(813) 498-1616

First Time Homebuyer Loans 

First-time homebuyer programs provide low down payment options, flexible credit requirements, and financial assistance to make homeownership affordable. 



Buying your first home can feel overwhelming, but government and conventional housing programs are designed to lower the barriers to entry. This comprehensive guide breaks down the latest Fannie Mae, Freddie Mac, FHA, VA, and USDA homebuyer loans to help you choose the right mortgage for your budget. 

Who qualifies as a first-time homebuyer?

You qualify if you have not owned a principal residence at any point during the three-year period ending on the date of purchase.

Can I get a first-time homebuyer loan with no down payment?

Yes,  VA loans and USDA loans offer 0% down payment financing. conventional and FHA allow for down payment assistance (DPA) and community seconds to cover down payment and closing costs. Call  for details (813) 498-1616

What is the minimum credit score for a first-time homebuyer program?

FHA allows a 580 score with 3.5% down payment while conventional programs  generally require a 600 score, and VA does not have a minimum score. 

Fannie Mae First-Time Homebuyer Programs

Fannie Mae offers conventional loan options tailored for low-to-moderate-income buyers. These programs feature lower down payments than standard conventional loans and flexible underwriting guidelines.

HomeReady Loan: Requires a 3% down payment and allows you to use income from boarders or non-occupant co-signers to qualify.

Standard 97% LTV Loan: A straightforward conventional option requiring a 3% down payment specifically for first-time buyers.

Standard 97% LTV Loan: A straightforward conventional option requiring a 3% down payment specifically for first-time buyers.

Freddie Mac First-Time Homebuyer 

Freddie Mac provides affordable loan programs that rival Fannie Mae, focusing on community stability and expanding affordable housing access.

Home Possible Loan: Requires a 3% down payment and is designed for low-income borrowers, featuring flexible source-of-funds guidelines.

HomeOne Loan: Offers a 3% down payment choice available exclusively to first-time homebuyers, with no geographic income limits.

CHOICERenovation Loan: Allows buyers to finance a home purchase and the cost of repairs or upgrades with one down payment.

Government-Backed Homebuyer Programs (FHA, VA, USDA)

Government agencies insure specific loan types to encourage homeownership among buyers who may not qualify for conventional financing. Often lower rates and overall payment.

FHA Loan: Insured by the Federal Housing Administration, requiring 3.5% down with a credit score as low as 580 and with 10% down a score as low as 500.

VA Loan: Backed by the Department of Veterans Affairs, offering 0% down financing for eligible veterans and active-duty service members.

USDA Loan: Backed by the Department of Agriculture, providing 0% down financing for homes located in designated rural areas.

Choosing the right program depends on credit scores, debt to income ratios, program income limitations and geographical location. Call me today and I will guide you to your perfect home loan. I make it happen (813) 498-1616