Buying your first home may be more affordable than you think. A variety of special financing programs are designed to help first-time buyers reduce upfront costs through low down payments, grants, and down payment assistance.

Many of these programs are available through government agencies and state housing authorities, and may include income limits, minimum credit score requirements (typically 640–650+), and a homebuyer education course.

Because these programs change frequently, it is important to check with your lender to verify which programs are currently available and how you can qualify.

Key Programs to Know

Down Payment Assistance (DPA)
These programs help cover your down payment and sometimes closing costs. Assistance may come as a grant or a forgivable loan—meaning you may not have to repay it if you meet certain conditions, like staying in the home for a set period.

Government-Backed Loans

  • FHA Loans: Lower down payment options and more flexible credit requirements
  • VA Loans: 0% down for eligible veterans and active-duty service members
  • USDA Loans: No down payment options for qualifying rural and suburban areas

Specialty Programs
Some programs offer additional benefits for specific buyers, such as teachers, healthcare workers, veterans, or recent graduates. These may include reduced interest rates or extra financial assistance.

Location-Based Incentives
In certain areas, additional grants or assistance may be available when purchasing in targeted neighborhoods or communities.

Mortgage Tax Credit (MCC)
This federal program can reduce your annual tax liability, increasing your overall buying power.

What to Expect

Most programs require:

  • A minimum credit score (usually 640–650+)
  • Income limits based on household size and location
  • Completion of a homebuyer education course

How to Get Started

  • Connect with a lender experienced in first-time buyer programs
  • Get pre-approved to understand your budget and eligibility

The bottom line: With the right program, you may be able to buy a home sooner—and with less money out of pocket than you expected.

Ready to explore your options? We’re here to help you find the right path to homeownership.