 TITLE: Average Age to Buy a House CONTENT: Loans, Programs and Grants for First-Time Homebuyers\n----------------------------------------------------\nBefore you get serious about the homebuying process, make sure you know the financing options that are available. Many first-time homebuyers are eligible for special programs that make the process of getting your first mortgage cheaper and easier.\nWhen thinking about how you plan to finance your home purchase, consider the following:\n*   What type of loan should I get?\n*   Are there homebuyer programs in my areas?\n*   Do I qualify for any grants?\nTo make homebuying more accessible, federal and local governments have created programs to assist first-time homebuyers. These programs provide down payment assistance as well as specialized programs that reduce the overall burden of buying your first home.\n*   **Neighbor Next Door**: This program is offered through the U.S. Department of Housing and Urban Development (HUD) and is geared toward public service workers, including teachers, law enforcement officers and firefighters. Through this program, HUD will give certain public service workers 50% off of homes that are listed for sale in their database.\n*   **Government-insured loans**: Mortgages insured by the Federal Housing Administration (FHA) are great for first-time homebuyers as the credit requirements are low and down payments can be as little as 3.5% of the home's purchase price. In addition to the FHA, the Department of Veterans Affairs (VA) offers specialized programs that can help certain purchasers buy homes with no down payment.\n*   **Down payment grants**: Sometimes the biggest hurdle in purchasing your first home is coming up with the cash for a down payment and closing costs. Depending on your home's purchase price, paying 10% to 20% upfront might not be an option. To help with this, local governments, lenders and other groups have specialized programs that lower the down payment costs associated with some home purchases. To find more information about the thousands of assistance programs that exist in the U.S. check out the Down Payment Resource.\nThese are just a few of the many programs that exist to help first-time homebuyers. To take advantage of these options, speak with your real estate agent, lender and local government officials to see if there are any specialized plans you qualify for. END