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For example: Are there special mortgages for first time buyers?
There are mortgage options now available that only require a down payment of 5% or less of the purchase price.
That depends on a number of factors, including the cost of the house and the type of mortgage you get.
Yes. Lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.
Ask around. Ask Realtors, lenders and friends. Many counties and cities have 1st time homebuyer programs. An online resource is http://downpaymentresource.com/.
The mortgage menu is very diverse, and exploring the loan options takes time. What is good for one borrower, is not the best for another. Housing counselors are a good source of information.
Many federal, state and local agencies administer programs to assist people who need help buying a home.
You must have a down payment of at least 3% of the purchase price of the home. Most affordable loan programs offered by private lenders require between a 3%-5% down payment, with a minimum of 3% coming directly from the borrower's own funds.