First-time Homebuyer Program
Let us help you achieve homeownership.
getting ready to buy a home as a first-time buyer
Preparing to buy your first home takes planning and the right information. This section of our first-time homebuyers guide walks you through the key early steps—like saving for a down payment, reviewing your credit, and getting preapproved—so you can feel confident as you begin your homebuying journey.
-
Save for Your Down Payment
Most homebuyers can expect to put down 5-20% of the purchase price — but at Reliant, we have programs that require as little as 0-3%.
In addition to using savings for a down payment, consider using gift money and tax refunds, or applying for a first-time buyer grant—many offer matching funds. First-time homebuyers can withdraw from IRAs without penalty to purchase a home (please consult with your tax advisor).
-
Get Preapproved
The first step in the homebuying process is getting preapproved. It’s free, and it’s a great way to get a handle on what you truly can afford.
Once you know how much you can borrow, you’ll know what price point to shop for and how much you’ll want to save. Having a preapproval in hand also gives you greater negotiating power.
-
View Your Credit Report
Mortgage underwriters review your credit report when making lending decisions. The report shows your current liabilities and obligations, such as auto loans, credit card debt, child support, and more.
Make sure there are no surprises during that review. You have the right to a free credit report from each credit reporting agency every 12 months.
-
Build Your Credit
Your credit score is based on your payment history, the debt you owe, how long you’ve been using your credit, how you’ve managed it, and more. Credit scores range from 300 to 850. The national average is 725, so to open up as many options as possible, you’ll want to be as good or better. Even if your score is lower than you’d like, there may be simple things you can do now to help raise it.
you've signed a contract—what's next
Congratulations! You’re one step closer to owning your home! After your offer is accepted, there are a few important steps to complete before closing. This part of our first time home buyer’s resources outlines what you can expect and how to stay prepared throughout the remainder of the homebuying process.
Key next steps include:
- Apply for your mortgage and complete required documents.
- Submit financial information quickly (paystubs, bank statements, etc.).
- Notify your loan officer of any financial changes.
- Review your loan commitment letter and provide remaining items.
- Stay in touch with your loan officer, attorney, and real estate agent.
- Review your closing disclosure and confirm funds needed for closing.
- Complete your final walk-through before closing.
- Avoid new debt or major financial changes before closing.
- Shop for homeowner’s insurance and plan your move.
For a detailed checklist, view our Homebuying Guide: Next Steps
Available First-Time Homebuyer Programs
Reliant offers support to help first-time homebuyers afford a home:
- HomeReady™ by Fannie Mae: A low down payment mortgage program
- Homebuyer Dream Program: Grant programs that provide free money (up to $15,000) to help cover down payment and closing costs
- Conventional Mortgage: This flexible mortgage option lets you purchase a single-family primary residence with no down payment required.
Many buyers can combine a mortgage program with a grant, depending on eligibility.
quick program comparison
-
HomeReady™ by Fannie Mae
HomeReady™ by Fannie Mae
-
Conventional Mortgage
Conventional Mortgage
-
Homebuyer Dream Program® (HDP®)
Homebuyer Dream Program® (HDP®)
-
HDP® Plus
HDP® Plus
-
HDP® Wealth Builder
HDP® Wealth Builder
Type
-
HomeReady™ by Fannie Mae
Mortgage
-
Conventional Mortgage
Mortgage
-
Homebuyer Dream Program® (HDP®)
Grant
-
HDP® Plus
Grant
-
HDP® Wealth Builder
Grant
What It Helps With
-
HomeReady™ by Fannie Mae
Low down payment (as low as 3%)
-
Conventional Mortgage
$0 down payment
-
Homebuyer Dream Program® (HDP®)
Up to $15,000 for down payment & closing costs
-
HDP® Plus
Up to $15,000 for down payment & closing costs
-
HDP® Wealth Builder
Up to $15,000 for down payment & closing costs
Who It's For
-
HomeReady™ by Fannie Mae
Credit-worthy, low– to moderate-income buyers
-
Conventional Mortgage
Must purchase a single-family home with a minimum credit score of 700
-
Homebuyer Dream Program® (HDP®)
First-time buyers with lower household income
-
HDP® Plus
First-time buyers earning above 80% AMI
-
HDP® Wealth Builder
First-time buyers earning up to 120% AMI
grant programs: homebuyer dream program® suite
Funded by the Federal Home Loan Bank of New York and administered through Reliant, these grants can provide up to $15,000 toward your down payment and closing costs.
Income-based options include:
- HDP® — for households earning up to 80% of area median income (AMI)
- HDP® Plus — for households earning above 80% of AMI
- HDP® Wealth Builder — for households earning up to 120% of AMI
Learn More about the Homebuyer Dream Program
All Homebuyer Dream Program® Suite (HDP®, HDP® Plus, HDP® Wealth Builder) funds have been exhausted for this round and the program is currently closed to new applications.
Additional funds may become available in September. As funding is limited and demand is high, available funds may be exhausted quickly. Interested homebuyers should prepare all required application materials in advance and check back for program updates.
Homebuyer Dream Program® Suite Eligibility Guidelines
Review the requirements below to see if you qualify for up to $15,000 in homebuyer grant assistance.
-
First-time Buyer(s)
In order to qualify, anyone who will be listed on the mortgage or their spouse must be a first-time homebuyer (someone who has not owned a home within the last three years).
-
Income Limits
Income limits depend on the county where the property is located. For the HDP®, the maximum annual household income is $88,160 or less for 1-2 person households, or $101,384 or less for households of 3+ people. For the HDP® Plus and HDP® Wealth Builder, the maximum annual household income is $132,240 or less for 1-2 person households, or $152,076 or less for households of 3+ people.
Anyone over the age of 18 who will be living in the house must provide income verification, even if that person will not be on the mortgage.
-
Owner Occupancy
Any buyer who does not own and occupy the home purchased through the Homebuyer Dream Program® for at least five years may be required to pay back a portion of the grant funds.
This only applies to the HDP®, not the HDP® Plus or HDP® Wealth Builder.
-
Additional Guidelines
Our HDP® Suite flyer includes information about the programs, as well as all of the required steps and detailed eligibility guidelines.
How to Qualify for the HDP® Programs
Follow the steps below to get started and increase your chances of receiving a grant.
-
1. Get prequalified with Reliant
Get prequalified for a mortgage with Reliant! A mortgage loan originator will provide qualified applicants with a prequalification letter to present to your real estate professional.
-
2. Take a homebuyer certification course
Take the required homebuyer certification course at one of the local approved counseling agencies. Once complete, provide the certificate to Reliant.
-
3. Begin looking for houses
It is important to be aware of the market and your wants and needs so you are prepared when it’s time to put an offer in.
-
4. Make an offer on a house
Once an offer is accepted and you have an attorney approved purchase contact, provide the contract to Reliant.
-
5. Provide documents to Reliant
Provide all of the above documentation, as well as 30 days’ worth of recent paystubs and all W2 forms from the two most recent years, and any additional required documents to Reliant.
-
6. Reliant applies on your behalf
Once Reliant receives all of the above documentation, Reliant will apply for the grant on your behalf.
Mortgage Program: HomeReady™ by Fannie Mae
A flexible mortgage option for credit-worthy, low– to moderate-income borrowers. HomeReady may be used on its own or combined with community grants.
Key features include:
- Low down payment: finance up to 97% of the purchase price
- Flexible funding: no minimum homebuyer contribution required
If you’re a credit-worthy, low- to moderate-income borrower — especially if you’re shopping for a home in one of our designated communities — this Fannie Mae program may be a fit.
With low, fixed rates and loan terms up to 30 years, HomeReady (offered through Reliant) can be combined with community grants through many municipalities to make buying your first home an achievable goal.
- Low down payment. Finance up to 97% of your purchase price with many borrower flexibilities.
- Flexible funding sources. With no minimum contribution from the homebuyer, this program has the flexibility to help you afford your first home.
Home-ownership education. Ready for the responsibilities of home-ownership? We can help with that. Get an easy-to-use, free online course provided by Fannie Mae called HomeViewTM to help get you ready to own your home.
Conventional Mortgage
Achieve homeownership with our $0 Down Conventional Mortgage, whether you’re buying your first home or your forever home.
This flexible mortgage option lets you purchase a single-family primary residence with no down payment required. You’ll get the stability of a 30-year fixed-rate loan and predictable monthly payments—without the burden of a large upfront cash commitment.
- No down payment required. Closing costs still apply.
- Not just for first-time buyers
- Minimum credit score of 700
- Must purchase a single-family home
- The home must be your primary residence
To find out our current mortgage rates, please call us at 800-724-9282, or contact a mortgage originator.
Not Sure You Qualify? You Still Have Options
If you don’t qualify for these programs, you can still buy a home with other mortgage options through Reliant.
Our mortgage team can help you:
- Review additional loan programs that may fit your situation
- Understand down payment and credit requirements
- Create a plan to qualify in the future, if needed
Even if you’re early in the process, a conversation now can help you prepare with confidence.
additional homebuyer resources
Explore more tools and information below to help you navigate the homebuying process with confidence.
FAQs
A first-time homebuyer is generally someone who has not owned a home in the past three years. In some cases, this definition also applies to spouses who have not previously owned a home. Specific program requirements may vary.
Down payment requirements vary by program. Some mortgage options allow down payments as low as 3%, and eligible first-time buyers may qualify for grants of up to $15,000 to help cover down payment and closing costs.
Yes. Some first-time homebuyers may qualify for a grant program and a mortgage program at the same time, depending on income, credit, and eligibility requirements.
Even if you’re not ready to buy, speaking with a mortgage specialist can help you understand your options and create a plan. Getting prequalified early can also help you prepare and know what to expect when the time is right.