Compare First-Time Mortgage Solutions

Designed to help overcome obstacles of homeownership such as limited income and lack of funds for down payment.

Mortgage insurance discounts may be available.

More flexible credit guidelines than a conventional mortgage; income limitations apply.

As little as 3% of the value of property is required — source of down payment may be a gift.

Government-insured loan that may be a good fit for homebuyers with limited income and funds for a down payment.

Requires including mortgage insurance in monthly payments.

More flexible income and credit guidelines than a conventional mortgage.

Low down payment — less cash up front for down payment.

Combines a mortgage and home equity to help with down payment and avoid mortgage insurance.

May be able to eliminate private mortgage insurance by using funds from home equity.

Standard requirements.

As little as 10% down.