First-Time Homebuyer Programs

There is no single “first-time buyer loan”

First-time homebuyer programs can include low-down-payment conventional financing, FHA loans, VA loans for eligible veterans and service members, state or local housing programs, and down payment assistance. Some programs are designed specifically for first-time buyers, while others are available to any qualified owner-occupant. The best choice depends on the complete financial picture.

What should a first-time buyer compare?

Start with more than the advertised interest rate. Compare the required down payment, total cash to close, mortgage insurance, monthly payment, lender fees, property requirements, and how long you expect to keep the loan. A program with a smaller down payment may preserve savings, while another structure may reduce the monthly payment or long-term mortgage insurance.

First-time buyer does not always mean “never owned before”

Some housing and assistance programs use a definition based on whether you have owned a primary residence during a specific prior period. That means a person who owned years ago may still qualify as a first-time buyer under certain rules. Program definitions and eligibility change, so confirm the current requirements before relying on a benefit.

Start before you find the house

A licensed mortgage advisor can help you understand which programs may fit before you begin serious house hunting. RentingSucks.com advisors have access to more than 300 lenders and thousands of loan programs, which can provide more choices than starting with a single bank. They can also review dozens of potential down payment assistance options.

Program availability and qualification vary by borrower, lender, property, location, and market conditions. This information is educational and is not a commitment to lend.