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Loan Options for First-Time Buyers

Thinking about buying your first home? It’s an exciting milestone, and it can feel like a complex process. That’s why we’re here – to help you navigate your home ownership journey with a variety of customized loan options.

Low Down Payment Mortgage Loans for First-Time Buyers

Depending on your situation and mortgage options, you might be able to qualify for a no money down mortgage (like a VA or USDA loan). If that option isn’t available, you still have choices! A low down payment mortgage is a great choice to reach your home ownership goals with less cash out-of-pocket. Many low down payment mortgages only require 3% to 5% down.

Get a No Money Down USDA Loan

If you’re thinking about moving to a rural area, you could consider a USDA loan. This type of mortgage offers zero down payment and is guaranteed by the US Department of Agriculture.

The USDA has specific eligible rural areas (and some suburban options near metropolitan areas) that qualify for this type of mortgage financing. USDA loans are designed to support moderate-income families, so home buyers have to earn under 115% of the median income in the property’s area. Worried about mortgage insurance? USDA loans don’t require mortgage insurance, but they do have a 1% upfront fee included in the closing costs.

A father and son

Get a No Money Down VA Home Loan

VA loans are designed to support home ownership for current servicemembers and eligible spouses of servicemembers. VA loans offer no money down to qualified home buyers and are guaranteed by the Department of Veterans Affairs.

VA loans are a great way for first-time home buyers to purchase a home with no money down and no mortgage insurance. While there’s no minimum credit score for VA loans, each lender has their own credit score requirements. Some home buyers also have the option to roll their closing costs into the loan, which further reduces their out-of-pocket expenses.

Our company is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development, Federal Housing Administration, U.S. Department of Agriculture, Veterans Administration or the Federal Government.