Definition
Government and private lending programs providing down payment assistance, lower rates, and flexible credit for first-time buyers. These programs make homeownership more accessible.
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First-time buyer programs vary by location and lender, with benefits including FHA loans (with as little as 3.5% down), VA loans for veterans, and state/local down payment assistance programs. These programs often have income limits and require homebuyer education. Eligibility is based on not having owned a home in the past 3 years.
Pro Tip
Research first-time buyer programs in your area and with your lender. You may qualify for programs reducing down payments.
Example
The first-time buyers used an FHA loan program requiring only 3.5% down payment plus an FHA-approved homebuyer education course.