First home buyer assistance helps would-be homeowners overcome obstacles such as a down payment and closing costs. Typically, these programs provide forgivable loans or mortgage interest credits that do not have to be repaid as long as the borrower remains in the home for a specified number of years. Some also offer low mortgage rates and credit requirements compared to conventional loan standards. It’s important to check with your lender and local or state government housing websites for more information.

In New York, for example, the State of New York Mortgage Agency (SONYMA) has a couple of unique mortgage programs aimed at helping first-time buyers. Conventional Plus combines a 30-year fixed-rate mortgage with a down payment and closing cost assistance for the purchase of one- to four-family homes, condominiums or co-ops. To qualify for the program, you must meet income limits and complete a homebuyer education course.

First Home Buyer Assistance: Tips for Navigating the Melbourne Market

Other government-sponsored and private homeownership support programs include forgivable loans and mortgage interest credits. Most agencies and financial institutions consider anyone who hasn’t bought or owned a home in the past three years to be a first-time homebuyer. But eligibility standards vary, and some may require you to use the home as your primary residence.

Many first-time buyer programs require you to save up a larger down payment and have a decent credit score. But if these aren’t feasible options for you, it’s worth looking into the many down-payment assistance programs available. Most of these require you to select a participating lender that the program has approved, but others have strict requirements, including that you have a good credit history and steady employment.