What a First-Time Home Buyer Programs Is
First-time home buyer programs combine low-down-payment loans, down-payment assistance, and buyer education to make a first purchase achievable. The right combination depends on your income, location, and goals.
Who It's For
- First-time buyers with limited down-payment savings
- Buyers who qualify for down-payment assistance
- Those navigating the purchase process for the first time
- Moderate-income buyers within program limits
How It Works
Options include 3%-down conventional loans (Conventional 97, HomeReady), FHA loans, VA and USDA loans for eligible buyers, and state/local down-payment assistance. Because programs stack and vary by location and income, a broker's value is matching you to the strongest combination for your situation.
Frequently Asked Questions
What programs help first-time buyers?
Low-down-payment loans (Conventional 97, HomeReady, FHA), VA/USDA for eligible buyers, and state/local down-payment assistance — often combinable.
Do I qualify as a first-time buyer?
Generally if you haven't owned a home in the past three years, though definitions vary by program. We can confirm your eligibility.
Can I combine assistance with a low-down-payment loan?
Often yes — that's where a broker adds value, matching you to the best stackable combination for your situation.