 TITLE: First-Time Home Buyers: How to Qualify for Loans, Programs and Grants CONTENT: Who Is Eligible for a First-Time Buyer Program?\n-----------------------------------------------\nSpecific rules vary according to the state, county or city program. Some common guidelines:\n*   **Past owners can be first-time buyers.** Typically, anyone who has not owned a home in the past three years is considered to be a first-time buyer.\n*   **Some programs are for all buyers.** Down Payment Resource maintains a national database of around 2,400 programs that offer mortgage assistance. According to DPR, about 40% of the programs aren't solely earmarked for first-time buyers.\n*   **You don't need sparkling credit scores.** FICO® Scores☉ of at least 640 or so are typically all that are needed to qualify for first-time homebuyer assistance. FICO® Scores range from 300 to 850. But chances are you may need higher credit scores of around 680 or so to qualify for a conventional mortgage. For more, see \"What is a Good Credit Score?\"\n*   **Help is targeted to public service workers.** Some programs are specifically focused on helping teachers and public safety workers. The Good Neighbor Next Door program is open to law enforcement, primary school teachers, firefighters and emergency medical technicians. The deal: 50% off the list price of a home that is in the program's database, as long as you agree to stay in the home for at least three years.\n*   **Income limits apply.** These programs are designed to help low- and moderate-income households afford a home. Eligibility is often linked to the local median income; the limit is typically more for households with multiple occupants.\n*   **There's an eligible home price cap.** Both conventional mortgages and FHA-insured loans have specific borrowing limits in the continental U.S. State and local agencies may have different limit requirements to be eligible for first-time buyer assistance.\n*   **Class required.** Many programs require borrowers to complete a class (it can be online) that walks through the financial responsibilities of homeownership. There may be a fee for this class. END