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First-Time Homebuyer

Take a closer look at buying your first home.

What you should know before your big purchase and loan.

We’ve got your back on the path to home sweet home.

Buying your first home is a significant, exciting milestone. We understand how monumental this decision can be, so that’s why we’ll work together to guide you on your way.

Take a closer look at your team.

You.

You’re the star of the show, so ask any and all questions, and expect a lot of communication as your lender and agent work to ensure your best interest comes first.

Your lender.

With us, expect a pre-approval in as little as 3 minutes, an application that’s 100% online, no lender fees , and a team of experts here to provide you with personalized guidance.

Your real estate agent.

Beyond finding a home, agents act as a liaison between you and the seller helping with important details like price negotiations, paperwork, and closing.

The journey to homeownership.

Know the steps to expect from pre-approval to keys in hand.

Home loans pre-approval

First, before touring homes, it’s important you get pre-approved so you know just how much house you can afford. With us, pre-approval takes as little as 3 minutes. Once complete, you’ll receive a personalized quote and a pre-approval letter to show sellers, which can put you in a stronger negotiating position when it’s time to make an offer. For qualification, we take a few factors into consideration.

Down payment.

While a higher down payment shows less risk and could mean a lower rate, you can put down as little as 5% when you pay private mortgage insurance .  We also offer Fannie Mae HomeReady®  and Freddie Mac HomeOne® programs with 3% down payment options for eligible borrowers.

Credit score.

Factors like payment history and age of credit determine your score. To preserve your score, try to avoid new credit inquiries right before house hunting and through the closing of your loan.

Debt-to-income ratio.

Your total monthly debt payments divided by your gross monthly income. The lower your ratio, the more financing options available to you. It may be a good idea to follow the 28/36 rule .

Employment history.

We want to make sure you’ll be able to afford your home, so it’s important to provide information on your job history and proof of income.

Monthly Payment Calculator

It helps to have an idea of what your payments could be so you can set a realistic budget.

Affordability Calculator

We look at your income and financial obligations to estimate how much house you can afford.

We're here to make you feel at home.

Give our team a call at 1-855-283-2559  Monday - Friday, 9 am - 9 pm ET and Saturday 10 am - 4 pm ET.

Follow our home costs checklist.

Put your money where your house is.

One-time costs

This table shows anticipated home expense types as well as the estimated one-time cost for each.
EXPENSE TYPE ESTIMATED COST
Down payment

3% + of the purchase price

Closing costs

~ 2 to 5% of the purchase price

Appraisal fee

Varies

Inspection fee ~ $300
Lender fees $0 (with us)

Ongoing monthly costs

This table shows anticipated home expenses as well as the approximate ongoing monthly cost for each.
EXPENSE APPROXIMATE COST
Mortgage payment

Varies

Property taxes

~ $100 to $200

Homeowner insurance

~ $100

HOA fee, if applicable $100  to $700
Utilities ~ $400
Private mortgage insurance, if applicable Based on loan amount
Maintenance and repairs Varies per month

Keep in mind, the costs we provide are averages and estimates. Costs vary depending on your location, the home you select, and your specific loan.

Learn more about the costs of homeownership

Learn even more about buying your first home.

An informed homebuyer is a smarter homebuyer.