Purchase pathway
First Time Homebuyers
First time buyers usually have three questions: how much can I actually spend, how much do I need up front, and what happens between now and closing. The answer starts with a payment you are comfortable with, not with a price you saw on a listing site.
Who this is for
- Buyers who have not owned a home in the last three years, which is how many assistance programs define first time buyer
- Buyers with limited savings who want to understand low down payment options
- Renters comparing a monthly rent payment against a full housing payment
How the process works
Set a payment target first
Work backward from a monthly payment you are comfortable with, including taxes, insurance and any mortgage insurance or HOA dues. The purchase price follows from that number.
Review credit early
Small changes to balances and disputes take time to reflect. Reviewing credit six to eight weeks before you shop leaves room to improve your position.
Document funds to close
Down payment, closing costs and reserves must be sourced. Move money into position early and keep statements clean so large deposits do not need extra explanation.
Get fully preapproved
A preapproval based on reviewed documents rather than a quick estimate carries more weight with listing agents and reduces surprises later.
Shop, offer, inspect, close
Once under contract, appraisal and underwriting run in parallel with your inspection period. Responsiveness on document requests is the largest factor in a smooth timeline.
Common mistakes
- Assuming 20% down is required, when several programs start far lower
- Opening new credit or financing a car during the loan process
- Budgeting on principal and interest only and forgetting taxes and insurance
- Waiting until after finding a home to start the preapproval
Loan programs that apply
FHA Loans
Government insured financing with flexible credit and down payment guidelines.
Learn more CoreConventional Loans
The most widely used financing for primary homes, second homes and rentals.
Learn more CoreVA Loans
A benefit earned through service, with no required down payment for eligible buyers.
Learn more CoreUSDA Loans
Rural development financing with no down payment in eligible areas.
Learn more Construction & RenovationRenovation Loans
Finance the purchase or refinance plus the improvements in one mortgage.
Learn moreFrequently Asked Questions
Ready for the next step?
We will review your documents and give you a preapproval you can use with confidence. Not a commitment to lend.