First-time homebuyer programs can reduce some of the barriers that keep renters from exploring homeownership. The challenge is that there is no single “first-time buyer loan.” Your best option may be a conventional, FHA, VA, low-down-payment, or assistance program depending on your financial profile and where you want to buy.
Low-down-payment conventional options
Some conventional programs allow qualified buyers to purchase with a relatively small down payment. Eligibility, mortgage insurance, income limits, and pricing vary. Buyers with stronger credit may find conventional financing especially attractive, but it should always be compared with other available choices.
FHA and VA home loans
FHA financing can provide flexible qualification standards for eligible owner-occupants. VA loans offer significant benefits to eligible veterans, active-duty service members, and certain surviving spouses. Visit our FHA, VA & Conventional Loans page for a side-by-side overview.
Down payment assistance and homebuyer education
State and local agencies, nonprofits, employers, and other organizations may offer assistance for qualified buyers. Programs can include grants, deferred loans, forgivable second mortgages, or other structures. Some require homebuyer education, income limits, geographic eligibility, or approved first-mortgage programs.
The right program is not necessarily the one with the lowest down payment. Compare the monthly payment, cash to close, mortgage insurance, repayment terms, fees, and long-term flexibility.
Do not try to match yourself to a program from a checklist.
Our licensed advisors have access to more than 300 lenders and thousands of loan programs, including dozens of assistance options.
Before you decide, review our Homebuyer FAQ for answers about qualification, closing costs, credit, inspections, and the steps between pre-qualification and getting the keys.
Educational information only. Mortgage eligibility, loan terms, rates, down payments, assistance programs, and closing costs vary by borrower, property, lender, location, and market conditions. Pre-qualification is not a commitment to lend.