V, done well.

Federal programs include FHA loans, VA loans, USDA loans, Section 8 vouchers, and HUD programs. State housing finance agencies offer down payment assistance, first-time buyer grants, and below-market rates. Eligibility varies by income, location, and program.

Most programs define 'first-time' as not having owned a home in the past 3 years. Income limits, purchase price caps, and location restrictions typically apply. Many programs require homebuyer education courses. Your local housing agency can identify programs you qualify for.

Affordable housing generally means housing costs under 30% of household income. Government-subsidized affordable housing programs serve households below 80% of area median income, with deeper subsidies for those at 50% or 30% of AMI.

Start with HUD's housing resource locator, local housing authorities, and community development corporations. Also explore community land trusts, cooperative housing, and nonprofit developers in your area. Waiting lists can be long — apply to multiple programs.