I have been in Mortgage Banking for 21 years.
BBVA Compass Bank has THE BEST First Time Home Buyer Program. The maximum loan amount is $417,000. It requires a 5% Down Payment (ALL FUNDS, including DP can be GIFTED), there is NO PMI, the first payment is delayed for 3 extra months (no payment for 4 months after closing), the minimum credit score is 680, and the Seller can pay 3% of sales price towards closing costs/pre-paids. This program is only available in our footprint states which include: Texas, California, Arizona, Colorado, New Mexico, Alabama, and Florida.