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. 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. The term of the second mortgage loan is 120 months or 10 years. The interest rate on the second mortgage loan is 1%.
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:
