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First-time home buyers can buy with 3% down on a conventional loan, 3.5% down on an FHA loan, or nothing down on a VA or USDA loan, and state programs can cover part of the down payment. In 2026 that includes Nevada's Home Is Possible (up to 4% of the loan), CalHFA MyHome (up to 3.5% on FHA), Texas's My First Texas Home (up to 5%) and Florida's FL Assist (up to $10,000). Most programs define a first-time buyer as someone who hasn't owned a home in the past three years. iQRATE Mortgages (NMLS 1862492) compares more than 100 lenders in all four states.
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Written by David Ghazaryan, Mortgage Broker (NMLS 1486726), iQRATE Mortgages (NMLS 1862492). Licensed in Nevada, California, Texas and Florida. Updated October 2026.
For most programs, you're a first-time buyer if you haven't owned a primary residence in the past three years. That means people who owned a home years ago, or who sold after a divorce, may qualify again. Fannie Mae and Freddie Mac use the same three-year test for their 3% down programs. Some state programs, such as Home Is Possible's teacher and hero versions, drop the first-time requirement.
Illustrative only, not a quote or offer. On a $400,000 home:
You'll also pay closing costs and prepaids (insurance, tax escrow and interest). Those are itemized on your Loan Estimate, and the seller can often pay some of them. Down payment help can cover some or all of the down payment and closing costs.
The Nevada Housing Division's Home Is Possible program offers:
Nevada's 2026 FHA one-unit limit is $541,287 in Clark County and $638,250 in Washoe County, while the conforming limit is $832,750 statewide. See Las Vegas, Henderson and Reno.
CalHFA's MyHome Assistance Program provides a deferred-payment junior loan of up to 3.5% of the price or appraised value with a CalHFA FHA loan, or up to 3% with a CalHFA conventional loan. You must be a first-time buyer, meet CalHFA income limits, live in the home and complete homebuyer education (eHome's online course is the only online one CalHFA accepts). Non-occupant co-borrowers aren't allowed. CalHFA has also run a shared-appreciation Dream For All program when funded; ask about current rounds.
California property tax is about 1.1–1.3% of the purchase price, plus any Mello-Roos. Closing costs are itemized on your Loan Estimate. See Los Angeles, Sacramento and Fresno.
TDHCA's My First Texas Home offers down payment and closing-cost help up to 5% of the mortgage, as either a forgivable second lien or a 30-year deferred second, depending on the option. The Texas State Affordable Housing Corporation (TSAHC) runs separate programs, and both agencies offer mortgage credit certificates that reduce federal income tax. Texas property taxes are high, so tax escrow at closing can be 2–6 months of tax, partly offset by the seller's tax credit. Closing costs are itemized on your Loan Estimate. See Houston, San Antonio and Dallas.
Florida Housing's FL Assist provides up to $10,000 as a 0% deferred second mortgage with FHA, VA, USDA and conventional first mortgages through participating lenders, according to its September 2026 term sheet. Florida Housing also offers other second-mortgage options and, when funded, the Hometown Heroes program for eligible workers. Florida buyers should budget for insurance and, in many areas, flood insurance. Closing costs are itemized on your Loan Estimate. See Miami, Orlando and Tampa.
Down payment help usually comes with a slightly higher first-mortgage rate. Compare the payment and cash to close with and without help.
Illustrative only, not a quote or offer. A Las Vegas couple buys a $400,000 home with an FHA loan and Home Is Possible:
They repay the assistance when they sell or refinance, so if they expect to refinance soon, the help becomes due then.
FHA charges 1.75% upfront plus a monthly premium, which usually lasts for the life of the loan with less than 10% down. Conventional PMI depends on your credit and down payment and can be removed at 20% equity. VA has a one-time funding fee instead of monthly insurance, waived for many disabled veterans. USDA charges an upfront and annual guarantee fee.
The seller can pay part of your closing costs. FHA allows up to 6% of the price, VA allows 4% in concessions (normal closing costs aren't counted), and conventional loans with less than 10% down allow 3%. Down payment help and seller credits together can bring your cash to close down a lot.
Student loans count in your debt ratio. FHA uses your actual payment, or 0.5% of the balance if the payment is zero. Fannie Mae can use a documented income-driven payment, including $0. Picking the right program can change how much home you qualify for.
Condos are often the cheapest way into a market. FHA requires the building to be FHA-approved or the unit to get a single-unit approval. Conventional loans review the association's budget, insurance and owner-occupancy. In Florida, older condo buildings face new inspection and reserve rules.
Most first-time programs don't require reserves for a one-unit home, but lenders like to see some savings after closing, and a cushion protects you from surprise repairs.
Illustrative only, not a quote or offer. A Sacramento buyer purchases a $450,000 home with a CalHFA FHA first mortgage. FHA's 3.5% down is $15,750. MyHome Assistance can lend up to 3.5% of the price, about $15,750, as a deferred junior loan, so the buyer's own cash goes mainly to closing costs and prepaids. Property tax at about 1.1–1.3% of the price, or roughly $4,950–$5,850 a year, is part of the monthly payment.
Illustrative only, not a quote or offer. A San Antonio buyer purchases a $300,000 home with an FHA loan and My First Texas Home. The 3.5% down is $10,500, and TDHCA help of up to 5% of the loan can cover it and part of the closing costs. Tax escrow at closing can be 2–6 months of property tax, partly offset by the seller's tax credit. File for the homestead exemption after you move in to lower the school tax.
Illustrative only, not a quote or offer. An Orlando buyer purchases a $350,000 condo with a conventional 3% down loan, $10,500, and uses FL Assist's up to $10,000 deferred second for most of it. The buyer still pays closing costs, the HO-6 insurance policy and the first escrow deposit, and must make sure the condo association passes lender review.
We compare your options across more than 100 lenders, check which state programs you qualify for, and show the payment and cash to close for each. If you're self-employed, a veteran or buying with family help, we match you with lenders that handle those files.
Closing costs are lender and third-party fees; cash to close also includes your down payment and prepaids such as insurance and tax escrow, minus any credits. Every fee is itemized on your Loan Estimate. See closing costs by state.
Terms for each are on its own page; see all iQRATE guarantees.
Usually anyone who hasn't owned a primary home in the past three years.
3% on conventional, 3.5% on FHA with a 580+ score, and 0% on VA and USDA.
Up to 4% of the loan amount, as a 0% deferred second mortgage repaid when you sell or refinance.
640, or 660 for a manufactured home.
Up to 3.5% of the price or appraised value with a CalHFA FHA loan, or 3% with a conventional loan.
A TDHCA program with up to 5% down payment and closing-cost help.
A 0% deferred second mortgage of up to $10,000 through Florida Housing.
Yes, with a gift letter, on FHA, VA and conventional loans.
Most state programs and some 3% down conventional loans require one.
Usually not. Most is a second loan, repaid or forgiven after a period.
Yes, if the condo meets the loan program's rules.
Yes, with tax returns or a bank statement loan.
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iQRATE Mortgages · NMLS 1862492 · 6360 S Rainbow Blvd Ste 101, Las Vegas, NV 89118 · Licensed in Nevada, California, Texas and Florida. David Ghazaryan, Mortgage Broker, NMLS 1486726. Verify us on NMLS Consumer Access. Equal Housing Opportunity. This is not a commitment to lend; programs, rates and terms vary by lender and change without notice.
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