First-Time Homebuyer Programs
Down payment assistance and low-down-payment options for new buyers
First-time buyers have access to programs combining low down payments, reduced mortgage insurance, and state and local down payment assistance.
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01
Low Down Payment
Multiple programs offer reduced down payment requirements, with options for eligible buyers to purchase with little money down.
02
Down Payment Assistance
We coordinate with state and local DPA programs to layer additional grant or forgivable loan funds.
03
Reduced PMI
HomeReady and Home Possible offer reduced mortgage insurance compared to standard Conventional.
04
Buyer Education
We connect buyers with HUD-approved homebuyer education courses to satisfy program requirements.
01
Gift Funds
Many programs allow the full down payment to come from gift funds.
02
Flexible Credit
Programs are available across a range of credit profiles, including options designed for first-time buyers.
03
Pre-Approval Speed
Most first-time buyers receive a pre-approval letter within one to two business days of a completed application.
04
Closing Cost Help
Seller contributions toward closing costs are permitted within program limits, reducing cash needed at closing.
frequently asked questions
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Yes, eligible veterans, active-duty service members, and surviving spouses can use VA loans with 0% down. USDA loans offer 0% down for eligible rural and suburban properties with income limits. Some down payment assistance programs combined with FHA can also bring out-of-pocket costs near zero.
On a Conventional loan, yes — PMI is required below 20% equity but cancels at 78% LTV automatically. FHA loans require MIP for the life of most loans regardless of equity. VA and USDA loans do not require monthly mortgage insurance. Lender-paid MI options can also eliminate the monthly PMI line item with a slightly higher rate.
Minimum credit scores vary by loan program. FHA accepts scores as low as 500 (with 10% down) or 580 (with 3.5% down). VA loans have no FHA-mandated minimum, though most lenders require 580-620. Conventional loans typically require 620 or higher. USDA generally requires 640. City First evaluates the full borrower profile, not just the score.
Yes, you can buy a home even if your credit is not perfect. There are programs that help borrowers with lower credit scores—FHA and VA loans may have more flexible requirements, and improving your credit before applying can open up more options.
The purchase process starts with a pre-approval so you know how much you can borrow. After you find a home, you make an offer and apply for the mortgage. Then the lender reviews your finances, orders an appraisal, and works with you through closing.
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