Programs Worth Researching Before You Buy
Several loan programs are designed specifically to make homeownership more accessible for first-time buyers, often through lower down payment requirements or more flexible credit standards. FHA loans, backed by the federal government, allow down payments as low as 3.5% with more lenient credit requirements than many conventional loans. Many states and cities also offer their own down payment assistance programs, which can provide grants or low-interest loans to help cover upfront costs.
Programs worth researching typically fall into a few categories:
- FHA loans — lower down payment and credit score requirements
- VA loans — available to eligible veterans and service members, often with no down payment required
- USDA loans — for eligible rural and suburban properties, sometimes with no down payment
- State and local assistance programs — vary significantly by location
Once you’ve identified a program that fits your situation, our home loan eligibility calculator can help you estimate what you might qualify for, and our home down payment calculator shows how a smaller upfront payment affects your monthly cost.