First-Time Home Buyers
Buying your first home is one of the biggest financial decisions you’ll ever make — and it doesn’t have to be overwhelming. We’ll walk you through your budget, your monthly payment, and your timeline step by step, and match you with a loan program built for buyers just starting out.
Low Down Payment Options Built for First-Time Buyers
“First-time buyer” doesn’t mean one specific loan — it means you likely qualify for some of the most flexible, lowest-down-payment programs available. Depending on your situation, that could include:
- Conventional loans with down payments as low as 3% for qualified first-time buyers.
- FHA loans with down payments as low as 3.5%, and more flexible credit guidelines.
- VA loans with 0% down for eligible veterans, active-duty service members, and surviving spouses.
- USDA loans with 0% down for homes in eligible rural and suburban areas.
- Down payment assistance and gift funds, which may cover part or all of your down payment and closing costs if you qualify.
See full details on each program on our Loan Programs page.
Your First-Time Buyer Roadmap
- Get pre-approved. We’ll look at your income, credit, and goals to tell you what you can comfortably afford — before you start looking at homes.
- Explore your loan options. We’ll walk through which programs you qualify for and what each one means for your down payment and monthly payment.
- Find your home and make an offer. With a pre-approval in hand, you can shop with confidence and move quickly when you find the right place.
- Lock your rate and finalize your loan. We’ll guide you through underwriting, appraisal, and closing paperwork so there are no surprises.
- Close and get your keys. Sign your closing documents and start moving in.
Common Questions First-Time Buyers Ask
How much down payment do I actually need?
It depends on the program — as little as 0% for VA or USDA loans, or 3–3.5% for Conventional and FHA loans. Down payment assistance and gift funds may reduce this further.
What credit score do I need?
Requirements vary by program — FHA and VA loans tend to have more flexible credit guidelines than Conventional loans. We can look at your specific situation and tell you what you likely qualify for.
How long does the process take?
Every situation is different, but most buyers move from pre-approval to closing within a few weeks once they’re under contract on a home.
Program eligibility, down payment, and credit requirements are subject to income, debt-to-income ratio, property eligibility, and lender approval. See our Loan Programs page for program-specific disclaimers.