Three Pro Tips for First-Time Homebuyers

As you look to buy your first home, there are special tools and resources designed for first-time homebuyers that can set you up for success.

Buying a home for the first time is exciting — but it can also be overwhelming. Fortunately, there are many education materials, resources and programs available to help make the first-time homebuying experience easier.

Here are three pro tips for first-time homebuyers.

Educate Yourself

Find Help from a Housing Professional

Learn about Programs for First-Time Homebuyers

• HomePossible ® Mortgage: Designed to help low-, very low- and moderate-income homebuyers, this program only requires a 3% down payment and can be used by first-time homebuyers. In some cases, eligible borrowers can qualify for a HomePossible mortgage without a credit score.
• HomeOne ® Mortgage: HomeOne mortgages are for all types of single-family homes, including townhomes or condos. At least one of the homebuyers must be a first-time homebuyer. HomeOne mortgages only require a 3% down payment.
• HFA Advantage ® : This program is offered to individuals who qualify for homeownership programs at housing finance agencies (HFAs). The program can be used by first-time homebuyers.

Talk to a lender or housing counselor about available down payment and mortgage options, down payment assistance programs, and whether Freddie Mac mortgage programs might be right for you.

Learn more about down payments, mortgages and the homebuying process in our step-by-step guide to buying a home.

Last reviewed: September 06, 2024

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