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First Home Program

Current rates

Program
Name
Conventional
Loan Rate
Government
Loan Rate
Military Home N/A 5.375%*
First Home Targeted 5.875%* 5.375%*
First Home 6.125%* 5.625%*
Homebuyer Assistance (HBA) 6.375%* - 1st loan
1.000%* - 2nd loan
5.875%* - 1st loan
1.000%* - 2nd loan
Welcome Home++ 6.875%* 6.375%*
Welcome Home Assistance (WHA)++ 7.125%* - 1st loan
1.000%* - 2nd loan
6.625%* - 1st loan
1.000%* - 2nd loan

Last changed 07/23/2024 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. 

++An origination fee up to 0.50% of the loan amount may be charged by Lender.

First Home Program

If someone is wanting to buy their very first home or if it’s been more than three years since they’ve owned a home, the First Home Program is a perfect fit.

The First Home Program is for buyers who don’t qualify for our Military Home Program and don’t need down payment and closing cost assistance. All buyers in this program must meet NIFA’s first-time homebuyer eligibility requirement.

First Home Targeted Program

The First Home Targeted Program is for buyers who purchase a home located in a target area and do not need down payment and closing cost assistance. Buyers do not need to meet NIFA's first-time homebuyer requirement. Maximum household income and purchase price limits are higher when a home is located in a target area.

Important Memo: Update #24-2 Target Areas & Maps

Target areas are designated by the federal government. The following counties have targeted census tracts:

Geocoding/Mapping System

You can use NIFA's Geocoding/Mapping System to help you identify whether or not a specific home is located in a target area. To use the map:

  1. Click the magnifying glass symbol in the top right corner of the map.
  2. Type your property address into the "Find address or place" search field, press Enter.
  3. The map will zoom to the exact property location.
  4. TARGET area properties will be within a purple shaded area.
    NON-TARGET areas are shaded light tan.

To search additional properties, close the "search result" box by clicking the X in the top right corner, and type a new address into the "Find address or place" search field.

Loan Options & Helpful Links

Loan type options are a conventional-insured, FHA-insured, USDA Rural Development-guaranteed or VA-guaranteed. NIFA doesn’t require mortgage insurance if the down payment is 20% or more and if buyers qualify for a conventional loan.

Other helpful links: