Loan Programs  |  01

First-Time Buyers

Your first set of keys, minus the panic.

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The quick version

How it works

Buying your first home is exciting, confusing, and a little terrifying, usually in that order. First-time buyer programs are built to lower the two biggest hurdles: the down payment and the learning curve. Depending on your situation, that can mean a low down payment conventional loan, an FHA loan with flexible credit guidelines, a VA or USDA option, or a down payment assistance program layered on top. Our job is to line those options up side by side, explain them in plain English, and help you pick the one that fits your budget and your plans, not the one that's easiest for us to sell.

Highlights

Low down payment options

Several programs are built for buyers who haven't spent a decade saving.

Down payment assistance

State and local programs can help with down payment and closing costs.

Flexible credit paths

Not-quite-perfect credit doesn't automatically mean no.

A guide, not a sales pitch

We explain every number before you sign anything.

FAQ

Questions people actually ask

Tap a question to see the answer.

1Who counts as a first-time homebuyer?+
Usually anyone who hasn't owned a home in the past three years. That means you may qualify again even if you owned a home long ago.
2How much do I really need for a down payment?+
Less than most people think. Some programs need very little down, and a few need none for eligible buyers. We'll show you exactly what each option requires based on your situation.
3Are there programs that help with the down payment?+
Yes. Many states and local agencies offer down payment and closing cost assistance. Each has its own rules on income, price, and location, so we'll check which ones you qualify for.
4What credit score do I need?+
It depends on the loan type. Some programs are more flexible than others, so a lower score narrows your options but rarely ends the conversation. We can also suggest simple steps to improve your score before you apply.
5What does pre-approval mean, and why does it matter?+
A pre-approval means a lender has reviewed your income, assets, and credit and confirmed what you can likely borrow. Sellers and agents take your offer more seriously when it comes with one.
6What costs should I expect besides the down payment?+
Plan for closing costs, your first year of homeowners insurance, property tax setup, and an inspection. We'll give you a clear estimate up front so there are no surprises at the closing table.
7Do I have to take a homebuyer class?+
Some programs require a short homebuyer education course, often online. Even when it's optional, it's worth an evening.
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This information is general and educational. It is not a commitment to lend. Program guidelines vary by lender, change over time, and are subject to credit approval and underwriting.

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Plano Mortgage Broker

Mohave Mortgage

5830 Granite Pkwy # 100-213

Plano Texas, 75024

Office: (469) 414-5554

Branch NMLS # 2690682

Mohave Mortgage

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