Home ownership assistance gives people the chance to own a home. Those who qualify for home ownership assistance would never have otherwise had the chance to own a home. But these programs differ by state, so it depends on which state you live in. This guide is going to introduce you to the top five states for home ownership assistance programs.
- Rhode Island
Rhode Island has the most generous home ownership assistance program in the country by far. It provides households that earn less than $87,000 per year with a loan of just over $400,000 to buy their first home. Rhode Island also has incredibly low foreclosure rates, which means first-time buyers are living in a stable market that isn’t going to tank anytime soon. It should be noted that this home ownership assistance program is only available within six counties of this state.
- West Virginia
West Virginia has the second lowest median list price in the entire nation. It also has one of the lowest foreclosure rates in the country. It has a low cost of living and its home ownership assistance program is also well-honed. The amount that can be borrowed depends on the county you live in and the average income of that county you live in. It also restricts people who have owned a home within the last three years. Overall, this home ownership assistance program gives help to those who really need it.
Texas is perhaps the most opportunistic part of the nation to purchase a new home in . It may not have the same generous home ownership assistance program, but it does offer a chance to live in one of the most safest affluent areas of the US. My First Tex is the name of the Texas home ownership assistance program. It’s provided by the Texas Department of Housing and Community Affairs and it helps with providing a down payment and with closing for new families buying a house in Texas.
Michigan has recovered from much of the chaos that came as a result of the financial crisis. Its foreclosure rates have dropped and it’s still one of the most affordable states in the nation. The MI Home Loan Program helps on closing, along with down payment assistance of up to $7,500 if you qualify. Finally, Michigan has a median price of just $152,000 for homes throughout the state, which makes it one of the lowest in the country.
- New York
New York, despite its reputation as one of the most expensive states in the country, has a high proportion of first-time buyers. To meet this demand there is a range of assistance programs, including Remodel New York, Conventional Plus, and the Achieving the Dream program. Some of these address loan issues and others provide low-interest options for those with relatively unstable incomes.
Last Word – Help is Available
Wherever you decide to buy, there are options available if you’re struggling to come up with enough money to put down for a mortgage or dealing with high-interest rates. See if you qualify for any assistance programs and you could achieve the dream of owning your own home.
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