For many aspiring homeowners, the idea of purchasing a first home can feel overwhelming—especially when navigating loan options. Among the most helpful tools available is the First-Time Home Buyer loan, which differs from traditional FHA (Federal Housing Administration) and conventional loans in key ways. Understanding these differences can save you money and smooth your path to homeownership.
What Makes a First-Time Home Buyer Loan Unique?
A First-Time Home Buyer (FTHB) loan isn’t a specific type of mortgage but rather a category of programs—offered by state or federal governments, housing authorities, or lenders—that are specifically designed to support people buying a home for the first time. You may qualify even if you haven’t owned a home in the past 3 years.
These programs often combine benefits like:
• Lower down payments (sometimes as little as 0%–3%)
• Reduced interest rates
• Help with closing costs
• Down payment assistance grants or forgivable loans
• More flexible credit score requirements
These advantages are designed to address the most common challenges first-time buyers face: saving for a down payment and qualifying with limited credit history.

The post First-Time Home Buyer Loans first appeared on Debbie Cooley Mortgage.

• Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest rates on an FHA, VA, RD, Fannie Mae, or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points, and down payment and closing cost assistance.
• Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.
• Down payment and closing cost assistance are available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of the deed, or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable. Call Debbie @ Innovative Mortgage DBA Debbie Cooley Mortgage.

The post MONEY FOR FIRST-TIME HOME BUYERS first appeared on Debbie Cooley Mortgage.