Conventional loans, which aren’t backed by the government, offer down payments as low as 3% to first-time home buyers with good credit.

More money down means lower monthly mortgage payments. It's never too. The two most common home loan options available to first-time homebuyers are: .

First Time Home Buyer Bad Credit Mortgage Saving a down payment is challenging for many first-time home buyers. major improvements after such a big purchase. buyers could find a solution in Home Possible, a low-down-payment conventional.

First, contact a PHFA-approved homebuyer counselor and a participating lender. PHFA offers homebuyers the opportunity to receive free homebuyer counseling and education through one of its approved counseling agencies. PHFA requires borrowers with a FICO credit score lower than 680 to complete a course in-person prior to closing on their loan.