Buying your first home is a major milestone. At iLoan, we help first-time buyers explore mortgage options, understand qualification requirements, and discover programs that may make homeownership more accessible.
From low down payment mortgages to available homebuyer grants and down payment assistance, we’ll help you understand your options and take the next step with confidence.
Questions About Buying Your First Home? Call (888) 416-4805
Select your state and search for your city to explore local mortgage information for this specific loan program.
Buying your first home doesn’t always require a 20% down payment or perfect credit. Explore mortgage programs with different down payment, credit, income, and eligibility requirements.
FHA-insured mortgages may offer flexible credit guidelines and down payments as low as 3.5% for eligible borrowers.
Certain conventional mortgage programs may allow down payments as low as 3% for qualified homebuyers, with different mortgage insurance options and eligibility requirements.
VA-backed mortgages may offer zero-down financing and no monthly mortgage insurance for eligible veterans, service members, and certain surviving spouses.
USDA-backed financing may provide no-down-payment purchase options for eligible households buying qualifying properties in designated areas.
Depending on your location and eligibility, homebuyer assistance programs may help with qualifying down payment or closing expenses. Explore programs by state, city, and ZIP code through our dedicated Homebuyer Grants hub.
Mortgage programs and assistance are subject to borrower qualifications, property eligibility, lender guidelines, and applicable program rules. Not all applicants qualify.
Preparing for your first mortgage doesn’t have to be overwhelming. Understanding your credit, income, monthly debt, and available savings can help you make informed financing decisions.
Your credit history helps lenders evaluate how you’ve managed previous borrowing obligations. Different mortgage programs have different credit requirements.
Lenders evaluate qualifying income and employment or business income history to assess your ability to repay a mortgage under program guidelines.
Your debt-to-income ratio compares qualifying monthly debt payments with qualifying monthly income. It is one factor lenders use to evaluate eligibility.
Your available funds may help cover down payments, closing costs, prepaid expenses, and any required reserves. Requirements depend on the loan program.
First-time homebuyers often have questions about credit scores, income requirements, down payments, and how much home they may be able to afford.
An iLoan lending professional can help you understand the financing requirements of different mortgage programs and explore possible next steps.
Mortgage qualification requirements vary by borrower, property, loan program, and applicable underwriting guidelines. This information is educational and does not constitute loan approval or a commitment to lend.
Saving for a down payment and closing costs can be one of the biggest challenges for first-time homebuyers. Depending on your location and eligibility, assistance programs may help reduce certain upfront expenses.
Some eligible homebuyers may have access to state or local programs that help with down payments, closing costs, or other qualifying home purchase expenses.
Assistance may be structured as a grant, forgivable loan, deferred-payment loan, or another financing arrangement. Requirements and availability vary.
Our Homebuyer Grants resource center will help you explore participating programs by state, city, or ZIP code.
Assistance programs are subject to geographic availability, funding, income and purchase limits, borrower qualifications, and program guidelines. Not all programs are grants, and not all applicants qualify. Program availability must be confirmed before applying.
Explore estimated mortgage payments, home affordability, down payment scenarios, and financing costs before purchasing your first home.
Understanding your potential homebuying budget is an important first step. Your income, monthly debts, down payment, interest rate, and estimated housing costs can all affect affordability.
Our Home Affordability Calculator will help you explore estimated purchasing scenarios before speaking with a lending professional.
Explore Home Affordability →Estimate principal and interest, property taxes, insurance, and applicable mortgage insurance.
Compare how different down payment amounts affect your estimated mortgage loan amount.
Consider lender fees, title expenses, prepaid costs, and other purchase-related charges.
Understand how existing monthly debts and qualifying income may affect mortgage eligibility.
Choose a calculator based on the financing questions you’re trying to answer.
Explore all our calculators or speak with an iLoan lending professional about your home financing options.
Calculators provide educational estimates only. Actual mortgage payments, financing terms, qualification requirements, and loan eligibility depend on borrower qualifications, property characteristics, and applicable loan guidelines.
From mortgage qualification and down payments to grants and financing options, explore answers to common first-time homebuyer questions.
Definitions vary by program. Some programs consider you a first-time buyer if you have not owned a principal residence during the previous three years.
Explore our Homebuyer Grants & Assistance resources.
No. Eligible buyers may qualify for certain Conventional loans with 3% down, FHA loans with 3.5% down, or VA and USDA programs offering zero-down financing.
Compare FHA, Conventional, VA, and USDA mortgage options.
Credit requirements depend on the mortgage program and lender guidelines. Income, existing debts, available assets, and other financial factors also affect eligibility.
Some eligible buyers may qualify for grants or down payment assistance. Programs may offer grants, forgivable loans, deferred loans, or repayable assistance.
Visit our Homebuyer Grants page to explore assistance options.
Affordability depends on income, monthly debts, down payment, interest rates, property taxes, insurance, and other costs.
Try our Home Affordability Calculator .
Yes. Student loan debt does not automatically prevent mortgage qualification. Lenders evaluate applicable student loan payments under the loan program’s guidelines.
Prequalification is generally an initial estimate based on borrower information. Pre-approval usually involves a more detailed financial review. Neither guarantees final mortgage approval.
Some mortgage programs permit eligible gift funds from acceptable donors. Documentation and donor requirements vary by program.
Buyers may need funds for closing costs, prepaid taxes, homeowners insurance, inspections, appraisal expenses, and other purchase-related costs.
Explore our Home Purchase Calculator .
Review your credit, income, monthly debts, savings, and estimated budget. Then explore mortgage programs and qualification options.
Connect with an iLoan lending professional to discuss your next steps.
Whether you’re exploring mortgage options, learning about homebuyer grants, or preparing for pre-approval, our team is here to help you understand your next steps.
Buying your first home comes with questions. An iLoan lending professional can help you explore financing programs, qualification requirements, and available resources.
Explore First-Time Buyer Programs Compare FHA, Conventional, VA, USDA, and other eligible mortgage options.
Understand Qualification Discuss credit, income, monthly debt, and down payment requirements.
Discover Homebuyer Assistance Learn where to explore grants and down payment assistance programs.
Complete this short inquiry form and an iLoan lending professional can follow up about your homebuying goals.
Please do not submit Social Security numbers, bank statements, tax returns, or other sensitive financial documents through this general form.
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Please note that applications, legal disclosures, documents or other material related to iLoan products or services promoted on this page are offered in English only. The Spanish translation of this page is for the convenience of our clients; however, not all pages are translated. If there is a discrepancy between the content of the translated page and the content of the same page in English, the English version will prevail.
