Conventional
Some options allow a smaller down payment. Private mortgage insurance may apply; compare its cost and the conditions for cancellation.
All loan options & guidesYOUR FIRST HOMEFirst-time buyer?
First-time buyer?
Start with a plan.
You don’t have to figure out every loan program on your own. I’ll help you start with a comfortable payment, the cash you have and the questions that matter to you.
Talk through my first homeFind your comfortable range.
Look beyond principal and interest. Include property taxes, homeowners insurance, mortgage insurance if required and any HOA dues. Leave room for maintenance, other goals and a cash cushion after closing.
Which loan pathway could fit?
First-time buyers can use different loan types. These programs aren’t all reserved for first-time buyers, and their eligibility and costs differ.
FHA
An FHA-insured mortgage may fit some buyers’ credit and down-payment circumstances. It includes upfront and ongoing mortgage insurance with different rules from conventional PMI.
VA
Eligible veterans, service members and certain surviving spouses may qualify. VA loans have no monthly mortgage insurance, but a funding fee may apply.
USDA
Eligible rural properties and qualifying household income may open another path. Location, borrower requirements and program costs need review.
Sources: CFPB: Loan types · FHA loans · VA, USDA and local programs
Ask what assistance really means.
Down-payment or closing-cost assistance may be available through state or local programs. It can be a grant or another loan, with repayment or forgiveness conditions.
Ask about income and location limits, homebuyer education, participating lenders, available funding and what happens if you sell or refinance. Eligibility for assistance does not replace qualification for the mortgage.
CFPB: Sources of down-payment help · Oregon: Assistance types and conditions
Look for savings you can actually use.
Compare the same loan.
Review the rate, lender charges, lender credits and mortgage insurance using consistent assumptions. A low advertised rate can come with higher upfront costs.
Discuss seller credits.
A negotiated credit may help with eligible closing costs. Loan-program contribution limits and actual eligible costs determine how much you can use; it cannot replace your required down payment.
Understand lender credits.
A rate-linked lender credit can reduce upfront costs in exchange for a higher interest rate. Compare what that tradeoff means over time.
Sources: CFPB: Compare Loan Estimates · Points and lender credits
A little preparation goes a long way.
Review your credit reports, gather your income and asset records, and explain any questions early. Your lender and real estate agent can help turn a price range into a plan for a particular home.
Sources and important context
General education reviewed October 18, 2026. This page does not offer a specific rate, down payment, assistance award or guaranteed savings. Availability and requirements vary by program, lender, property and borrower.
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