First-time homebuyers may want to consider choosing a loan program specifically designed to help get you into a home with a smaller down payment. Many first-time buyers are interested in loan options that allow them to purchase a home with 3.5% down, such as FHA or Fannie Mae loans. FHA Loans. FHA loans help first-time buyers purchase homes by offering government insured loans with more lenient qualifying guidelines such as lower down payment requirements.
First-time home buyers using an FHA loan will have to meet a separate set of. important mortgage loan requirement for first-time home buyers.
FHA loans are a good option for first-time homebuyers who may not have saved. If your credit score is below 580, the down payment requirement is 10%.
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