Homebuyer Assistance Program
The Homebuyer Assistance Program (also called HBA) opens the door for first time homebuyers, even if they don’t have a down payment or money for the closing costs. Our HBA Program can help people buy their 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 rates for the first mortgage are established and published by NIFA. 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.
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: