First-time buyers can qualify with as little as 3–3.5% down (0% via some assistance), credit around 620+, steady income, and a completed homebuyer education course for certain programs. "First-time" often means no ownership in 3 years.
What "first-time buyer" means
Many programs define a first-time buyer as someone who hasn’t owned a home in the past three years — so past owners can qualify again. That opens down-payment assistance and special financing to more buyers than expected.
Core requirements & education
Expect 620+ credit, verifiable income within any program limits, and for some programs a short homebuyer education course. Down payments start at 3% (conventional) or 3.5% (FHA), and assistance can reduce that further.
| Requirement | Typical |
|---|---|
| Down payment | 0–3.5% (with assistance) |
| Credit | ~620+ |
| First-time definition | No ownership in 3 yrs (common) |
| Education | Required by some programs |
Frequently asked questions
Do I really need to be a first-time buyer?
Often "first-time" just means you haven’t owned in three years — many repeat buyers qualify for these programs.
How little can I put down?
As low as 3% (conventional) or 3.5% (FHA), and assistance programs can cover much of that.
Is a homebuyer class required?
For some assistance programs, yes — it’s a short online course. We’ll tell you if yours needs it.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.