Loan Programs
First-Time Homebuyer
Buying your first home is a big deal — and it comes with real advantages most first-timers never hear about. Our team walks you through every option, in plain English, until the path is obvious.
How this loan works
A "first-time homebuyer" is usually anyone who hasn't owned a home in the last three years — so even if you owned one years ago, you may qualify again. First-timer status can unlock lower down payment requirements, down-payment assistance programs, and homebuyer education resources that meaningfully change the math on your first purchase.
In Minnesota, that includes state programs through Minnesota Housing that can help with down payment and closing costs for eligible buyers. Similar programs exist in the other states we lend in. Which ones fit — and whether the trade-offs are worth it — depends on your income, your credit, and the home you're buying. That's exactly the conversation to have with us before you start shopping.
Program highlights
Down payments from 3%
Qualified first-time buyers can put as little as 3% down on a conventional loan — and eligible VA and USDA buyers may put nothing down at all.
Down-payment assistance
State housing agencies — like Minnesota Housing in MN — offer assistance loans that can cover some or all of your down payment and closing costs for eligible buyers.
A pre-approval that means something
We issue lender-backed pre-approvals, so your offer carries real weight with sellers and listing agents.
Education, not pressure
First purchase means first everything. We explain each step before it happens, so nothing about the process surprises you.
The path, step by step
Talk it through
A 15-minute call covers your goals, timeline, and rough numbers — no documents needed to start.
Get pre-approved
A short application and a few documents produce a real, underwritten number you can shop with.
Match the program
We compare conventional, FHA, VA/USDA if eligible, and state assistance options side by side — total cost, not just rate.
Shop, offer, close
You tour with confidence, we back your offers, and the team drives the file to an on-time closing.
Common questions
How much do I really need saved to buy my first home?
Often less than you think. Between low-down-payment programs and down-payment assistance, many first-time buyers bring far less to closing than the 20% figure they've heard. The honest answer depends on your price range and program — which a quick pre-approval conversation will pin down.
Do I need perfect credit to buy my first home?
No. Different programs work with different credit profiles, and there are often practical steps that improve your position in a matter of months. We'll look at your actual report together and tell you exactly where you stand.
What counts as a "first-time" homebuyer?
For most programs, anyone who has not owned a principal residence in the last three years. Some programs are more generous than that. Prior ownership doesn't automatically disqualify you.
Is down-payment assistance free money?
Usually it's a second loan — sometimes deferred, sometimes forgivable, sometimes repaid monthly. It can absolutely be worth it, but the structure matters. We'll walk you through exactly how any assistance program works before you commit.
Related Programs
Conventional Loans
Flexible, competitive financing for primary homes, second homes, and investment properties — with as little as 3% down for qualified buyers.
Learn more →FHA Loans
Government-backed loans with flexible credit guidelines and low down payments — a strong fit for many first-time and move-up buyers.
Learn more →USDA Rural Loans
100% financing for eligible homes in qualifying rural and suburban communities.
Learn more →Let's Talk
Wondering if First-Time Homebuyer is your fit?
One conversation with the team and you'll know for sure — with real numbers, not guesses.