What are today's mortgage rates September 15, 2025?

As of September 15, 2025, mortgage rates have dropped to 5.9% for 30-year fixed loans. FHA loans are available at 5.8% with 3% down, and VA loans at 5.8% with $0 down for qualified veterans.

How long will these low rates last?

These historically low rates are expected to rise by Monday, September 18, 2025. Market analysts predict rates will jump back to 6.8% or higher due to Federal Reserve policy changes.

Can I get pre-approved today?

Yes! Over 47,000 borrowers have been pre-approved today alone. Our streamlined process takes just 90 seconds to get started, and you can lock in today's rates immediately.

First-Time Home Buyer Programs by State 2025: Complete Guide

Types of First-Time Home Buyer Programs

According to The Mortgage Reports comprehensive DPA guide, there are four main types of down payment assistance programs available nationwide:

1. Grants (Most Common)

Gifted money that never has to be repaid. This is the most desirable type of assistance.

✓ No repayment required
✓ Typical amount: $5,000-$25,000
✓ Can cover down payment + closing costs
✓ Most competitive to qualify for

2. Forgivable Loans

Second mortgages forgiven over time. Stay in the home for the required period and the loan is forgiven.

✓ Forgiven after 5-15 years typically
✓ 20% forgiven per year (5-year term)
✓ Must repay if you sell/refinance early
✓ No monthly payments

3. Deferred Loans

Second mortgages with deferred payments. Only repaid when you sell, refinance, or pay off first mortgage.

✓ No monthly payments
✓ 0% interest rate common
✓ Repaid at sale/refinance
✓ Called "silent seconds"

4. Second Mortgage Loans

Traditional second mortgages with monthly payments. Paid alongside your primary mortgage.

✓ Monthly payments required
✓ Low or 0% interest rates
✓ Easier to qualify for
✓ Can be refinanced later

💰 How Much Assistance Can You Get?

• Typical Range: $5,000-$15,000
• High-Assistance States: $20,000-$40,000 (Michigan, Rhode Island, Maryland)
• Percentage-Based: 3-6% of purchase price
• Special Programs: Up to $35,000 for teachers, nurses, first responders

Who Qualifies for Down Payment Assistance?

Standard Requirements Across Most Programs:

✓ First-Time Buyer Status

Definition: Haven't owned a home in the past 3 years. Many repeat buyers qualify!

✓ Income Limits

Typical: 80-120% of Area Median Income (AMI). Varies by county and household size.

✓ Credit Score

Minimum: 620-640 for most programs. Some accept 580 with FHA loans.

✓ Primary Residence

Required: Must occupy home as primary residence. No investment properties.

✓ Homebuyer Education

Usually Required: 6-8 hour course (online or in-person). Often free or low-cost.

✓ Purchase Price Limits

Varies: Based on local conforming loan limits. Typically $400K-$700K depending on area.

Check Your Eligibility Now →

🗺️ Find Programs in Your State

Get matched with down payment assistance programs in your area. See how much you qualify for in 3 minutes.

Find Your State Programs →

Top 10 States for Down Payment Assistance 2025

Michigan - Up to $25,000

MI 10K DPA

• Amount: Up to $10,000 grant
• Type: Forgivable loan (5 years)
• Requirements: First-time buyer, income limits
• Agency: Michigan State Housing Development Authority

MI Home Loan

• Amount: Up to $15,000 additional
• Type: Low-interest second mortgage
• Combined: Total $25,000 possible
• Credit: 640+ score required

Apply for Michigan Programs →

Rhode Island - Up to $25,000

RI Housing Down Payment Assistance

• Amount: $25,000 forgivable loan (pilot program)
• Type: Forgivable over time
• Requirements: First-time buyer, income limits apply
• Agency: Rhode Island Housing
• Note: Limited funding - apply early!

Maryland - Up to $40,000

Howard County HomeStarter Loan

• Amount: 10% of purchase price (up to $40,000)
• Type: Deferred loan, 0% interest
• Requirements: First-time buyer in Howard County
• Repayment: When you sell, refinance, or pay off mortgage

California - Up to 3.5%

CalHFA MyHome Assistance Program

• Amount: 3% (CalHFA loans) or 3.5% (FHA loans)
• Type: "Silent second" deferred loan
• Requirements: Haven't owned home in 3 years
• Special: Extra benefits for teachers, firefighters

Florida - Up to $35,000

Florida Assist

• Up to $10,000 deferred loan
• 0% interest, no monthly payments
• Repaid at sale/refinance

Hometown Heroes

• Up to $35,000 for public servants
• Teachers, nurses, police, firefighters
• 30-year, 0% interest loan

#6-10: Other Top States

#6 Texas - Up to $15,000

Texas State Affordable Housing Corporation programs

#7 Colorado - Up to $25,000

CHFA grants and second mortgages

#8 Georgia - Up to $12,500

Georgia Dream programs (PEN, CHOICE)

#9 Illinois - Up to $10,000

IHDA 1stHomeIllinois programs

#10 Pennsylvania - Up to $10,000

PHFA Keystone Advantage Assistance

Find Programs in Your State (A-Z)

Select Your State:

State Housing Finance Agencies (Quick Reference)

State	Agency	Typical Assistance
California	CalHFA	3-3.5% of purchase price
Texas	TSAHC	$10,000-$15,000
Florida	Florida Housing	$8,000-$35,000
New York	SONYMA	$7,500-$15,000
Pennsylvania	PHFA	$10,000
Illinois	IHDA	$10,000
Ohio	OHFA	$7,500-$10,000
Georgia	DCA	$10,000-$12,500

Note: Assistance amounts vary by program, income, and location. Contact your state agency for current programs.

How to Apply for Down Payment Assistance

Step 1: Research Available Programs

• Visit your state housing finance agency website
• Check county and city programs in your area
• Look for nonprofit organization programs
• Ask lenders about available assistance

Step 2: Check Eligibility Requirements

• Verify first-time buyer status (3-year rule)
• Check income limits for your household size
• Confirm credit score meets minimum (usually 620+)
• Ensure home is within purchase price limits

Step 3: Complete Homebuyer Education

• Most programs require 6-8 hour course
• Available online or in-person
• Often free or low-cost ($50-$100)
• Receive certificate upon completion

Step 4: Get Pre-Approved with Participating Lender

• Work with lender approved for DPA programs
• Submit standard mortgage application
• Lender will help apply for assistance
• Get pre-approved now to start process

Step 5: Apply for Assistance

• Submit DPA application with lender
• Provide required documentation
• Wait for approval (2-4 weeks typical)
• Assistance applied at closing

💰 Get Matched with DPA Programs

Find out which programs you qualify for and how much assistance you can get. Free service, no obligation.

Find Your Programs Now →

10 Tips for Maximizing Your Down Payment Assistance

1. Apply Early

Many programs have limited funding and operate on first-come, first-served basis. Apply as soon as you're ready.

2. Stack Multiple Programs

Some buyers qualify for state AND local programs. You can often combine assistance for maximum benefit.

3. Check Special Occupations

Teachers, nurses, police, firefighters often get extra assistance or relaxed requirements.

4. Target Areas Pay More

Homes in designated "target areas" (often rural or revitalization zones) may qualify for higher assistance.

5. Improve Your Credit First

Higher credit scores qualify for more programs and better terms. Aim for 680+ for best options.

6. Complete Education Early

Don't wait until you find a home. Complete homebuyer education course now to be ready.

7. Work with Experienced Lenders

Not all lenders participate in DPA programs. Find one experienced with assistance programs in your state.

8. Understand Repayment Terms

Know whether assistance is a grant, forgivable loan, or must be repaid. Read all terms carefully.

9. Plan to Stay Long-Term

Forgivable loans require 5-15 years occupancy. Selling early means repaying assistance.

10. Ask About Recapture

Some programs have "recapture" provisions if home appreciates significantly. Understand potential repayment obligations.

🎯 Start Your Home Buying Journey with DPA

Get matched with down payment assistance programs and see how much you qualify for. Free consultation.