First-Time Homebuyer Programs
There are other first time buyer programs, but most are restrictive and the pool of potential borrowers that can qualify are minimal. Below are the most widely used first-time buyer programs.
FHA Mortgage
Benefit for FHA Borrowers
Lower credit scores
As low as 3.5% Down Payment
First-time or repeat homebuyers
Limited cash for Down Payment
Flexible Underwriting
Multiple Buyers
Competitive Rates
HomeReady by FannieMae
Benefit for HomeReady Borrowers
Lower income
First-time or repeat homebuyers
Limited cash for Down Payment
Credit score as low as 620
Supplemental boarder or rental income
Looking to purchase or refinance
As low as 3% Down Payment
Flexible Down Payment Sources
Competitive Rates & PMI
Cancellable Mortgage Insurance
The borrower must qualify at 80% of the medium income limit (AMI).
Click here to find the AMI in the area of interest.