Apply Now

First Time Homebuyer Loans

Homeownership is acclaimed as the “American Dream” and is one of the biggest investments you will ever make. Many believe owning is better than renting, but the process can be both exciting and stressful. First-time homebuyer loans are designed to help buyers in specific areas with income restrictions. These programs offer low or no down payments, down payment assistance, low-interest rates, easy monthly payments, and grants for closing costs, down-payments, and home improvements.

Qualification and Loan Options

Besides first-time home buyers, those who have not owned a primary residence in the past three years may also apply. Some programs reserve benefits for buyers with low to moderate incomes. Qualifications vary by lender and mortgage type.

Conventional Loans

Qualify with as little as 3% down. Requires FICO score of ~620 and debt-to-income ratio below 50%. Higher scores and lower debt increase approval chances.

FHA Loans

Designed for buyers with weaker credit history. Down payment as low as 3.5% with a FICO score of 580+, or 10% down with a score of 500–579.

VA Loans

Zero down payment loans for veterans and military-connected borrowers. Lenders generally look for a FICO score of 580+.

USDA Loans

Zero down payment financing for rural and suburban properties. FICO score of 640+ is generally required, with some exceptions allowed.

Benefits of First-Time Homebuyer Loans

  • Low or no down payment loans.
  • Down payment assistance programs.
  • Lower interest rates and easy monthly payments.
  • Grants for closing costs, down-payments, and home improvements.
  • Programs tailored to specific areas and income levels.
  • Access to guidance and expertise to make home-buying stress-free.

Expert Help

Buy Low Rate Mortgage has the expertise to guide you through every step of the home-buying process. Our team ensures you have access to the best rates, mortgage insurance options, down-payment assistance, and unique programs tailored to your situation.