A first time home buyer loan down payment may be as low as 3% with certain conventional programs, 3.5% with eligible FHA financing, or potentially 0% with qualifying VA or USDA loans.
You do not automatically need 20% down to buy your first home. However, the minimum down payment is only one part of the money needed. Buyers may also need funds for closing costs, prepaid taxes and insurance, escrow deposits, inspections, moving expenses, repairs, and financial reserves.
Key Takeaways Some conventional first-time buyer mortgages may allow a down payment as low as 3%. Eligible FHA purchase loans may allow a 3.5% minimum down payment. VA-backed purchase loans may permit eligible borrowers to buy with no down payment when program requirements are satisfied. USDA-guaranteed loans may provide 100% financing for eligible households purchasing qualifying rural properties. A 20% down payment is not required for every mortgage. Putting less than 20% down on a conventional loan commonly requires private mortgage insurance. Down payment assistance may be structured as a grant, forgivable loan, deferred loan, or repayable second mortgage. Down payment, closing costs, and cash to close are different amounts. The smallest permitted down payment is not always the most suitable financial choice. First-time buyer status does not automatically guarantee down payment assistance or mortgage approval. Important Note: Down payment requirements, mortgage insurance, assistance availability, income limits, credit standards, rates, fees, property rules, loan limits, and approval vary by borrower, lender, program, property, occupancy, location, underwriting, and investor guidelines. This article is for informational purposes only and is not a commitment to lend.
What Is a First-Time Home Buyer Down Payment? A down payment is the portion of the home’s purchase price that the buyer pays without financing it through the first mortgage.
For example, if a home costs $300,000 and the buyer makes a 3% down payment:
Purchase price: $300,000 Down payment: $9,000 Estimated first mortgage before financed fees: $291,000 The down payment creates the buyer’s initial equity in the property. A larger down payment generally reduces the mortgage balance and may lower the monthly principal-and-interest payment.
It may also affect:
Mortgage insurance Interest rate and loan pricing Program eligibility Required financial reserves Loan approval Cash remaining after closing Exposure to changes in property value Illustrative Example Disclosure: T his example is for educational purposes only. It does not represent an available mortgage, Loan Factory borrower, interest rate, APR, payment, approval, appraisal, closing cost, or funded transaction.
What Is the Minimum Down Payment for a House as a First-Time Buyer? The minimum down payment for a house as a first-time buyer depends on the mortgage program—not simply on whether the borrower has previously owned a home.
Mortgage option
Possible minimum down payment
Basic eligibility factor
Fannie Mae standard 97% financing 3% At least one borrower must generally be a first-time buyer Fannie Mae HomeReady® 3% Income and other program requirements apply Freddie Mac Home Possible® 3% Income and other program requirements apply Freddie Mac HomeOne® 3% At least one borrower must generally be a first-time buyer FHA-insured purchase loan 3.5% FHA and lender requirements apply VA-backed purchase loan Potentially 0% Eligible military service and available entitlement USDA-guaranteed purchase loan Potentially 0% Eligible household, income, property, and rural location State or local assistance program Varies Program-specific income, location, funding, and property rules
Fannie Mae offers financing up to 97% of the property value for eligible HomeReady transactions and standard purchases involving at least one first-time buyer. Freddie Mac’s Home Possible and HomeOne programs also offer eligible transactions with down payments as low as 3%.
HUD states that eligible FHA purchase borrowers may make a down payment as low as 3.5%. VA-backed purchase loans may allow no down payment when the purchase price does not exceed the appraised value, while USDA’s guaranteed program may provide 100% financing for eligible transactions.
Program Feature Disclosure: The percentages above describe general program features, not personalized mortgage offers. Eligibility, rates, APRs, payments, mortgage insurance, guarantee fees, closing costs, credits, cash to close, and terms depend on borrower qualifications, property details, market conditions, underwriting, and current program guidelines.
Do First-Time Home Buyers Need 20% Down? No. A first-time homebuyer does not automatically need a 20% down payment.
The Consumer Financial Protection Bureau explains that conventional mortgages backed by Fannie Mae or Freddie Mac may require as little as 3% down, while FHA financing may require as little as 3.5%. VA and USDA options may provide no-down-payment financing for eligible borrowers and properties.
The 20% threshold is commonly discussed because it may help a conventional borrower:
Avoid private mortgage insurance Reduce the mortgage balance Lower the monthly payment Build more initial equity Potentially receive different loan pricing Reduce the risk of owing more than the property is worth after a market decline However, waiting until you have 20% may not be necessary or suitable when a lower-down-payment mortgage fits your income, savings, monthly budget, and homeownership plans.
Minimum Down Payment Does Not Mean Minimum Cash to Close The down payment is only one part of the buyer’s upfront costs.
Cash to close generally reflects the amount the buyer must bring to closing after accounting for:
Down payment Closing costs Prepaid interest Property taxes Homeowners insurance Initial escrow deposits Earnest money already paid Seller credits Lender credits Gift funds Down payment assistance Other permitted adjustments The CFPB notes that closing costs are separate from the down payment and often range from approximately 2% to 5% of the purchase price, although actual costs vary by loan, location, property, lender, insurance, taxes, and transaction.
The down payment is only one part of the upfront funds required for a purchase. Understanding cash to close vs. closing costs can help first-time buyers separate lender and third-party expenses from the total amount they may need at closing.
Educational Cash-to-Close Example Assume a first-time buyer purchases a $300,000 home using a mortgage requiring a 3% down payment.
Estimated item
Illustrative amount
Down payment $9,000 Estimated closing and prepaid costs $9,000 Earnest money already paid −$3,000 Seller credit −$4,000 Estimated remaining cash to close $11,000
The buyer’s down payment is $9,000, but the final cash-to-close amount is different because other transaction costs and credits are included.
Illustrative Example Disclosure: The amounts above are hypothetical. Closing costs, seller credits, prepaid expenses, earnest money, cash to close, mortgage terms, and allowable contributions vary by transaction and program.
Conventional First-Time Buyer Down Payment Options Certain conventional mortgages may allow eligible buyers to purchase a primary residence with a 3% down payment.
Conventional financing is not insured by FHA, VA, or USDA. The mortgage may instead follow guidelines established by Fannie Mae, Freddie Mac, or another investor.
Buyers comparing 3% down options can review conventional home loans to understand common loan types, down payment requirements, mortgage insurance, and qualification considerations.
Fannie Mae Standard 97% Financing Fannie Mae permits eligible standard purchase transactions with financing up to 97% of the property value when at least one borrower is a first-time homebuyer.
General program features include:
3% down payment At least one first-time buyer One-unit principal residence Fixed-rate mortgage Desktop Underwriter® approval Homeownership education in certain first-time buyer transactions Mortgage insurance when required Fannie Mae generally defines a first-time homebuyer for this option as someone who has not owned residential property during the previous three years, although exceptions and full definitions should be reviewed under current guidelines.
HomeReady® HomeReady is a Fannie Mae mortgage for eligible low-income borrowers.
Possible features include:
Down payment as low as 3% Eligible gift funds Grants and down payment assistance Community Seconds® financing Reduced mortgage insurance coverage in some eligible transactions Primary-residence requirements HomeReady generally applies an income limit based on the area median income for the property’s location. First-time homebuyer status is not required for every HomeReady transaction.
Home Possible® Home Possible is Freddie Mac’s low-down-payment mortgage for eligible low- and very-low-income borrowers.
Possible features include:
Down payment as low as 3% Flexible eligible funding sources Gifts and grants Employer assistance Permitted secondary financing Primary-residence requirements Income and property eligibility requirements apply.
HomeOne® Freddie Mac HomeOne is available to qualified first-time buyers with a down payment as low as 3%.
The program does not impose a borrower income limit or geographic restriction, although mortgage, credit, property, occupancy, and underwriting requirements still apply.
First-time buyers can compare these options in Loan Factory’s guide to first-time homebuyer home loan programs .
Private Mortgage Insurance on Conventional Loans A conventional borrower putting less than 20% down commonly pays private mortgage insurance, or PMI.
Mortgage insurance protects the lender rather than the borrower if the homeowner stops making payments. It increases the cost of the mortgage but can allow a buyer to purchase with less upfront cash.
The amount may depend on:
Credit profile Down payment Loan amount Mortgage term Property type Occupancy Mortgage insurance provider Coverage level PMI may be removable when applicable legal, investor, equity, and payment-history requirements are met. The timing and process depend on the loan and servicer.
First-time buyers putting less than 20% down can review PMI on a mortgage to understand how private mortgage insurance works, what may affect its cost, and when it may be removable.
First-Time Home Buyer FHA Loan Down Payment The first-time home buyer FHA loan down payment may be as low as 3.5% for an eligible borrower.
FHA loans are made by participating private lenders and insured by the Federal Housing Administration. They are not limited to first-time buyers.
FHA financing may be worth comparing when a buyer:
Has limited savings Needs a more flexible credit review Plans to use eligible gift funds Wants to combine financing with eligible assistance Is purchasing a qualifying primary residence Is comfortable with FHA mortgage insurance FHA’s current public guidance identifies 3.5% as the minimum required investment in most eligible cases. FHA also permits that investment to come from acceptable sources such as the borrower’s funds, gifts, second mortgages, or qualifying grants.
FHA Mortgage Insurance FHA loans generally include:
An upfront mortgage insurance premium An annual mortgage insurance premium usually collected through monthly payments Mortgage insurance requirements and duration depend on the transaction and applicable FHA rules.
Review Loan Factory’s complete FHA loan requirements before choosing FHA based only on the down payment.
FHA Disclosure: A 3.5% down payment does not guarantee FHA eligibility or approval. Credit, income, debts, property condition, appraisal, mortgage insurance, FHA loan limits, lender overlays, and underwriting requirements apply.
VA Loans With No Down Payment Eligible Veterans, active-duty Servicemembers, qualifying National Guard or Reserve members, and certain surviving spouses may be able to purchase a home using a VA-backed loan without making a down payment.
VA states that no down payment may be required when the sales price does not exceed the appraised value. The borrower must have sufficient entitlement, obtain a Certificate of Eligibility, occupy the home, and meet VA and lender credit and income standards.
VA-backed purchase loans also generally do not require monthly private mortgage insurance. A one-time VA funding fee may apply unless the borrower qualifies for an exemption.
A down payment may still be needed when:
The buyer has partial entitlement. The purchase price exceeds the appraised value. The lender requires one based on the transaction. The buyer voluntarily makes one to reduce the loan. The property or loan amount creates additional requirements. Review our comprehensive VA home loan guide when military eligibility may apply.
USDA Loans With 100% Financing The USDA Single Family Housing Guaranteed Loan Program may provide 100% financing for an eligible borrower purchasing a qualifying primary residence in an eligible rural area.
The program is intended for eligible low- and moderate-income households. Requirements include:
Eligible rural property location Household-income qualification Primary-residence occupancy Acceptable credit and repayment ability Approved lender underwriting USDA guarantee requirements USDA financing does not mean that every transaction requires no cash.
A buyer may still need funds for:
Guarantee fees Closing costs Prepaid expenses Inspection Appraisal-related costs Earnest money Reserves Repairs or moving expenses Eligible seller or lender credits may offset some costs, but availability and limits depend on the transaction.
Review our guide on the USDA home loan before relying on the property’s appearance or mailing address to determine rural eligibility.
First-Time Homeowners Down Payment Assistance First-time homeowners down payment assistance may help an eligible buyer cover some or all of the required down payment or closing costs.
Assistance may come from:
State housing finance agencies Cities and counties Public housing agencies Employers Nonprofit organizations Tribal housing organizations Community development agencies Approved lender programs Other qualified providers HUD directs homebuyers to state and local homebuying programs for possible down payment help. Fannie Mae also permits eligible down payment and closing-cost assistance from approved third-party sources.
Types of Down Payment Help Assistance structure
How it generally works
Grant Funds may not require repayment when all conditions are met Forgivable second mortgage Balance may be forgiven gradually or after a required period Deferred-payment loan No current payment, but repayment may be due later Repayable second mortgage Requires a monthly payment in addition to the first mortgage Shared-equity assistance Provider may receive part of future appreciation or sale proceeds Employer assistance Benefit may depend on continued employment Lender credit May reduce eligible closing costs, often in exchange for different pricing
First-time buyers can review down payment assistance programs to understand how grants, forgivable loans, deferred second mortgages, and repayable assistance may work with a first mortgage.
Down payment assistance is not automatically free money.
Repayment may be triggered by:
Selling the home Refinancing Moving out Renting the property Paying off the first mortgage Leaving an employer Failing to complete an occupancy period Violating another program requirement Review Loan Factory’s guide to state and local down payment assistance programs before selecting assistance based only on the advertised amount.
Who Qualifies for First-Time Homeowner Down Payment Help? Eligibility varies by program.
Common requirements may include:
First-time buyer status Household-income limits Purchase-price limits Property location Primary-residence occupancy Minimum credit standards Debt-to-income requirements Homebuyer education Minimum borrower contribution Use of a participating lender Available program funding Approved property type Some programs define a first-time buyer as someone who has not owned a home in the previous three years. Others require that the buyer has never owned real estate or apply special exceptions for displaced homemakers, single parents, Veterans, or targeted areas.
Do not assume one program’s first-time buyer definition applies to another.
Can Down Payment Assistance Cover the Entire Down Payment? It may, depending on the assistance program and first mortgage.
Fannie Mae states that in many cases, funds for part or all of the down payment and closing costs may come from qualifying assistance sources. Community Seconds financing may also be paired with eligible Fannie Mae first mortgages, subject to lien and combined-loan requirements.
However, a program may still require the buyer to contribute:
A minimum dollar amount A percentage of the purchase price Earnest money Closing costs Financial reserves Funds exceeding the assistance limit Approval for the mortgage does not guarantee approval or available funding from the assistance provider.
Can First-Time Buyers Use Gift Funds? Many mortgage programs permit eligible gift funds, subject to documentation and donor requirements.
The lender may request:
Signed gift letter Donor’s identity Donor’s relationship to the borrower Gift amount Statement that repayment is not expected Evidence of donor funds Transfer documentation Proof the borrower received the money A gift is different from a loan. Funds that must be repaid create a debt and should not be represented as a gift.
Do not transfer gift money before receiving instructions from the Loan Officer. The required paper trail varies by program.
Can Seller Credits Pay the Down Payment? Seller credits generally help pay eligible closing costs and prepaid expenses rather than the buyer’s required down payment.
A seller contribution may reduce the amount of cash needed at closing, but:
Contribution limits apply. The purchase price and appraisal must support the transaction. The buyer must still meet the mortgage’s down payment requirement. Credits cannot exceed eligible costs. Unused credits are not typically paid to the buyer as cash. The CFPB explains that a seller may agree to pay certain closing costs, but the buyer may indirectly pay through a higher negotiated property price.
Lender credits may also reduce closing costs, generally in exchange for a different interest-rate structure.
Can Earnest Money Count Toward the Down Payment? Earnest money is a deposit submitted with or after an accepted purchase offer.
When properly documented, the amount is generally credited toward the buyer’s final cash-to-close requirement. It does not create additional assistance; it is part of the buyer’s funds already paid into the transaction.
The lender may request:
Copy of the earnest-money check Wire or payment confirmation Bank statement showing the funds leaving the account Escrow or title receipt Purchase contract Documentation of the original source An unusually large or undocumented deposit may require additional review.
How Much Is a Down Payment in Dollars? The dollar amount depends on the purchase price and required percentage.
Example Down Payments by Home Price Home price
3% down
3.5% down
5% down
10% down
20% down
$250,000 $7,500 $8,750 $12,500 $25,000 $50,000 $300,000 $9,000 $10,500 $15,000 $30,000 $60,000 $400,000 $12,000 $14,000 $20,000 $40,000 $80,000 $500,000 $15,000 $17,500 $25,000 $50,000 $100,000
These amounts represent only the down payment. They do not include closing costs, prepaid expenses, escrow deposits, moving expenses, repairs, or reserves.
Illustrative Example Disclosure: The figures above are mathematical illustrations and do not represent mortgage offers, required funds, available programs, interest rates, APRs, payments, or Loan Factory approvals.
Should a First-Time Buyer Put Down the Minimum? Not always. The minimum down payment can make homeownership more accessible, but the buyer should compare the upfront and long-term effects of several down payment amounts.
A Minimum Down Payment May Make Sense When Buying sooner is an important goal. The mortgage payment fits the household budget. The buyer wants to preserve emergency savings. Eligible assistance or gift funds are available. Waiting for 20% could take several years. The buyer expects stable income and occupancy. The remaining cash is needed for repairs, moving, or reserves. A Larger Down Payment May Make Sense When The buyer can preserve sufficient emergency savings. A larger contribution meaningfully reduces the payment. It reduces or avoids conventional PMI. It improves mortgage pricing. It helps satisfy loan approval requirements. The buyer wants more initial equity. The home is in a market where appraisal gaps are possible. Avoid Using Every Dollar for the Down Payment The CFPB recommends setting aside money for emergencies, moving, renovations, and other homeownership costs rather than using all available savings at closing.
A homeowner may need cash for:
Immediate repairs Furniture or appliances Utility setup Insurance deductibles HOA charges Property-tax changes Maintenance Temporary income loss The right down payment balances mortgage cost with financial flexibility.
How Down Payment Affects the Monthly Payment A larger down payment generally lowers the amount borrowed.
This may reduce:
Monthly principal and interest Mortgage insurance Total interest paid Loan-to-value ratio Certain loan-level pricing adjustments However, the result depends on the interest rate, mortgage insurance, term, taxes, insurance, and fees.
Use the Loan Factory mortgage calculator to compare several down payment scenarios while including estimated property taxes, homeowners insurance, mortgage insurance, and HOA dues.
A calculator provides an estimate—not an approval or official Loan Estimate.
How to Choose a First-Time Buyer Down Payment Strategy The most suitable down payment is based on the complete transaction rather than one percentage.
Step 1: Define Your Available Funds Review:
Checking and savings Investments Retirement funds that may be eligible Gift funds Employer assistance Down payment assistance Proceeds from permitted asset sales Do not include funds that cannot be documented or used under the selected program.
Step 2: Reserve Money for Closing Costs The down payment should not consume money needed for:
Lender charges Title and settlement fees Appraisal Prepaid taxes and insurance Initial escrow funding Inspections Moving costs Immediate repairs Step 3: Preserve Emergency Savings Set aside a reasonable cushion rather than planning to close with no remaining liquidity.
Step 4: Compare Mortgage Programs Evaluate:
Conventional 3% down Conventional 5% or 10% down FHA financing VA financing when eligible USDA financing when eligible Down payment assistance Employer or local programs Step 5: Compare the Complete Monthly Cost Review:
Principal and interest Property taxes Homeowners insurance Mortgage insurance HOA dues Second-mortgage payments Assistance repayment Step 6: Review Long-Term Plans Consider:
Expected time in the home Possibility of relocation Family plans Employment stability Future income Anticipated repairs Ability to rebuild savings Step 7: Compare Official Loan Estimates Compare offers using the same:
Property Loan amount Down payment Loan type Loan term Rate-lock period Review rate, APR, mortgage insurance, lender charges, credits, cash to close, and the five-year borrowing cost.
You can compare mortgage options based on your savings, credit, income, property, and down payment goals.
Documents Needed for a Down Payment Review A lender must verify the source and availability of funds used for the purchase.
Possible documents include:
Personal Funds Bank statements Investment statements Retirement statements Deposit records Transfer confirmations Records supporting large deposits Gift Funds Gift letter Donor information Evidence of donor funds Transfer records Proof of receipt Down Payment Assistance Program approval Assistance commitment Homebuyer education certificate Income verification Second-mortgage documents Forgiveness or repayment terms Asset Sale Proof of ownership Bill of sale Evidence of fair-value transaction Deposit documentation Earnest Money Purchase agreement Deposit receipt Cleared check or transfer record Bank statement Buyers preparing their financial records can review the first-time homebuyer loan requirements to understand the broader income, asset, debt, credit, and property documentation commonly reviewed.
Steps to Get First-Time Homeowner Down Payment Help 1. Review Your Financial Profile Check income, debts, credit, savings, and the estimated housing budget.
2. Identify Available Mortgage Programs Determine whether you may qualify for:
Conventional low-down-payment financing FHA VA USDA Employer assistance State or local DPA Housing Choice Voucher homeownership 3. Search by Property Location Many assistance programs are tied to the city, county, or state where the home is located.
4. Confirm Current Funding A program may exist but have no current reservation funds available.
5. Review the Assistance Structure Determine whether it is:
Grant Forgivable loan Deferred loan Repayable loan Shared-equity assistance Closing-cost credit 6. Complete Required Education Some programs require a homebuyer course or counseling before approval or closing.
7. Obtain Mortgage Preapproval A documented mortgage preapproval can help determine:
Which loan programs may fit How much down payment is required How assistance can be combined Which documents are missing Estimated cash to close Whether the proposed payment fits underwriting 8. Confirm the Property Qualifies Some assistance limits:
Purchase price Property type Location Condition Occupancy Number of units 9. Reserve Assistance Before Closing Do not assume funding is secured until the provider issues the required approval or reservation.
Common First-Time Buyer Down Payment Mistakes Believing 20% Is Always Required Many eligible conventional, FHA, VA, and USDA transactions permit less than 20% down.
Planning Only for the Down Payment Closing costs, prepaid expenses, escrow funding, moving, repairs, and reserves may require additional cash.
Choosing the Smallest Down Payment Without Comparing Costs A lower upfront contribution may produce a larger payment, more mortgage insurance, or different pricing.
Assuming Assistance Is a Grant Many assistance programs create a second mortgage or repayment obligation.
Moving Money Without Keeping Records Transfers, cash deposits, and newly opened accounts may create additional documentation requests.
Accepting a Gift Without Following Instructions Gift letters, donor documentation, and transfer records may be required.
Using Every Dollar at Closing Homeownership expenses begin immediately after the purchase.
Assuming Seller Credits Cover the Down Payment Seller credits generally apply to eligible closing costs rather than the required buyer contribution.
Changing Jobs or Opening New Debt Employment and credit changes can affect qualification, available cash, and final approval.
Assuming Preapproval Guarantees Closing Final approval depends on updated income, assets, credit, debts, property, appraisal, title, insurance, and underwriting.
Review the Loan Factory loan process to understand the stages from application and document collection through underwriting and closing.
How Loan Factory Helps First-Time Buyers Plan the Down Payment Loan Factory is a technology-powered mortgage platform helping borrowers compare mortgage options through a broad wholesale lender network.
A licensed Loan Officer can help first-time buyers:
Compare conventional, FHA, VA, and USDA down payment requirements Review personal funds, gifts, grants, and assistance Identify state or local DPA opportunities Compare minimum and larger down payment scenarios Estimate down payment separately from closing costs Review mortgage insurance Evaluate seller and lender credits Calculate estimated cash to close Prepare source-of-funds documentation Compare rate, APR, payment, fees, and long-term cost TERA supports online applications, secure document uploads, e-signing, communication, and loan-status tracking. These tools support the mortgage process but do not guarantee approval, assistance, closing, or funding.
Learn more about Loan Factory and its technology-supported mortgage process.
Choosing Your First-Time Home Buyer Loan Down Payment A first time home buyer loan down payment may start at 3% with eligible conventional financing, 3.5% with FHA, or potentially 0% with qualifying VA or USDA options.
The minimum is not necessarily the right amount for every buyer. Compare the required cash to close, monthly payment, mortgage insurance, emergency savings, assistance terms, and expected time in the home.
When you are ready, apply for a mortgage online or call or text (660) 333-3333 to discuss your savings, gift funds, assistance options, and home-purchase plans with a Loan Factory mortgage professional.
Experience Note The down payment examples, cash-to-close scenarios, assistance structures, document lists, and mortgage comparisons in this article are educational illustrations based on common first-time buyer purchase considerations.
They do not represent a specific Loan Factory borrower, assistance approval, interest rate, APR, payment, Loan Estimate, property, closing, or funded transaction.
Sources About the Author Loan Factory Mortgage Education Team
Loan Factory is a technology-powered mortgage platform helping borrowers compare mortgage options through a broad wholesale lender network.
The Loan Factory Mortgage Education Team helps first-time buyers understand down payment requirements, closing costs, mortgage insurance, gift funds, assistance programs, documentation, and the home-purchase process.
Disclaimer This content is for educational and informational purposes only and is not financial, tax, legal, credit, accounting, real estate, insurance, investment, or housing-counseling advice. It is not a commitment to lend or a guarantee of approval, down payment amount, assistance, rates, APRs, payments, credits, loan amount, property value, closing, or funding.
Mortgage programs, down payment requirements, assistance funding, gift rules, seller contributions, rates, fees, credits, mortgage insurance, documentation, loan limits, property requirements, and eligibility may change and vary by borrower, donor, employer, agency, lender, property, occupancy, location, underwriting, investor, and program administrator.
Loan Factory is a private mortgage company and is not affiliated with or acting on behalf of HUD, FHA, VA, USDA, Fannie Mae, Freddie Mac, FHFA, CFPB, a state housing agency, public housing authority, or another government entity.
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