First-Time Home Buyers

First-Time Home Buyers: Your Guide to Getting Started

Buying a first home is a significant milestone, and it comes with a unique set of questions and considerations. For first-time home buyers, the mortgage process can feel unfamiliar, but there are programs and resources designed to help. Many loan programs offer features that may be beneficial for those purchasing a home for the first time, and down payment assistance programs can help with upfront costs.

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Quick Answer

A first-time home buyer is generally defined as someone who is purchasing a home for the first time or who has not owned a home in the past several years. Several mortgage programs are designed with first-time buyers in mind, and down payment assistance may also be available. The process involves preparation, education, and guidance from a loan officer.

Buying your first home is one of the most significant financial decisions you'll make. Coastline is here to help you navigate it with confidence.

Homebuying Milestones

Your path to homeownership

Step 1

Get Pre-Qualified

Understand what you may be able to borrow before you start shopping.

Step 2

Explore Programs

Learn about first-time buyer programs, down payment assistance, and loan options.

Step 3

Find Your Home

Work with a real estate agent to find a home that fits your budget and goals.

Step 4

Apply and Close

Complete your application, move through processing, and get to closing day.

Before You Start

First-home preparation checklist

Review your credit

Understand where your credit stands and what factors may affect your qualification.

Gather financial documents

Collect pay stubs, tax returns, bank statements, and other documentation your lender may need.

Save for down payment and closing costs

Explore how much you may need for a down payment and closing costs.

Get pre-qualified

Talk to a loan officer about getting pre-qualified before you start shopping.

Explore down payment assistance

Ask whether you may qualify for down payment assistance programs.

Financing Options

Loan programs first-time buyers may explore

First-time homebuyers may benefit from several different loan programs, including conventional, FHA, VA, and USDA loans. Each has its own guidelines and potential benefits.

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Down Payment Assistance

Help with your down payment may be available

Down payment assistance programs may help eligible homebuyers with a portion of their down payment or closing costs. Ask your loan officer whether you may qualify.

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Tools

How much home can you afford?

Our affordability calculator helps you estimate what you may be able to borrow.

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Frequently Asked Questions

What defines a first-time home buyer?

A first-time home buyer is generally defined as someone who is purchasing a home for the first time, or who has not owned a primary residence in the past several years. The specific definition can vary by program, so it is important to check the requirements of each program you are considering.

What programs may help first-time home buyers?

Several programs may be available, including FHA loans, conventional loans, VA loans for eligible service members, USDA loans for eligible areas, and down payment assistance programs. Each program has its own requirements and features.

How much down payment do I need as a first-time buyer?

The down payment amount depends on the loan program you choose. Some programs may allow a lower down payment than others, and down payment assistance may also be available. Your loan officer can help you understand the options.

What should I do before starting the homebuying process?

Before starting, you can benefit from reviewing your credit, saving for upfront costs, gathering documentation, and getting pre-approved. A homebuyer education course may also be helpful and may be required by some assistance programs.

What should I ask a loan officer as a first-time buyer?

You may want to ask which programs you may qualify for, what the down payment requirements are, whether down payment assistance is available, what documentation is needed, and what steps to take first. A loan officer can guide you through the entire process.

Ready to get started?

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