What’s a First Time Homeowner Loan?
First time homeowner loans (also known as first time homebuyer loans) are designed to help people become homeowners and focus on specific geographic areas. Programs such as these provide financial assistance to qualified buyers targeted towards individuals who have never owned a home. Some organizations will offer assistance to people who have owned before, as long as they have not owned within the last several years.
The typical first-time homebuyer in the U.S. is currently in the late 30s, with a median age around 38 years old, and a median household income just under 100,000 dollars (about 97,000 dollars). The median price of homes bought by primary-residence buyers is in the high‑300,000s to low‑400,000s, roughly around 400,000 dollars.
– NAR 2025
For Qualified Borrowers
- Small Downpayment
- Subsidized Interest Charges
- Allows use of Grants
- Help with fees
- Adjustable or Fixed Rate Options
Eligible Properties
- A family home / owner occupied
- A condominium unit
- A manufactured housing unit built on a permanent foundation
