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First-Time Homebuyer Loan
First-Time Homebuyer Loans are designed to help new buyers enter the housing market with lower down payments, competitive interest rates, and access to down payment assistance programs. These loans make homeownership more affordable by offering flexible qualification requirements and special incentives for those purchasing their first home. Ideal for individuals who may need financial assistance or reduced upfront costs, first-time homebuyer loan programs provide a path to owning a home without the high barriers of traditional mortgages. If you’re ready to buy your first home, explore these loan options to find the best fit for your needs.
A Reliable Home Loan You Can Trust.
Low Down Payment Options
Get started with as little as 3% down, depending on the program.
Competitive Interest Rates
Enjoy lower rates compared to standard loans, reducing your monthly payments.
Specialized Programs
Tailored to meet the needs of first-time buyers, including incentives for specific locations or professions.
Flexible Credit Requirements
Many programs are designed to accommodate buyers with limited or average credit histories.
Loan Guidelines
If your details are near these guidelines, we encourage you to apply or reach out. Even if you don’t qualify for a 30-year fixed-rate mortgage, we may have other options available.
The Home
Purchase a new home or refinance your current mortgage.
Credit Profile
A credit score above 620 is typically required.
Debt-to-Income
Your debt-to-income ratio (DTI) should be under 50%.
Closing Costs
Along with your down payment, you’ll need sufficient funds to cover closing costs.
Explore Your Potential
Our calculators help you understand and visualize your options
Mortgage Calculator
Planning to buy a home? Calculate your estimated monthly payments, including taxes and insurance.
Refinance Calculator
Considering refinancing your mortgage? Find out how much you could save.
Frequently Asked Questions
Have questions? We’ve got answers! Explore our FAQ section to find helpful information about loans, refinancing, and more. If you don’t see what you’re looking for, feel free to contact us—we’re here to help!
Who are First-Time Homebuyer Loans best for?
First-Time Homebuyer loans are best for individuals purchasing their first home or those who haven’t owned a home in the past few years. These loans are designed to make homeownership more accessible by offering special terms, lower down payments, or financial assistance.
How do First-Time Homebuyer Loans work?
These programs provide benefits like reduced down payment requirements, lower interest rates, or closing cost assistance. Some programs are government-backed (FHA, USDA, VA), while others are offered through state and local agencies or private lenders. Eligibility requirements often include income limits or location restrictions.
What are the pros and cons of a First-Time Homebuyer Loan?
Pros:
- Lower down payment requirements (as low as 3%).
- Competitive interest rates.
- Access to grants or closing cost assistance.
Cons:
- May have income or property eligibility restrictions.
- Can include additional paperwork and processing time.
- Some assistance programs require repayment if conditions aren’t met.
Can I use a First-Time Homebuyer Loan if I’ve owned a home before?
Yes, many programs consider you a “first-time” buyer if you haven’t owned a home in the past 3 years, depending on the program’s guidelines.