If you are interested in buying your first home, the right mortgage loan may help you achieve this goal. Federal programs are available to make the process easier for low-income and first-time buyers.

First home buyer assistance provides financing for a portion of the down payment and closing costs. You repay the loan over a period of 10 years with a fixed monthly payment and interest rate. There are two types of this assistance: The monthly payment loan and deferred payment loan plus.

Essential First Home Buyer Assistance Programs Available in Melbourne

Down payment assistance can be found through local and state programs. The types of programs vary, as do the eligibility requirements. They typically include the requirement to be a first-time buyer and to complete homebuyer education. They also usually require that you buy a single-family home, townhome or condominium that will be your primary residence. They do not typically cover investment properties, rental homes or multifamily units.

Many states have first-time buyer programs that offer mortgages with competitive rates and reduced down payments. For example, the State of New York Mortgage Agency offers a 30-year fixed-rate mortgage for one to four-family homes and cooperatives. It requires a 3% down payment with only 1% coming from the borrower’s own funds. It also includes income limits and a homebuyer counseling requirement. You can find additional information on the Your Australian Property Buyers Agents.

The Colorado Housing and Finance Authority (CHFA) and the Colorado Housing Assistance Corporation (CHAC) both offer down-payment assistance grants for qualifying first-time buyers. They can be used with CHFA’s MyHome assistance program. The MyHome program is a first-time buyer down-payment and closing cost assistance grant for eligible borrowers purchasing a single-family home, owner occupied multifamily property or condominium in a qualified area.