First-time home buyer programs are designed to make purchasing your first home more affordable. They can include lower down payments, reduced interest rates, and closing cost assistance depending on your situation and location.

You may qualify if you haven’t owned a home in the past three years, meet certain income limits, and plan to live in the home as your primary residence. Other factors like credit score and debt-to-income ratio also play a role.

Most programs require a minimum credit score of around 620, though some FHA and state programs can approve lower scores depending on other factors.

Many first-time home buyer programs allow down payments as low as 3%. Some even offer down payment assistance to help you cover that cost.