Are there special mortgages for first time homebuyers?

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. Lenders may now be able to help borrowers who don't have a lot of money saved for the down payment and closing costs, have no - or a poor - credit history, have quite a bit of long-term debt, or have experienced income irregularities.