Mortgage for First Time Home Buyers We Work for Your Best Interest

First-time home buyer loans and programs

Buying your first home can be exciting and overwhelming all at the same time – which is why we have a variety of tools and resources to help you through the experience. Whether you’re just starting to save or you already have a house in mind, we can help you get your keys to your first home.

Here are some of the most useful first-time home buyer loans and programs that you might overlook if you rush the process. They may score you some big savings.

1. FHA loan: The go-to loan program for buyers with weaker credit.

2. VA loan: No down payment loans for borrowers with a military connection.

3. USDA loan: 100% financing on rural properties.

4. Fannie and Freddie: Conventional loans with just 3% down.

5. State first-time home buyer program: Assistance specifically for residents.

6. Home renovation loan: Buy a home and remodel it with one loan.

7. Good Neighbor Next Door: Home price discounts for first responders and educators.

8. Dollar Homes: Foreclosed homes for sale by the government.

1. Fannie Mae Standard 97% LTV loan

Fannie Mae, one of the two largest agencies that buy and sell mortgages, offers a conventional homebuying program called the Standard 97% LTV loan through approved lenders. LTV is short for loan-to-value ratio, which is the percentage of a home’s purchase price being financed by a mortgage. A maximum 97% LTV ratio is allowed under this program, which means you’d only need a 3% down payment to cover the rest.

You may be eligible if:

You or a co-borrower are a first-time homebuyer (meaning you haven’t owned a home in the past three years)

One borrower has completed a homeownership education course (if all borrowers are first-timers)

All borrowers have a minimum 620-720 credit score, depending on your debt-to-income (DTI) ratio and down payment contribution

2. Fannie Mae HomeReady loan

Another Fannie Mae loan that caters to both repeat and first-time homebuyers is the HomeReady® mortgage. The program is geared toward lower-income buyers, and the minimum required down payment is 3%, which can come from gifts, grants and eligible second mortgages. Unlike the Standard 97% LTV program, there are income limits.

You may be eligible if:

1. You’re either a first-time or repeat homebuyer

2. You have a minimum 620 credit score.

3. You earn a maximum 80% of your local area median income (AMI)

3. Freddie Mac HomeOne loan

Freddie Mac, the other major agency that buys and sells home loans, offers the HomeOne℠ first-time homebuyer program through approved conventional lenders. There are no income limits, but there is a homebuyer education requirement when all borrowers on the loan are first-timers.

You may be eligible if:

1. You or a co-borrower are a first-time homebuyer

2. You have a minimum 3% down payment

3. You have a minimum 620 credit score

4. Freddie Mac Home Possible loan

Freddie Mac’s Home Possible® loan is another first-time homebuyer program with the incentive of a low down payment. Repeat homebuyers are also eligible for this mortgage. Still, no matter which type of buyer you are, you must meet income limits.

You may be eligible if:

1. You have a minimum 660 credit score

2. You’re a first-time or repeat homebuyer

3. You earn an income equal to or less than 80% of your AMI

If you qualify for either a Fannie or Freddie loan program, you’ll pay for private mortgage insurance if you make less than a 20% down payment. PMI is cancelable after you’ve reached 20% equity in your home.

5. FHA loan

A home loan backed by the Federal Housing Administration (FHA) could be a great fit for first-time homebuyers (and repeat buyers) with less-than-stellar credit and little cash savings.

The borrowing requirements for FHA loans aren’t as stringent as those for conventional loans — you just need a minimum 500 credit score to qualify. The downside: You’re required to pay mortgage insurance premiums for the life of your loan unless you put down at least 10%, in which case you can cancel MIP after 11 years.

You may be eligible if:

1. You have a 500-579 credit score and a 10% down payment

2. You have a 580 credit score and a 3.5% down payment

3. You’re buying a one- to four-unit property as your primary residence

6. HUD’s Good Neighbor Next Door program

Though it’s not strictly limited to first-time homebuyers, the Good Neighbor Next Door program from the Department of Housing and Urban Development (HUD) can help you save up to 50% off the list price of a home. Borrowers are required to make a home purchase in an area designated for revitalization to boost specific communities.

You may be eligible if:

1. You’re an educator, emergency medical technician, firefighter or law enforcement officer

2. You commit to living in the property for at least three years

3. You agree to borrow a silent second mortgage for the amount of the home price discount

7. VA loan

Active-duty service members, veterans and their eligible spouses may qualify for a loan insured by the U.S. Department of Veterans Affairs. The advantage here is that you won’t need to make a down payment to qualify for a VA loan. VA borrowers also don’t have to pay mortgage insurance premiums.

You may be eligible if:

1. You’re a military service member, veteran or eligible spouse

2. You have a Certificate of Eligibility from the VA

3. You have a minimum 620 credit score typically required by VA-approved lenders

8. USDA loan

The U.S. Department of Agriculture also insures 0% down payment loans. The catch is you must buy a home in a rural area and meet certain income requirements. Carefully consider what’s important to you in a home and a location. If you want something walkable in a more urban setting, a USDA loan probably isn’t right for you.

You may be eligible if:

1. You have a 640 credit score, though you may qualify with a lower score

2. You meet local income eligibility requirements

3. The home you’re buying is in a USDA-designated rural area

9-HomePath Ready Buyer program

The HomePath Ready Buyer™ program from Fannie Mae is for first-time homebuyers and provides homebuying assistance for borrowers with their closing costs — covering up to 3% of the home’s purchase price.

You may be eligible if:

1. You’re a first-time homebuyer

2. You complete the HomePath Ready Buyer education course

3. You buy a Fannie Mae-owned, foreclosed property.

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