time Homebuyers to complete an approved homebuyer education class before closing because we understand how overwhelming it can be to purchase your first home. From one of these classes, a first time homebuyer will gain valuable knowledge on the loan process, terminology, budgeting, tips for selecting a real estate agent, home inspections, home maintenance and much more.

Browse NIFA-approved classes