First-Time Buyer Loans

First-time homebuyer frequently asked questions

• What qualifies me as a first-time homebuyer?

  Generally, anyone who hasn’t owned a home in the past three years is considered a first-time buyer—even if you’ve owned before. 

• How much do I need for a down payment?

  It can be as low as 3% depending on the loan program. You don’t always need 20%.

• Will I qualify if my credit isn’t perfect?

  There are loan options designed for a range of credit profiles. We’ll help you find the best fit. 

• How long does the process take?

  Most purchases close in about 3–4 weeks, but timelines can vary depending on your situation.

• Should I get pre-approved before house hunting?

  Yes—pre-approval gives you a clear budget and makes your offer stronger when you find the right home.