You may need less down than you think
Many first-time buyers believe they need 20% down. You may need far less:
- Conventional: as little as 3% down for some first-time buyers
- FHA: as little as 3.5% down, with flexible credit guidelines
- VA: no money down for eligible veterans and service members
- USDA: no money down in eligible areas
Family can often help, too. Many programs allow gift funds toward your down payment.
Step 1: Get pre-approved
A pre-approval tells you how much you can borrow and shows sellers you're ready. We'll review your credit, income, and savings, then give you a letter you can use with your offer.
Step 2: Know your full monthly cost
Your payment includes more than the loan. Plan for:
- Principal and interest
- Property taxes
- Homeowners insurance
- HOA dues, if any
- Mortgage insurance, if your down payment is under 20%
Try our mortgage calculator to see a full estimate.
Step 3: Plan for closing costs
Closing costs usually include lender fees, title and escrow fees, and prepaid items like insurance and property taxes. We'll give you a clear estimate early so there are no surprises. In some cases, the seller can help pay part of your closing costs.
Protect your approval until closing
- Don't open new credit cards or loans
- Don't make big purchases on credit (furniture can wait)
- Avoid moving large sums of money between accounts without telling us
- Keep paying all your bills on time
Down payment assistance
Some cities, counties, and states offer down payment help for first-time buyers. Programs change often. Ask us and we'll let you know what may be available for your area.
Where this is available
California, Arizona, Colorado, Florida, and Texas.
Program availability can vary by state and property. Contact us to confirm options for your home.