A first-time homebuyer is typically someone who has not owned a home in the past three years. However, qualification criteria may vary based on specific programs and locations. Some exceptions may apply for displaced homemakers or single parents.
These programs often provide benefits such as:
– Down payment assistance
– Lower interest rates
– Reduced closing costs
– Tax credits
– Access to special loan programs with favorable terms
No, many first-time homebuyer programs are designed to assist buyers with less-than-perfect credit. While a higher credit score can help secure better loan terms, some programs offer flexibility for lower credit scores.
This depends on the program. Some programs allow down payments as low as 3%, while others may offer grants or loans that cover a portion—or even all—of the down payment.
Some first-time homebuyer programs have income limits to ensure they assist low- to moderate-income individuals or families. However, these limits vary based on location and household size.
Possibly! If you haven’t owned a home in the last three years, you may still qualify as a “first-time” homebuyer under certain programs.
Common options include:
– FHA Loans (low down payment, flexible credit requirements)
– VA Loans (for veterans and active military, often no down payment required)
– USDA Loans (for rural homebuyers, no down payment required)
– Conventional Loans (may offer first-time buyer perks)
Many first-time homebuyer programs require applicants to complete a homebuyer education course. This helps buyers understand the home buying process and financial responsibilities.
You can start by filling out a pre-qualification form on our website. Our team will connect you with lenders and resources that match your needs.
Most programs allow you to purchase single-family homes, townhouses, or condos. Some may also allow multi-unit properties if you plan to live in one of the units.
Yes! Some programs offer down payment or closing cost assistance in the form of grants that do not require repayment. Others may provide forgivable loans if you meet residency requirements.
Click to fill out our quick pre-qualification form, and one of our specialists will guide you through the next steps!