Although DHCD does not provide mortgages directly to first-time homebuyers, there are many resources available. You can find tools to assist you in your first home buying experience on this page. My Mass Mortgage is a guide for potential homeowners and first-time homebuyers interested in homeownership. The website provides in-depth information. While 20 percent is ideal, you don’t necessarily need that large of a down payment to buy a home. There are loan programs that cater to first-time home buyers, such as the FHA loan, which allow for down payments as little as %. Even some conventional loans allow for down payments as low as 3 percent.
This is the go-to program for many first-time home buyers with lower credit scores. The Federal Housing Administration allows down payments as low as % for those with credit scores of or Author: Nerdwallet. A first-time homebuyer is defined as a buyer who has not bought a home over the past three years. In that sense, bounce-back buyers, those who had a short sale .