Loan Products Commonly Used By First-Time Buyers

Home Possible :

Coventional Loan - Freddie Mac

Serves low - moderate income buyers

low down-payment options

Borrowers may qualify for grant

HomeReady:

Conventional Loan - Fannie Mae

Some income limits may apply

low down-payment options (as low as 3%)

Easier credit scoring

FHA:

Government backed loan

3.5% down-payment

Easier credit scoring

More strict on home condition