Purchase
First-time buyer
Our guided path for first-time buyers: we compare low-down-payment loans and help you look for down payment assistance you may qualify for.
Typical down payment
3% (typical)
Typical credit guidance
620+ (580+ with FHA, typical)
Ideal for
Anyone buying their first home, or who hasn’t owned a home in the past three years.
Key benefits
Side-by-side comparison of conventional, FHA, VA and USDA options
Help finding state and local down payment assistance programs
A clear checklist so you know exactly what to gather
Pre-approval letter you can share with your agent
Requirements
Steady income and a two-year work history, with exceptions for school or military service
Funds for the down payment and closing costs, which may include gifts or assistance
Some programs require a short homebuyer education course
Assistance programs may have income and price limits
Guidelines shown are typical examples and vary by lender, program and borrower. They are not a commitment to lend.
Frequently asked questions
Do I have to be a first-time buyer to use these programs?
Not always. Many programs define a first-time buyer as someone who hasn’t owned a home in the past three years.
How much do I need saved for closing costs?
Closing costs often run a few percent of the price. In some cases, seller credits or assistance programs can help cover them.
Talk it through with a loan officer
We’ll compare this program with your other options and show the numbers side by side.
Guidelines shown are typical examples for illustration. Requirements vary by lender, program and borrower. Not a commitment to lend.
What borrowers say
As first-time buyers we had a hundred questions. Every answer came back the same day, and we found down payment help we didn’t know about.
Jordan & Sam R.
First-time buyer
Sample review