Several state housing finance agencies have raised income limits for first-time homebuyer assistance programs in response to persistent affordability challenges in high-cost metropolitan areas. The updated thresholds allow households earning up to 150% of area median income to qualify for down payment grants and below-market interest rates.
Housing advocates have praised the expansions as necessary adjustments that reflect the reality of homeownership costs in cities like San Francisco, New York, and Seattle. The programs combine down payment assistance of up to $25,000 with rate buydowns that can reduce monthly payments by several hundred dollars.
