Common first-time buyer programs
Eligible buyers may compare low-down-payment conventional loans, FHA financing, VA loans for qualified military borrowers, USDA financing for eligible properties and households, and state or local assistance programs.
- Conventional low-down-payment options
- FHA financing with government insurance
- VA benefits for eligible borrowers
- USDA financing in eligible areas
- Down-payment and closing-cost assistance where available
Look beyond the down payment
A smaller down payment can preserve cash, but it may affect mortgage insurance, rate, payment and reserves. Compare the complete monthly payment, upfront costs and likely future plans rather than choosing a program from one feature.
Prepare before making offers
A documented preapproval can identify qualification issues early and help buyers understand a realistic price range. Property type, occupancy, appraisal and program rules still apply after preapproval.
Common questions
Frequently asked questions
How much does a first-time buyer need to put down?
Minimum down payments vary by program and borrower eligibility. Some qualified borrowers may have low- or no-down-payment options, while others may benefit from a larger down payment.
Who counts as a first-time homebuyer?
Definitions vary. Some programs treat a buyer as first-time if they have not owned a principal residence during a specified prior period, while other eligibility rules may apply.
Can assistance cover closing costs?
Some eligible programs may help with down payment, closing costs or both. Funding, income limits, property rules, repayment terms and availability vary.