First-Time Homebuyer
The first one is the hardest. It should not be.
First-time buyer financing pairs low down payment agency and state programs with down payment assistance and, where needed, Non-QM flexibility for self-employed or thin-credit buyers.
What makes this loan different
- 3% to 3.5% down conventional and FHA options
- Down payment assistance may be available
- Gift funds from family permitted
- Non-QM fallback for self-employed first-timers
Who this is built for
- Renters buying their first home
- Buyers with strong income and limited savings
- Self-employed buyers new to homeownership
Start with the down payment problem
Almost every first-time buyer conversation is really a conversation about cash. Between low down payment agency programs, state assistance, gift funds, and seller credits toward closing costs, the amount you truly need out of pocket is usually far less than the internet told you.
We map all four sources against your budget before you tour a single house.
Then fix the qualification
If your income is self-employed or your credit file is thin, a first-time buyer does not have to settle for a declination. Bank statement and alternative credit programs work for first purchases too.
What lenders typically ask for
- Standard income documentation for the chosen program
- Asset statements, plus a gift letter and donor documentation where any funds are gifted
- A homebuyer education certificate, which several assistance programs require
- Standard credit and ID documentation
Requirements vary by lender and by file. This is a general picture of what is commonly requested, not a checklist for a specific loan.
Worth knowing
First-time usually means three years, not never.
Most definitions turn on not having owned a principal residence in the previous three years. Prior ownership further back often does not disqualify a borrower, and many people rule themselves out unnecessarily.
Assistance programs come with limits.
Income caps, purchase price caps, and geographic boundaries are typical, and funding cycles mean availability changes through the year.
Mortgage insurance applies below twenty percent down.
How it is structured, what it costs, and whether it can be removed later differ by loan type. That is worth understanding at the outset rather than at year three.
Education requirements take time.
Where a certificate is required, the course has to be completed before closing. Starting it early keeps it off the critical path.
See what this program would take in your case.
We are brokers — this program is shopped across hundreds of wholesale lenders, not quoted off one rate sheet. A short application gives us enough to compare real options.
Program availability, terms, guidelines, and documentation requirements vary by lender and are subject to underwriting and change without notice. This is not a commitment to lend.