– While you are discussing first-time buyer programs, you will also want to learn about mortgage loans for first-time buyers, as well. Mortgage Loan Options for First-time Buyers. First-time homebuyers may want to consider choosing a loan program specifically designed to help get you into a home with a smaller down payment. Many first-time buyers are interested in loan options that allow them to.
For cash-strapped military borrowers, a VA mortgage. that can offset some closing costs. Lender credits will increase your interest rate, though, and rates and fees vary, so it pays to shop around..
HomeReady and HomeOne 3% Down First Home Buyer Loan. – Many first time home buyers think you need a 20% down payment to buy a home. The HomeReady and HomeOne progrrams only require 3% down payment and you can get a gift from family member or use down payment assistance for the down payment and closing costs.