4 benefits first-time homebuyers should know about

After many years of a tough housing market for potential buyers, things may finally be starting to soften. Mortgage rates "stayed flat" in the first week of September and are "expected to decline even further," said Realtor.com, while "home prices continue to fall" and "the number of houses for sale rises." All of this is shaping up for what could be a "buyer-friendly fall," and potentially a long-awaited opportunity for first-time homebuyers.

While a friendlier market certainly helps, that is not the only help that first-time homebuyers can get. There are several programs and options that can also smooth the path to home ownership. (And as a note, first-time homebuyers include more than just those who have not ever owned a home — the definition technically extends to those "who haven't owned a home in the three years prior to purchasing their property," said CNN Underscored.)

1. Government-backed home loans

"Government-backed mortgages can allow you to get a home with a low down payment or poor credit," said Rocket Mortgage. Because "the government insures government-backed loans," they "pose less of a risk to a mortgage lender." Options include:

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FHA loans: These are "a great option for first-time homebuyers due to their low down payment and relaxed credit score requirements," though borrowers do "have to pay for mortgage insurance," said CNN Underscored.

VA loans: Those who are "active-duty military members, veterans and surviving spouses" can access benefits through the U.S. Department of Veterans Affairs (VA), including VA loans, which "provide competitive interest rates and require no down payment" and have no minimum credit score requirements, said Investopedia.

USDA loans: If you are a first-time homebuyer interested in "homes in rural areas that are currently in poor condition," the U.S. Department of Agriculture's (USDA) homebuyer assistance program is an option, said Investopedia. The program "offers up to 100% financing for people who want to buy and upgrade a home."

2. Down payment and closing cost assistance

First-time buyers also have access to a number of resources that can help them with their down payment, "a large initial expense that's a percentage of the home's purchase price" and that "is required for most types of mortgage loans," said Rocket Mortgage. You might also be able to get help covering closing costs, which are "additional fees you pay at the end of the mortgage process" and "typically around 3% – 6% of the total loan amount."

For instance, "many first-time homebuyer programs offer a lower-cost first mortgage to help you buy the home, then a second mortgage to help you cover your down payment and closing costs," known as a down payment assistance loan, said Bankrate.

There are also down payment grants, which is "essentially free money to help you cover your down payment or closing costs," said Bankrate. These "are usually awarded to low- or moderate-income borrowers," and "they might have other requirements, too, like a minimum credit score and maximum home purchase price."

Another option are down payment savings match programs, which "provide matched funds up to a certain amount," with that money only usable "for your down payment and closing costs," said Bankrate.

3. State-based programs

"Most government home buying assistance comes through state and local programs," with the specific offering "depending on your location," said Rocket Mortgage.

To find out what resources are available to you, "head to HUD's State Information directory and select your state," and then "click on 'Learn about homeownership' and then 'Assistance programs,'" said CNN Underscored. There, you will "find a list of the assistance resources available statewide and in specific counties and cities."

4. Employer-sponsored programs

Believe it or not, your employer may offer some assistance when it comes to buying your first home. Known as employer-assisted housing (EAH) programs, these "are often limited to certain occupations, and there could be other restrictions, such as a first-time homebuyer or specific tenure requirement, or income limits," said Bankrate. Still, "this assistance can come in many forms, such as a forgivable loan coupled with required homeownership education" or grants.

As an example, the University of Chicago "offers a limited number of grants worth $5,000 to $20,000 to qualified employees who want to buy homes in eligible local neighborhoods," said CNN Underscored.

You can find out if this type of assistance is offered through your employer by asking HR about EAH programs.