First-time buyers
Your first home,
without the guesswork.
Most of our first-time files close with 3 to 5% down, a payment mapped to the dollar before they tour, and keys in about three weeks. Here is exactly how.
How much house can you afford?
Lenders cap your total debts — cards, cars, student loans plus the new housing payment — at roughly 45% of gross monthly income. On $12,000 a month with $800 in debts, that supports about a $4,600 housing payment: roughly a $750,000 home with 10% down at today's sample rates.
But the lender's maximum is not your budget. We build the worksheet both ways — what you qualify for and what still lets you sleep — and you decide where between them to shop.
What you actually need saved.
- Down payment, 3–5%. $22,500–$37,500 on a $750,000 home. Gifts and assistance programs can cover part or all of it.
- Closing costs, 1–2%. Lender fees, title, escrow and prepaid taxes and insurance. Sellers can contribute toward these.
- Reserves, 2–3 months. Leftover savings after closing. Not always required — but files with reserves close smoother.
- Not 20%. Waiting to save 20% while prices and rents rise costs more buyers more money than PMI ever will.
Which loan fits a first purchase?
3.5% down · 580+
FHA
The classic first-timer loan. Forgiving credit rules, gift funds welcome, assistance programs stack.
3% down · 620+
Conventional 3%
For scores above 680 it often beats FHA on monthly cost — and the PMI eventually drops off.
0% down · eligible
VA
Serving or served? Nothing touches it: no down payment, no monthly mortgage insurance.
Five mistakes first-timers make.
1. Shopping homes before money
Falling for a house you can't finance wastes weekends and leverage. Pre-approval first — it takes 1–3 days and costs no hard pull to start.
2. Opening new credit mid-file
The financed sofa, the new card, the car — any of them can sink an approval days before closing. Freeze new credit once you apply.
3. Emptying savings for down payment
Every dollar down helps, but zero reserves makes underwriters nervous and homeowners fragile. Keep a cushion.
4. Skipping the inspection
Waiving inspections wins bidding wars and loses roofs. We help you compete with escalation terms instead of blind waivers.
5. Chasing the rate, ignoring the cost
The lowest rate with two points costs more than a slightly higher rate with none — unless you stay for decades. We show the break-even.
6. Going silent when asked for documents
Underwriting asks feel random; delays are what kill timelines. Upload the same day and conditions clear in hours.