First-time homebuyers can take advantage of various programs such as FHA loans with down payments as low as 3.5% and lenient credit requirements, USDA loans for rural properties with income limits, VA loans for eligible veterans with zero down payment, state and local first-time homebuyer programs offering down payment assistance, HomeReady and Home Possible loans with low down payment options for low to moderate-income borrowers, the Good Neighbor Next Door program providing discounts for certain professionals, and down payment assistance programs, typically requiring a good credit score, proof of income, completion of homebuyer education, and eligibility criteria specific to each program.