Although buying a home can seem like a monumental challenge, there are many assistance programs to help first time buyers with down payment assistance, lower interest loans, and education to help make homeowner possible.
Down Payment Assistance: Many communities have incentives and matching programs to help first time homebuyers save for a down payment. The Department of Housing and Urban Development offers some tips for first time homebuyers here.
Loans: Federal Housing Administration (FHA) loans offer reduced rates, low down payments, and easier credit score qualifications. Find a FHA program in your state.
Homebuyer Education: Taking a homebuyer education class is the best way to learn about down payment assistance programs and subsidized loans. In addition, upon completion of a qualified class, participants are often eligible for significant discounts on mortgage insurance. Many University Extension offices offer these classes or contact 211 and ask about homebuyer education programs.