A first-time homebuyer is someone who has not owned a home before or who has not owned a home in the past three years. It refers to someone who is purchasing a home for the first time.
The requirements for first-time homebuyers in the US vary depending on the type of loan you choose and the lender you work with.
FHA loans are government-insured loans with lower down payment requirements and more flexible credit score standards than conventional loans.
VA loans are available to veterans and active-duty military personnel and their families. VA loans offer competitive interest rates, no down payment requirements, and no PMI.
USDA loans are backed by the U.S. Department of Agriculture and designed to help low- to moderate-income buyers purchase homes in rural areas.
FHA 203(k) loan are backed by the Federal Housing Administration and designed to help homebuyers purchase homes that need repairs or renovations.
Good Neighbor Next Door program is designed to help law enforcement officers, teachers, firefighters, and emergency medical technicians purchase homes in revitalization areas.
HomePath Ready Buyer program is offered by Fannie Mae and provides first-time homebuyers with up to 3% in closing cost assistance.
The NHF is a nonprofit organization that provides down payment assistance and closing cost grants to low-to-moderate-income homebuyers in the United States.