The FHA insured loan is a good program for first time buyers. It requires a 3.5% down payment and Interest rates are very low in the 3.5 to 4% range depending on your credit score.. There is a lot of flexibility on the type of borrower and credit profile that can be approved. Generally, you need to meet the criteria on the Trulia Blog in the below weblink. If you do, there are a lot of different programs that provide down payment and closing cost assistance, down payment matching grants, federal HOME fund allocations and special loan programs that allow you to purchase a home with $100 down, $1000 down. If you are a teacher, firefighter, police or EMT/EMS professional, you can also purchase some homes for 50% below value. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. ... if you appreciate this answer, please give it a "thumbs up", or if this was the most helpful answer, please say thanks with a "best answer" click .