First-Time Buyers
Your first home is closer than you think
Low down payments, flexible credit requirements, and expert guidance designed for buyers who are doing this for the first time. We make it simple — not scary.
Programs for First-Timers
Built-in advantages for first-time buyers
Multiple programs exist specifically to help first-time buyers get into a home with less cash and more flexibility than conventional loans require.
FHA Loan — 3.5% Down
The FHA loan is the most popular first-time buyer program in the country. In 2026, you need a 580+ credit score for 3.5% down, or as low as 500 with 10% down. The 2026 FHA loan limit is $524,225 for single-family homes in most areas.
Down Payment Assistance
Many state housing finance agencies offer grants and forgivable second liens covering 2%–5% of the purchase price. Income and purchase price limits apply, but these programs are available in all 50 states.
Low-Down Conventional
The HomeReady® and Home Possible® programs allow 3% down with a 620+ credit score. Private mortgage insurance is required until you reach 20% equity, but it cancels automatically — unlike FHA MIP.
First-Timer Education
Many DPA programs require a HUD-approved homebuyer education course (typically 6–8 hours online). Completing it also sharpens your negotiation skills and helps you avoid costly first-timer mistakes.
Your Buying Roadmap
Four steps to owning your first home
The process is simpler than you expect when you have the right guidance at every step.
- 1
Check Your Credit & Budget
Pull your free credit report at AnnualCreditReport.com. Know your score, debts, and monthly income before you talk to a lender — it speeds up every conversation.
- 2
Get Pre-Approved Early
Pre-approval tells you exactly what you can afford and which programs you qualify for. Our process takes about 15 minutes online and won't hurt your credit score.
- 3
Find a Buyer's Agent
A buyer's agent costs you nothing — the seller pays the commission. Choose someone who knows the local market and has worked with first-time buyers before.
- 4
Make an Offer & Negotiate
When you find the right home, your agent and loan officer work together to craft a competitive offer. We're available nights and weekends when deals happen.
You're Not Alone in This
Every homeowner was a first-timer once
Our loan officers have guided thousands of first-time buyers through every kind of market. We explain every document, every fee, and every decision in plain language — no jargon, no pressure, no surprises at the closing table.
15 min
to get pre-approved online
3.5%
minimum down payment with FHA
$0
down for eligible VA & USDA buyers
First-Timer Questions
Questions every first-time buyer asks
What credit score do I need to buy my first home?
It depends on the loan type. FHA loans allow a 580 credit score with 3.5% down (or 500 with 10% down). Conventional loans generally require 620+. VA and USDA have no published minimum but most lenders look for 580–620. A higher score always unlocks better rates.
How much do I need for a down payment as a first-time buyer?
Less than most people think. FHA requires 3.5% down with a 580+ score. Conventional HomeReady® requires just 3%. VA and USDA loans require $0 down for eligible borrowers. Down payment assistance programs can cover part or all of the down payment and closing costs in many markets.
What is the conforming loan limit in 2026?
The 2026 conforming loan limit for a single-family home is $832,750 in most U.S. counties (FHFA baseline). High-cost areas can be significantly higher. Loans above this amount are considered jumbo and require a different approval process.
What is FHA mortgage insurance and how long does it last?
FHA loans require an upfront MIP (1.75% of the loan amount, usually rolled into the loan) and an annual MIP (0.55%–0.85% split into monthly payments). If you put less than 10% down, FHA MIP lasts the life of the loan. With 10%+ down, MIP cancels after 11 years. Refinancing into a conventional loan is the most common way to eliminate FHA MIP once you have 20% equity.
Do I qualify as a "first-time home buyer" if I've owned before?
Surprisingly, yes in many cases. The HUD definition of a first-time buyer includes anyone who has not owned a principal residence in the past 3 years. So if you sold or lost a home more than 3 years ago, many programs will treat you as a first-timer.
What are closing costs and how much should I budget?
Closing costs typically run 2%–5% of the loan amount and include lender fees, title insurance, appraisal, prepaid taxes/insurance, and government recording fees. Many first-timer programs allow you to ask the seller to cover closing costs (seller concessions). We provide a detailed Loan Estimate on day one so there are no surprises.
Take the first step — it only takes 15 minutes
No hard credit pull. No pressure. Just a clear picture of what you can afford and which programs fit your situation.