1. Set your priorities
Tell us where you want to buy, your timeline, and the payment range that feels comfortable.
Your first home starts here
First-Time Home Buyers
A clear path to your first set of keys.
You don’t need to know which mortgage to choose before you talk with us. Start with your goals, your budget, and your questions. We’ll help you compare financing options and understand your next step.
Explore My Home Buying OptionsBegin with your situation
First-time buyer describes you.
It doesn’t choose your loan.
Buying your first home can involve a conventional mortgage or a government-backed loan. The right fit depends on your credit, income, savings, property, and any service eligibility.
Some programs also treat a previous homeowner as a first-time buyer after a period without homeownership. For example, Fannie Mae’s standard low-down-payment purchase option uses a three-year lookback. Definitions differ, so we’ll check the program you’re considering.
Know your choices
Compare the paths to your first home.
| Loan option | Why consider it? | What to keep in mind |
|---|---|---|
| Conventional | Low-down-payment options for eligible buyers. | Credit, income, and program rules apply. Mortgage insurance is generally required with less equity. |
| FHA | A low-down-payment path with flexible credit guidelines. | Upfront and annual mortgage insurance add to the cost. FHA isn’t limited to first-time buyers. |
| VA | No-down-payment financing may be available to eligible Veterans, service members, and surviving spouses. | Service eligibility, entitlement, property value, and lender approval matter. A funding fee may apply; some borrowers are exempt. |
| USDA | No-down-payment financing for eligible households and properties. | Location and household-income limits apply. Guarantee fees and other buying costs may still apply. |
A low or zero down payment does not mean zero cash needed to buy. Compare mortgage insurance or program fees, closing costs, and the total payment alongside the down payment.
Build a comfortable budget
Look beyond the down payment.
The amount you can borrow and the payment you’re comfortable making may be different.
Your monthly housing costs
Plan for principal and interest, property taxes, homeowners insurance, mortgage insurance or program fees, and HOA dues when applicable.
Your cash to buy
Account for the down payment, closing costs, prepaid taxes and insurance, inspections, and any costs paid before closing. Credits, deposits, and assistance can affect the final cash to close.
Your life after closing
Keep room for moving, maintenance, repairs, and an emergency cushion. Your Loan Estimate helps you review the financing costs.
Help with upfront costs
Assistance is worth exploring.
Understand the terms first.
State, local, and other eligible programs may help with a down payment or closing costs. Qualification can depend on income, purchase price, location, education, and the mortgage used.
Assistance can take the form of a grant or a second loan. Some loans are repayable, deferred, or forgivable only after you meet specific conditions. Selling, refinancing, or moving out may trigger repayment.
Funding and participating-lender availability can change. We’ll help you check which options may be available through our lending partners and how they compare with financing without assistance.
Find a Broker to discuss assistance options →Your next steps
From a first conversation to a clearer plan.
2. Review your financing
Gather income, savings, and credit information. Compare loan paths and review what’s needed for preapproval.
3. Shop with a plan
Use your financing review to guide the home search. Once you have a property, review the loan terms, costs, and remaining approval conditions.
Preapproval is conditional, not a guaranteed loan offer. Final approval depends on verification, the property, and applicable underwriting requirements.
A broker in your corner
You bring the questions.
We help compare the answers.
Future Home Loans helps you explore lending options and understand the tradeoffs. We’ll discuss your goals, explain documentation, and help you compare the payment, upfront costs, and program requirements.
You can start the conversation before you’ve found a home.
Find a broker licensed in your state →Get a clearer picture
First-time buyer questions
Do I need a large down payment?
Not necessarily. Some conventional and FHA options allow low down payments, while eligible VA and USDA borrowers may qualify without a down payment. Eligibility and lender requirements apply. Closing costs and other purchase expenses still need a plan.
Is FHA only for first-time buyers?
No. FHA loans are available to eligible first-time and repeat buyers. We can compare FHA with other financing paths instead of assuming it’s your best option.
Can I qualify if I owned a home before?
Possibly. Some programs use a period without homeownership to define a first-time buyer. Fannie Mae’s standard low-down-payment purchase option uses a three-year lookback. Other programs have their own definitions and exceptions.
Is down payment assistance free money?
Not always. Some assistance is a grant; other programs provide loans with repayment or forgiveness conditions. Review what happens if you sell, refinance, or stop living in the home before choosing assistance.
What should I gather before our conversation?
Start with income documentation, recent bank statements, a picture of your monthly debts, and your home buying goals. Self-employed borrowers or buyers using other income sources may need additional records. Your broker will explain what applies to your situation.
Should I speak with a broker before finding a home?
Yes. An early financing conversation can clarify your budget and identify documentation or credit questions. Preapproval can help with shopping, but it remains subject to verification and final approval.
Sources and program information
Research checked October 9, 2026. Sources: CFPB budgeting guidance, CFPB loan and assistance guidance, Fannie Mae buyer eligibility, HUD FHA guidance, VA home loans, and USDA guaranteed loans. Availability and approval depend on your application, property, lender, and program. Assistance is not guaranteed.
Your next step
Let’s make your first move clearer.
Start with your goals. We’ll help you explore the financing.