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Throughout the country there are first time home buyer programs that are administered by the states. These often involve HUD funding but are built around state regulations within guidelines established by the HUD grants. In New York for example, the State of New York Mortgage Agency (SONYMA) has been in business since 1970.

It was established by the legislature in order to alleviate shortages of funds available in the private banking system for residential mortgages within New York State. The Agency's programs are geared to first time home buyers of owner-occupied, one-to-four unit residences. Their primary tool is low interest rate loans funded by bonds issued by the state. The Low Interest Rate Mortgage Program offers below market interest rate mortgage loans to low and moderate income households who must be first time home buyers (except in target areas). For more information go to: http://www.nyhomes.org/home/index.asp?page=33.

The California Housing Finance Agency has a first time home buyer program that also provides below market rate mortgages for people who are eligible. Their web site also spells out how to work with a private lender to obtain first time home purchase loans. Go to http://www.calhfa.ca.gov/homebuyer/index.htm. The agency also has a program to enlist direct lenders, brokers and agents as representatives for the program. Interested parties should go to http://www.calhfa.ca.gov/homeownership/index.htm.

Texas has a first time homebuyer program that will also assist with the down payment. Their agency can be found at http://www.tdhca.state.tx.us/homeownership/fthb/index.htm. Florida has created a quasi-private corporation to assist first time home buyers. Their website is located at http://www.floridahousing.org/Home/HomebuyersRenters/FTHB/DefaultFTHB.htm.

These are four examples from the major states. All of them provide low cost loans, some offer help with down payments and some will fold a construction loan into the mortgage for homes that need repair. Common questions from first time home buyers include issues such as credit, single parenthood and down payment issues.

HUD has an excellent page addressing these and other questions at http://www.hud.gov/buying/comq.cfm. Since HUD funds so many state run first time home buyers programs, they have an excellent handle on what opportunities exist in various areas. You can find a state-by-state breakout of regional and local agencies that provide assistance to first time home buyers at http://www.hud.gov/buying/localbuying.cfm. It's a quick and effective search mechanism for contacts in your area.

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