Do you know that as a first-time homebuyer you might qualify for a low- or no-down-payment home loan? Here is a quick look at some of the main home loan programs available to first-time buyers. An FHA loan, which is insured by the Federal Housing Administration, is good for buyers with low credit scores and little money saved for a down payment. Depending on your credit score, the down payment can be as low as 3.5 percent. A Conventional 97 loan can allow you borrow up to 97% of the value of your home, meaning you can get in with a down payment as low as 3%. For this loan, you’ll need a higher credit score than for an FHA loan. There are two other programs that allow for down payments of 3%. These programs are Fannie Mae’s HomeReady loans and Home Possible from Freddie Mac. Both of these loans come with income limits and require buyers to have higher credit scores than those required for an FHA loan. The VA loan program allows for no down payment for military personnel, veterans, and their families. This loan is backed by the U.S. Department of Veterans Affairs. Another 0% down payment loan is a USDA home loan, which is good for borrowers with low to moderate incomes who live in USDA-eligible rural areas of the nation. Some suburbs might even qualify. To see if you qualify for one of these loans, talk with our Mortgage Department about what is available and if you qualify based on your income, credit score, debts, down payment, and the value of the home you are considering. There is also a wealth of information and advice available on the web for you to research.