First-time buyer does not always mean it is literally your first home. Many programs define it as someone who has not owned a home in the past three years, which opens the door for more people than expected.
Low down payment loan options
Conventional loans with 3% down, FHA loans with 3.5% down, and zero-down VA loans are the workhorses for first-time buyers. The right one depends on your credit, income, and military status.
Down payment assistance
Many states and local agencies offer grants or second loans that help cover your down payment and closing costs. Some are forgivable over time if you stay in the home.
First-time buyer perks
- Reduced mortgage insurance options on some conventional programs
- Flexible use of gift funds from family
- Homebuyer education courses that can unlock better terms
Programs change often and vary by location. The fastest way to see what you qualify for is to get pre-approved and ask specifically about first-time buyer options.