First-time home buyers
Your first home is closer than you think.
Down payments start at 3 to 3.5%, assistance programs can add up to 5% of the price, and finding out where you stand is free.
Program snapshot
Your first home at a glance
- Down payment
- from 3-3.5%
- Assistance
- up to 5% of the price
- Credit
- from the low 600s
- Gift funds
- allowed
- Cost to find out
- $0
Figures reflect the most favorable available programs and tiers; assistance programs carry their own eligibility and conditions. Not an offer or approval.
Three doors in. We'll hold all of them open.
Most first-time buyers fit more than one program. The job is quoting them against each other so the math picks, not the lender.
3.5%
down, with real credit flexibility
FHA: the workhorse first loan
Built by design for first-time buyers: 3.5% down, forgiving credit guidelines, and gift funds from family welcome. Underwritten to FHA's actual rules instead of a bank's stricter overlay version of them.
- Credit flexibility conventional can't match
- Gift funds allowed for the down payment
- Pairs with down payment assistance
3%
down on first-time buyer conventional
Conventional: the long-game pick
First-time buyer conventional programs start at 3% down, and the mortgage insurance cancels once you have enough equity, instead of staying for the life of the loan the way FHA's usually does.
- MI cancels as equity grows
- Reduced-cost MI options at moderate incomes
- Strong credit gets rewarded here
5%
of the price in assistance, up to
DPA: help with the down payment
Grants and forgivable seconds can cover most or all of the down payment itself, layered right on top of your first mortgage. Savings shouldn't be the thing standing between steady income and a front door.
- Grant options with no second lien
- Forgivable options tied to on-time payments
- Stacks with FHA and conventional firsts
The myths that keep renters renting
Most people who “can't buy yet” actually can.
"You need 20% down"
The most expensive myth in real estate. First loans start at 3 to 3.5% down, assistance programs can cover most or all of it, and gift funds from family count. You'll still want funds for earnest money, closing costs, and prepaids, and we'll map that real number with you early.
"You need perfect credit"
Scores in the low-to-mid 600s start real conversations here, and where you are today isn't where you have to apply. If the file needs a few months of targeted work first, we'll tell you exactly what moves the score instead of just saying no.
"Student loans disqualify me"
Underwriting counts a monthly payment, not the scary total. Income-based repayment amounts are what most programs use, which is why plenty of buyers with six-figure student debt close every month.
"Getting checked out costs me something"
A pre-approval here is free, carries no obligation, and doesn't commit you to anything. It turns 'someday' into an actual number: what you can borrow, what it costs monthly, and what to save toward. Most buyers wish they'd asked a year earlier.
From “someday” to a set of keys.
- 1
Tell us where you're starting
Income, savings, credit as you understand it, and the monthly payment that feels comfortable. Two minutes, no documents needed to start.
- 2
We build your buying power
The right first loan, every assistance dollar you qualify for, and a real payment picture, compared across dozens of lenders.
- 3
Shop with a pre-approval that holds up
Sellers take your offer seriously because our pre-approvals are underwritten to hold, not just to print.
The quick reality check.
- 3-3.5% down to start
- Assistance up to 5% of the price
- Credit from the low 600s
- Gift funds allowed
- Student loans counted at IBR
- Free, no-obligation pre-approval
Want to browse the full menu first? Every program we broker lives on the loan programs page, and the affordability calculator turns your income into a price range in about two minutes.
Straight answers
How much money do I actually need to buy a first home?
Less than you think, but not zero. The down payment can be as low as 3 to 3.5%, and assistance programs can cover most or all of that. Plan separately for earnest money, closing costs, prepaid taxes and insurance, and a cushion the underwriter wants to see. We'll put a real total on it for your price range before you start shopping.
What credit score do I need?
Conventional conversations start around 620, and the assistance-paired FHA programs generally want 640 and up. Below that, the honest answer is a short rebuild plan: we'll show you the two or three specific things that raise your score fastest, then start when the file is ready.
What is down payment assistance, and is it really free?
It's real help with real conditions, not free money. Grant versions have no second lien and are earned through a short period of on-time payments. Forgivable versions sit as a 0% second with no monthly payment and are forgiven after a set stretch of consecutive on-time payments. The assistance is priced into the loan, so we'll always show you the with-and-without comparison and let the math pick.
FHA or conventional: which one should I want?
It depends on your credit, your down payment, and how long you'll keep the loan. FHA forgives credit bumps and pairs beautifully with assistance; conventional's insurance cancels as equity grows, which can win over time. We quote both side by side for every first-time buyer, so it's a comparison, not a guess.
How much house can I afford?
Start with the affordability calculator linked above for a quick read, then let us turn it into a real number with your actual credit, debts, and program options. The calculator takes two minutes; the pre-approval makes it official.
How long does the whole process take?
A pre-approval can be same-week. Once you're under contract, closing typically runs about 30 days, sometimes faster. The best move is starting the pre-approval before you fall in love with a listing, so the timeline never works against you.
The rent is due either way. Let's run your numbers.
Two minutes to find out where you stand. Free, no obligation, and an honest answer, including “here's what to do first” if today isn't the day.
Guthix Lending • NMLS# 2672037 · Down payment, credit, and assistance figures reflect the most favorable available programs and tiers, which carry their own eligibility requirements and change without notice. Assistance programs are earned through conditions such as consecutive on-time payments and are reflected in loan pricing; borrowers remain responsible for earnest money, closing costs, and prepaid items. Not all borrowers will qualify. This is not a commitment to lend or an offer of specific terms.