Loan programs for first-time buyers with limited savings or flexible credit needs.
A first-time homebuyer loan is a mortgage program designed to help buyers purchase their first home with lower down payment requirements and more lenient credit guidelines.
Most first-time buyers use either an FHA loan or a Conventional loan, depending on their credit profile, savings, and long-term goals.
These programs allow qualified buyers to purchase with as little as 3–3.5% down and offer flexible options for student loans, gift funds, and seller-paid closing costs.
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A first-time homebuyer is generally defined as someone who has not owned a primary residence in the past three years. Certain programs may also apply this definition to buyers who meet specific eligibility guidelines.
Many first-time buyers are able to purchase with down payments as low as 3% to 3.5%, depending on the loan program and qualification factors.
Credit score requirements vary by loan program and individual borrower profile. Some programs allow buyers to qualify with credit scores beginning in the high-500s, while others may require higher scores.
Many buyers are able to receive a preliminary pre-approval decision within 24 hours after required information and documentation are submitted.
Many mortgage programs allow eligible buyers to use gift funds from approved sources toward their down payment and, in some cases, closing costs.
Common documents include proof of income, recent pay stubs, bank statements, tax returns, and identification. Additional documentation may be required depending on individual circumstances.
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