Best forBuyers preparing for their first purchase or returning to ownership
Property useUsually a primary residence
Key featureEducation, preparation and programme comparison
Who this option may be for
- Buyers who need a clear preparation checklist.
- Borrowers comparing down-payment options and assistance programs.
- Households that want to understand preapproval, offers, inspections and closing.
Qualification basics
- Review credit reports, monthly budget, emergency savings and estimated cash to close.
- Compare loan type, term, rate structure, mortgage insurance and assistance eligibility.
- Get a documented preapproval before making an offer when appropriate.
- Review the Loan Estimate and Closing Disclosure carefully and ask questions early.
Potential benefits
- A structured process reduces surprises.
- Multiple loan and assistance pathways may be available.
- Housing counselling and trusted professionals can improve preparation.
Important considerations
- Low-down-payment options can include mortgage insurance or fees.
- Assistance programs may have income, location, education or repayment conditions.
- Ownership costs include taxes, insurance, maintenance and reserves beyond the mortgage payment.
Documents to prepare
- Income and employment history
- Bank and asset statements
- Credit and debt information
- Identification and residency documents
- Gift or assistance documentation if applicable
Frequently asked questions
Do I need 20% down to buy my first home?
No. Some qualified borrowers use lower down-payment or no-down-payment programs, but costs, insurance and eligibility differ.
What should I do before preapproval?
Check credit, create a realistic housing budget, gather income and asset documents, and avoid major unexplained financial changes.
Where can I find first-time buyer assistance?
HUD-approved housing counselling agencies and state or local housing authorities can help identify current programs and conditions.
Talk through the details
Have questions about first-time homebuyer guidance?
Greg can help you compare programme details, documentation, costs and timing for your specific scenario.
Authoritative education sources
Programme rules, limits and lender overlays can change. This page is educational and is not a commitment to lend or a substitute for reviewing official disclosures.