First-Time Buyer Programs

Overview

First-time buyer programs come in many forms: lower down payment requirements, reduced mortgage insurance, special interest rate pricing, down payment grants, and forgivable second mortgages. Eligibility usually depends on income limits, the property location, and whether you've owned a home in the last few years.

Many of these programs combine well with FHA, VA, USDA, or Conventional first mortgages. As a broker, I help you compare the trade-offs between programs to find the combination that produces the lowest overall cost.

Who it's for

Buyers who haven't owned a home in the last three years
Borrowers with limited down payment savings
Households at or below local median income (varies by program)
Buyers needing state agency programs (e.g., CalHFA)

What's typically reviewed

First-time buyer status (program-specific)
Income limits where applicable
Homebuyer education course completion
Credit profile
Property eligibility (some programs are area-specific)

This is a general description, not a guarantee of approval. Specific requirements vary by lender and program. Final qualification is determined during underwriting.

Other programs you might be looking for