First-Time Home Buyers

Learn about first-time home buyer programs & the path to owning your dream home.

In order to encourage more people to enter the real estate market, first-time homebuyers have access to unique programs, tax breaks, and lower down payment requirements than conventional loans. Even borrowers who have owned a home in the past may still be eligible for these programs. All the programs are designed to make it easier for first-time homebuyers to afford purchasing a house.

First-time home buyer quick view

  • First-time homebuyer program opportunities vary by state
  • May have access to down payment and closing cost assistance
  • 0% down payment loan options may be available
  • Low credit score options available
  • Simple & secure online application

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Home loan options for first-time home buyers

  • Conventional loan - 3% down payment minimum and no private mortgage insurance with 20% equity in home
  • FHA loan - Lower down payment requirements and flexible credit requirements
  • VA loan - No down payment loan for former and current military members and spouses
  • USDA loan - No down payment loan for properties in rural areas
  • Construction loan - one-time land and construction loan to build a new home
  • Renovation loan - For buying and renovating a fixer-upper home
  • State and local first-time homebuyer program - Assistance for residents

Which loan do you qualify for?

For each loan type, you’ll want to weigh the pros and cons. It’s best to start by speaking with a loan officer licensed to assist borrowers in finding and applying for home loans. They will be able to tell you whether you qualify for first-time homebuyer loan programs. Your local Mann Mortgage loan officer is an expert in your real estate market and will help you select the first-time homebuyer loan that is best for your needs, location, and financial goals.

 first-time home buyers in front of their new home