First-Time Homebuyer Programs

What First-Time Homebuyer Programs May Include

Who First-Time Homebuyer Programs Are For

First-time homebuyer programs are designed to help eligible buyers make homeownership more accessible by reducing some of the upfront costs associated with purchasing a home. These programs often work alongside a primary mortgage loan and may provide assistance with down payments, closing costs, or education requirements.

In many cases, buyers may still qualify as a “first-time homebuyer” even if they have owned a home in the past, depending on program guidelines.

These programs are commonly considered by buyers who are purchasing a primary residence and meet specific income, credit, and occupancy requirements. Eligibility may depend on factors such as household income, purchase price, property location, and prior homeownership history.

First-time homebuyer programs are often paired with conventional or government-backed loans, such as FHA or VA loans, depending on the program structure.

How First-Time Homebuyer Programs Work

First-time homebuyer programs are not standalone loans. Instead, they are typically layered with a mortgage loan to help reduce upfront costs. Buyers must meet both the mortgage loan requirements and the program’s eligibility guidelines.
Some programs require completion of an approved homebuyer education course prior to closing.

First-time homebuyer programs can vary by location, lender, and eligibility, but may include:
Down payment assistance programs
Closing cost assistance
Grants or deferred-payment loans
Reduced interest rate options
Homebuyer education or counseling resources
Program availability and benefits depend on individual qualifications and local guidelines.