Loan types
First-time buyer loans, from pre-approval to keys.
Your first purchase can use a conventional, FHA, VA, or USDA loan. The right one depends on credit, cash, the property, and whether you have a service benefit.
Who it is for
- Anyone buying a primary home who has not owned recently
- Buyers using gift funds from family, with the gift documented
- Buyers who want a pre-approval before they write an offer
How it usually works
- Some conventional programs allow about 3% down for first-time buyers. FHA often allows 3.5%. VA and USDA can allow zero down when you and the property qualify.
- Down payment assistance exists in California and in many cities. Eligibility is specific. We will check what you can actually use, instead of guessing from a headline.
- A pre-approval looks at credit, income, and assets. It is not a commitment to lend, and the property still has to be approved.
What to have ready
- Photo ID
- Pay stubs, W-2s, or other income proof
- Bank statements
- The names of anyone else who will be on the loan
Guidelines change, and lenders add their own rules. The description above is a starting point, not a quote and not an approval.