Committing to become a homeowner takes courage. It commits you to monthly payments, annual tax bill and all the unknown maintenance issues that may crop up. It is a fact that the larger down payment that can be put down on a property purchase the better rate (up to a point) a borrower can get. First time home buyers often do not have a large (20%) down payment to use toward the purchase of a house. Searching for rates on the internet or calling local lenders will result in a general idea of what rates are available. Luckily there are state and federal loan programs available for first time home buyers. These programs often make mortgages with low down payments and some provide grants to provide funds for down payments. Before deciding on a specific rate, first time home buyers should look into specific loan programs that allow for low down payments or are designed for first time home buyers. Once you understand the loan programs available then shop the lenders that offer the programs and compare rates and fees. Not all low down payment loan programs are offered by all lenders. Be prepared for the fact that the smaller the down payment the higher the interest rate.