Popular First Time Home Buyer Programs:
Conventional Loans: first-time home buyers can get highly competitive rates with qualifying credit scores and 5% down payment.
FHA Loans: popular with first-time homebuyers because they require lower minimum credit scores and down payments.
Home Possible Advantage: require only 3% down payment and gift funds may be used to help cover some down payment and closing costs.
Home Ready: Fannie Mae program with down payments as low as 3% also allow for gift funds and grants to cover closing costs.
USDA Home Loans: Loan program with a zero down payment option offered to home buyers in less industrialized areas.
VA Home Loans: Eligible homebuyers not required to have a down payment, lower average interest rates than other loans and no prepayment penalties.