First-time homebuyers who can’t afford a large down payment but would otherwise qualify for a home loan may be eligible for a 3% down payment mortgage. If you’re good at managing your credit and meet certain requirements, this could be the option for you.

We can provide the specifics, assess your financial situation, and determine eligibility. But before you get started, consider these initial requirements:

1. At least one person on the loan must be a first-time homebuyer. (In this case, “first-time homebuyer” means that you haven’t owned any residential property in the past three years. Or, if you’re buying the home with someone else, at least one of you hasn’t owned a home in the past three years.)
2. The home being financed must be a one-unit property (including townhomes, condos, co-ops, and PUDs) and not a manufactured home.
3. You plan to occupy the home as your primary residence; and
4. The mortgage must have a fixed rate (adjustable rate mortgages [ARMs] are not eligible for the 3% down payment mortgage).