First-Time Homebuyer Programs

Your First Home Is Closer
Than You Think.

Buying your first home doesn't have to be overwhelming. With the right guidance, the right programs, and someone truly in your corner — we make it simple, affordable, and stress-free.

📅 Schedule a Free Consultation 📞 844-786-1865

3.5%Min Down (FHA)

0%Down (VA/USDA)

180+Wholesale Lenders

25yrExperience

Free Resources

The Complete Guide to Buying Your First Home

Most first-time buyers don't know what they don't know. This free guide covers everything in plain English — with real numbers, real examples, and honest answers to the questions most people are afraid to ask. Download it free and keep it as a reference throughout your home search.

🏠 PDF Guide · 15 Slides

The First-Time Homebuyer's Complete Guide

Everything you need to know before you buy — how much home you can afford, what your credit score actually costs you, the difference between retail lenders and wholesale brokers, the real cost of closing, how to make a competitive offer, and the 10 mistakes buyers make that you won't.

Getting Started

Everything You Need to Buy Your First Home

Buying your first home is one of the biggest financial decisions you'll ever make — and most first-time buyers go into it without anyone truly in their corner. That changes when you work with me.

As an independent mortgage broker with access to over 180 wholesale lenders, I don't just offer you one set of options. I shop the entire market on your behalf to find the loan that fits your situation — your income, your credit, your down payment, and your goals.

Whether you're just starting to save, already have a property in mind, or were turned down somewhere else — I'll find a path forward.

Free ConsultationWe start with a real conversation about your goals, your finances, and what's realistic. No pressure, just clarity.

Get Pre-ApprovedWe pull your credit, review your financials, and get you a pre-approval letter that makes sellers take you seriously.

Find Your HomeWork with your real estate agent to find the right property. I'll be available every step of the way to answer questions.

Loan ProcessingI handle the paperwork, coordinate with the lender, title, and escrow — keeping everything moving fast and clean.

Close & Get Your KeysSign your documents, fund the loan, and get the keys to your first home. Congratulations — you're a homeowner.

Why Work With Peter

The Advantages of Working With an Independent Broker

🏦180+ Lenders, One ApplicationI submit your scenario to multiple wholesale lenders simultaneously — finding the best rate and terms without you shopping around yourself.

💰Wholesale PricingYou get wholesale rates — the same pricing banks use internally before marking it up for consumers. No junk fees, no bloated margins.

📋Down Payment AssistanceMany first-time buyers qualify for grants and assistance programs that cover some or all of the down payment. I'll find every option available to you.

🎯Flexible QualificationLess-than-perfect credit? Limited savings? Unusual income? Different lenders have different guidelines — and I know which ones fit your situation.

⚡Fast ClosingsIn competitive markets, speed matters. I handle the entire process personally to keep your loan moving fast and your deal from falling apart.

🤝Education FirstI believe you make better decisions when you understand your options. I walk you through everything so you're confident — not just compliant.

Loan Programs Available

The Right Program for Your Situation

First-time buyers have access to several excellent loan programs. Here's a breakdown of the most common options:

🏛️FHA Loan — 3.5% DownBacked by the FHA, this is the most popular first-time buyer loan. Just 3.5% down with credit scores as low as 580. Gift funds are allowed for the down payment and closing costs.

🎖️VA Loan — 0% DownIf you're a veteran, active-duty service member, or surviving spouse, a VA loan offers 0% down payment and no PMI. One of the best mortgage products available — period.

🌾USDA Loan — 0% DownFor buyers purchasing in eligible rural and suburban areas, USDA loans offer 100% financing with no down payment required and competitive interest rates.

🏡Conventional — 3% DownFirst-time buyers with good credit may qualify for conventional loans with as little as 3% down. No upfront mortgage insurance premium and PMI can be removed once you reach 20% equity.

🎁Down Payment AssistanceMany state and local programs offer grants or low-interest second mortgages to cover your down payment and closing costs. Eligibility varies — I'll find every program you qualify for.

💳Good Neighbor Next DoorTeachers, law enforcement, firefighters, and EMTs may qualify for a 50% discount on homes in revitalization areas through HUD's Good Neighbor Next Door program.

Do You Qualify?

What You Generally Need to Get Started

Requirements vary by loan program — but here's what most lenders look for from first-time buyers.

✓

Credit Score580+ for FHA (3.5% down), 500-579 for FHA (10% down), 620+ for conventional loans. I work with all credit profiles.

✓

Down PaymentAs little as 0% (VA/USDA), 3% (Conventional), or 3.5% (FHA). Down payment assistance may reduce this further.

✓

Stable Income2 years of employment history is ideal — but self-employed, contract, and gig workers may also qualify with the right documentation.

✓

Debt-to-Income RatioMost programs allow up to 43–57% DTI depending on the loan type. Higher DTI may still qualify with compensating factors.

✓

Primary ResidenceFirst-time buyer programs apply to homes you'll live in — not investment properties or vacation homes.

✓

First-Time Buyer StatusGenerally defined as not having owned a primary residence in the past 3 years. Some programs have no ownership requirement at all.

Planning Tools

Run Your Numbers

Use these calculators to get a clearer picture of what you can afford and what your monthly payment might look like.

Annual Income$75K

$20K$300K

Monthly Debts$500

$0$3,000

Down Payment$15K

$0$200K

Interest Rate6.5%

3%12%

Max Home Price$285,000Estimated maximum purchase price based on a 43% DTI guideline.

Max Monthly Payment$1,688

Loan Amount$270,000

Down Payment$15,000

DTI Used43%

Want your exact numbers?

Peter will run a full pre-approval analysis for free📅 Get Pre-Approved Free

Home Price$300K

$50K$1.5M

Down Payment %5%

0%30%

Interest Rate6.5%

3%12%

Loan Term30 yrs

10 yrs30 yrs

Monthly Payment (P&I)$1,706Principal & interest only. Add taxes, insurance, and HOA for total payment.

Loan Amount$285,000

Down Payment$15,000

Total Interest Paid$329,227

Total Cost of Loan$614,227

Ready to make it real?

Let's find the best rate across 180+ lenders for you📅 Get My Best Rate

Common Questions

First-Time Buyer FAQs

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

Less than most people think. FHA loans require just 3.5% down, conventional loans can go as low as 3%, and VA and USDA loans require 0% down for eligible buyers. Down payment assistance programs can reduce these amounts even further — in some cases to zero out of pocket.

What credit score do I need to buy a home?+

It depends on the loan program. FHA loans accept scores as low as 580 (with 3.5% down) or even 500 (with 10% down). Conventional loans typically require 620+. VA loans have no official minimum. The higher your score, the better your rate — but a lower score doesn't mean you can't buy. I work with all credit profiles.

Should I get pre-approved before looking at homes?+

Absolutely — and in most markets it's required before a seller will even consider your offer. Pre-approval tells you exactly how much you can afford, strengthens your offer, and speeds up the closing process once you find a home. It's free, and it takes the guesswork out of your home search.

What's the difference between pre-qualification and pre-approval?+

Pre-qualification is a quick estimate based on self-reported information — it's a starting point but carries little weight with sellers. Pre-approval is a verified review of your credit, income, and assets — it's what sellers and agents actually want to see. I always recommend going straight to pre-approval.

Are there first-time buyer programs I might not know about?+

Yes — and this is where working with a broker really pays off. There are hundreds of state, county, and city-level down payment assistance programs, grants, and low-interest second mortgage programs that most retail lenders never mention. I actively look for every program you might qualify for — it's part of the service.

How long does it take to close on a home?+

Typically 21–30 days from accepted offer to close, though it can vary. I handle the entire loan process personally — no handoffs, no delays from being passed between departments. Fast closings are one of the things I'm known for, and in competitive markets, that speed can make the difference between winning and losing a deal.

Let's Get You Into Your
First Home

No pressure. No obligation. Just 25 years of honest expertise and a real plan to get you into the right home at the right price.

📅Schedule a Free Call 📞844-786-1865 📧[email protected]

📅 Book My Free Consultation

This page is for informational purposes only and does not constitute financial, legal, or tax advice. Loan products, terms, and eligibility requirements vary and are subject to change. Down payment requirements, credit score minimums, and program availability differ by lender and location. Please consult a licensed mortgage professional for personalized guidance. Optimized Home Loans powered by Barrett Financial Group, L.L.C. | NMLS #181106 | Equal Housing Lender. Peter Seroter NMLS #997692.

Thank you for choosing us. We are dedicated to helping you achieve your homeownership goals with personalized service and expert guidance. For more information or assistance, feel free to reach out to us anytime!