First-Time Homebuyer Guide
Unlock specialized programs, grants, and reduced down payment options designed to make your dream of homeownership a reality.
Who Qualifies as a First-Time Buyer?
Surprisingly, you don't actually have to be buying a house for the very first time. Most federal and state programs define a "first-time homebuyer" as someone who has not owned a principal residence for the past three years. Displaced homemakers and single parents who only ever owned with a former spouse often qualify as well.
Top Loan Programs
FHA Loans
Backed by the Federal Housing Administration, FHA loans allow down payments as low as 3.5% with credit scores starting at 580. They are the most popular option for first-timers.
Read FHA Guide →Conventional 97 Loans
Offered through Fannie Mae and Freddie Mac, these conventional loans require only a 3% down payment. Unlike FHA loans, the mortgage insurance can be cancelled once you reach 20% equity.
VA & USDA Loans
If you are an eligible veteran (VA) or purchasing in a designated rural area (USDA), you can access zero-down-payment mortgages with highly competitive terms.
Read VA Guide →Down Payment Assistance (DPA)
Don't let the down payment hold you back. State and local Housing Finance Agencies (HFAs) offer grants and secondary loans to help cover upfront costs:
- Grants: Money provided for closing costs or down payments that does not need to be repaid.
- Forgivable Loans: Second mortgages that are entirely forgiven if you stay in the home for a set number of years (often 5 to 10 years).
- Deferred-Payment Loans: Loans with 0% interest that only need to be repaid when you sell the home or refinance.
Speak with a First-Time Buyer Specialist
Connect with a local expert who knows your market.