HOMYLOAN

First-Time Homebuyer Loans

Buying your first home is exciting. HomyLoan guides first-time homebuyers through every step, from mortgage pre-approval to closing, and helps you explore low down payment loans and down payment assistance.

Check Today's RatesHow buying your first home works
  • Low down payment loans
  • Down payment assistance
  • Guidance from pre-approval to closing

The basics

Your first home may be closer than you think

Many first-time buyers assume they need 20% down and perfect credit. In reality, several loan programs are built for first-time buyers, with low down payment options and flexible credit guidelines, and many can be combined with down payment assistance. A licensed loan officer can help you understand what you may qualify for and what to expect at each step.

Conventional
From 3% down
FHA
From 3.5% down
VA
Usually no down payment

For qualified borrowers, subject to credit approval and program guidelines.

Loan officer walking a couple through a homebuying checklist

How it works

Buying your first home in four steps

You work with one licensed loan officer who explains each step and keeps things moving.

  1. 01

    Review your budget

    Look at your savings, monthly debts and credit, and decide on a payment you're comfortable with.

  2. 02

    Get pre-approved

    Your loan officer compares first-time buyer programs and any down payment assistance you may qualify for, then issues a pre-approval letter.

  3. 03

    Find your home

    Shop with your pre-approval. Once your offer is accepted, the home is appraised and your loan goes to underwriting.

  4. 04

    Close and get your keys

    Review your Closing Disclosure, sign your documents and move into your first home.

Your options

First-Time Homebuyer Loan Options

First-time homebuyers have several low down payment loan options, and many can be paired with down payment assistance. Our licensed loan officers can help you find the program you may qualify for.

  • FHA loan

    Down payments as low as 3.5% with a 580+ credit score and flexible credit guidelines, a popular choice for first-time buyers.

    Explore FHA loan

  • Conventional loan

    As little as 3% down for qualified first-time buyers. PMI is typically required under 20% down and can be removed later.

    Explore Conventional loan

  • VA loan

    For eligible veterans, active-duty service members and certain surviving spouses, with no down payment in most cases and no PMI.

    Explore VA loan

Your checklist

First-time homebuyer checklist

Buying your first home is easier when you know what comes next. Work through these nine steps in order, and your loan officer will help with each one.

  1. Check your credit

    Review your credit reports for errors and pay every bill on time. Your score affects which programs you may qualify for and your rate.

    Learn mortgage terms

  2. Set a comfortable budget

    Estimate a monthly payment that includes principal, interest, property taxes, homeowners insurance and any mortgage insurance or HOA dues.

    Try the rate calculator

  3. Save for upfront costs

    Plan for the down payment, closing costs and earnest money, plus a cushion for moving and repairs. Ask about down payment assistance you may be eligible for.

  4. Compare loan programs

    Conventional, FHA, VA and USDA loans each have different down payment, credit and mortgage insurance rules.

    Start with FHA loans

  5. Get pre-approved

    A loan officer reviews your income, assets and credit and issues a pre-approval letter so sellers take your offer seriously.

    Apply now

  6. Find your home

    Work with a real estate agent and shop within your pre-approved budget. Explore Texas city guides for local insight.

    Browse Texas guides

  7. Make an offer, inspect and appraise

    Once your offer is accepted, schedule a home inspection, and the lender orders an appraisal to confirm the home's value.

  8. Get through underwriting

    Respond quickly to document requests. Avoid opening new credit, changing jobs or making large purchases until you close.

  9. Review and close

    You'll receive your Closing Disclosure at least 3 business days before closing. Compare it with your Loan Estimate, then sign and get your keys.

    Find a loan officer

First-time homebuyer FAQs

  • Generally, anyone who hasn't owned a home in the past three years. Some programs use their own definitions, so ask your loan officer.

  • Possibly less than you think. Some conventional loans allow as little as 3% down for qualified buyers, FHA allows 3.5% down with a 580+ score, and VA and USDA loans usually require no down payment for eligible borrowers.

  • It may be. Statewide and local programs in Texas offer down payment and closing cost help to eligible buyers, often with income or purchase price limits.

  • It depends on the loan. FHA allows 3.5% down with a 580 or higher score, while other programs and lenders set their own minimums.

  • It depends on your income, monthly debts, down payment, interest rate, property taxes and insurance. Our rate calculator gives you an estimate, and a pre-approval gives you a firmer number.

  • Yes, closing costs apply on top of the down payment. Sellers may contribute toward them in some cases, and assistance programs may help.

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Homy is online

Ask Homy anything about home loans

Hi, it's Homy! I can explain loan programs, down payments and the steps to buy or refinance in Texas. For advice on your situation, a licensed loan officer is one tap away.

Homy gives general information, not a loan offer or approval. HomyLoan, LLC is a licensed mortgage broker, NMLS 2783307.

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Hi! I'm Homy. Ask me about FHA, VA, USDA and conventional loans, down payments, refinancing or the steps to buy a home in Texas.

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