Numerous programs exist to help first-time buyers purchase a home.
A host of private lenders offer low-down loans. The U.S. Department of Housing and Urban Development offers a variety of programs through FHA that require approximately 4 to 5 percent cash down. Loan limits vary depending on the county where the property is located. In February of 1994, Fannie Mae launched a pilot program allowing people to buy with just 3 percent down payments. For details, borrowers should contact lenders who offer government-insured loans.