Quick answer: Applying for a mortgage.

If you’ve doubled-checked your monthly finances and have seen that buying a home makes financial sense for you – you’re ready to take your first step. 

You’ll want to start by shopping and comparing mortgages. GRaffordable is the easiest way to do this. It guides you to the preferred loan for your situation by asking a short series of simple questions. It only takes a minute or two and you don’t need to have any tax records or bank statements prepared. 

Find more info on homebuying’s first steps here.

Because both the federal and state governments have long believed in homeownership as a key driver of personal and generational wealth, there are certain programs, policies and products in place to provide incentives to first-time homeowners. The following are some of the government programs for first-time homebuyers you can take advantage of.

• Conventional loans with low down payments options. Credit scores must be at least 620.
• FHA loan: A popular federally backed loan program for buyers with lower credit scores, and down payment options.
• USDA loan: down payment options on designated rural and suburban properties.
• VA loan: Home loans for service members (and their spouse) with down payment options.
• State first-time home buyer programs: Many state housing authorities offer an array of discounts to first-time homebuyers in their respective states, including down payment options, help with closing costs and tax credits.** Check with your specific state to learn more.
• Dollar Homes: These are foreclosed homes for sale by the government at reduced prices. Check the HUD website for more information.
• Good Neighbor Next Door: Home price discounts for law-enforcement officers, firefighters, first responders and educators. In an effort to foster neighborhood revitalization, discounts can be as much as 50% off the list price of a home. Check the listings in your state to see what is available.