Affordable options for first-time homebuyers
We offer many programs to give first-time homebuyers the tools they need to find their way to homeownership! Many of these programs help FTHBs qualify for a mortgage through relaxed down payment and credit requirements. Here are some of the most popular loans for first-time homebuyers.
Down Payment Assistance loans for first-time homebuyers
- Cash for a down payment up to 5% of the home’s purchase price*
- Income less than or equal to 135% of median income
- Single-family homes, condos, 2-4 unit family homes
Fannie Mae HomeReady
- Conventional mortgage
- Down payments as low as 3% of the sales price
- Fannie Mae guidelines
- Income limits and county restrictions may apply
Fannie Mae Homestyle
- 620 minimum credit score
- Maximum DTI should be no higher than 45%
- Renovation loan to purchase a “fixer-upper” with cash to do repairs and upgrades
FHA loans
- Relaxed qualification requirements
- Down payments as low as 3.5% of the sales price
- 580 Credit Score*
- Requires Mortgage Insurance (MI)
*Borrowers with higher credit scores may get lower interest rates.
Freddie Mac HomePossible
- Conventional mortgage
- Down payments as low as 3% of the sales price
- Freddie Mac guidelines
- Income limits and county restrictions may apply
State housing programs
- Vary by state
- Down Payment Assistance
- Income limits and county restrictions may apply
USDA
- No down payment required
- MI (Mortgage Insurance) required
- My offer lower interest rates for qualifying borrowers
VA loans
- No down payment required
- Must be a veteran, active-duty service member, or surviving spouse
- No MI
- One-time funding fee