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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 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: