Don't you love that marketing line?   Special programs for "First Time Homebuyers".  What exactly is a "first Time Homebuyer"  According to many lenders anyone that has not "owned a home in the last 3 years" is a "First Time Homebuyer", because the lender is looking for mortgage history on their credit report. Now what about a borrower that has not had any mortgage loans, BUT owns the home out right?  Then we have to ask for an exception.  But what loans are "First Time Homebuyer" programs.   Lets look at 3 that I use for 95% of my clients that are looking for 100% financing, after all, that is what most people think of as "First Time Homebuyer programs.  I rank them in this order due to the PMI coverage with the cheapest first (you could argue that the same can be said for the rates.

1. FHA.   Now I know FHA is technically 3% down and in todays world the home may not appraise, BUT the program still allows for up to 6% seller contributions of which 3% can be use towards Down Payment Assistance programs.  I can see FHA coming out with a true 100% if the DPA programs are taken away, but in my humble opinion I don't see that happening.  The issue with FHA is the loan limits are rather outdated. FHA is about the only home for financing manufactured homes with a high LTV.  The best thing about FHA is that it is NOT CREDIT SCORE driven.  We can build credit using rent and utilities and other alternate lines.
2. My Community A true 100% and you can roll in up to 6% for seller contributions to cover closing cost.  Unlike FHA there is no loan limit, BUT there are income limits, unless the property is in an "under-served" neighborhood. I use this program when the loan is just over FHA limits and it is not a manufactured home.  The PMI is with in $10 of FHA per 100k and the rate is close to FHA.  Alternate credit is allowed on this program as well, but there is a catch on how much the co borrower can earn if you are using alternate credit.
3. Flex 100 Again a true 100% loan.  Think My Community without the limitations but with much higher PMI.  Depending on the loan amount this is where we might talk about combos to avoid the PMI and counsel with the borrower so they can make an informed choice.  One payment vs two and what the exact cost are going to be.

 Now I know there are more programs out there such as Rural Development, and this is a rather short post about I use for my "First Time Homebuyer"; but these 3 programs will cover 95% of the borrowers.