Although they're often referred to as a separate category, certain Conventional loan programs and FHA loans are often referred to as First-Time Homebuyer loans. These loans are meant to encourage homeownership by offering a more relaxed set of guidelines. Another common misunderstanding is that First-Time Homebuyer programs are only for people who have never owned a home. Not true! For our Conventional First-Time Homebuyer programs, anyone who has not owned a home within 3 years is eligible, provided that they meet the other qualifications.
Qualified first-time borrowers can get into a home with as little as 3% down and a minimum credit score of 620. If your credit is not quite there yet, you can read more about how to increase your score on our Frequently Asked Questions page.
It is important to know that many programs require the borrower to take a quick buyer education course. They do this to ensure that first-time buyers are prepared to enter homeownership