Do I Qualify for Homebuyer Assistance?
Most first-time homebuyer assistance programs share a common set of eligibility criteria. While specific requirements vary by program, here are the factors that typically determine qualification.
Common Eligibility Requirements
First-Time Buyer Status
Many programs require you to be a “first-time homebuyer,” which is typically defined as someone who has not owned a home in the past three years. Some programs are open to repeat buyers as well.
Income Limits
Most assistance programs set income limits based on the Area Median Income (AMI) for your county. Common thresholds are 80% or 120% of AMI, depending on household size.
Credit Score
Minimum credit scores typically range from 620 to 680, depending on the program and loan type. FHA-backed programs may accept scores as low as 580.
Purchase Price Limits
Programs often cap the purchase price of the home, ensuring assistance is directed toward affordable housing. These limits vary by area.
Homebuyer Education
Many programs require completion of a HUD-approved homebuyer education course before closing. These courses cover budgeting, the mortgage process, and homeownership responsibilities.
Primary Residence Requirement
Nearly all assistance programs require the home to be your primary residence. Investment properties and second homes are not eligible.
Next Steps
The best way to find out if you qualify is to look up the specific programs in your city. Each program page lists detailed eligibility criteria including income limits, credit score minimums, and geographic restrictions.