Many people think they will never be ready to buy a house. After all, you need great credit and a lot of money in the bank, right? Lenders do require money down and credit checks, but you might already qualify for a loan with the money you have and your credit score. Lenders offer various types of first-time home buyer programs, and here are three of the best options to consider.

1. FHA Loans

FHA loans offer government backing, which means that lenders have less risk when issuing them to borrowers. The Federal Housing Administration created the FHA home loan program to help people become homeowners. If you have a credit score of at least 580, you might qualify for an FHA loan, and you will only need around 3.5% down. Meeting these requirements is not difficult for most people. Therefore, most people can qualify for an FHA loan. The downside to FHA loans is that they require mortgage insurance, which is an extra expense you must pay on top of your mortgage payments. All in all, this is a great loan program that many people use to buy their first home.

2. VA Loans

The second option to think about is a VA loan. This loan type is limited to people who served in the military. You must meet certain military criteria to qualify for a VA loan, but this is a great option if you are eligible. With a VA loan, you will not pay mortgage insurance, but you will pay a one-time funding fee. The benefit is that you will not need a great credit score, and you might not need any money down.

3. USDA Loans

The U.S. Department of Agriculture backs USDA loans, and these loans are also great for first-time home buyers. USDA loans do not require down payments, and they do not require earning large incomes. You might have to pay mortgage insurance, though. You might also have limits with the homes you can purchase with USDA loans, but they are great options for most people. You can learn more about the eligibility requirements by speaking with a lender of your choice.

If you hope to buy your first home soon, you might want to consider one of these loan programs. They are all ideal for first-time home buyers, and you can learn more about your options by speaking with a lender today.