Understanding Loan Options for First-Time Buyers

Explore mortgage types to find the best fit for your first home with Seeking Agents™.

Your Loan Sets the Stage

Choosing the right mortgage is a big deal for first-time buyers—it affects your down payment, monthly costs, and how much home you can afford. With so many options, it’s easy to feel lost. Seeking Agents™ connects you with pros who break down loan types so you can pick the best one for your goals.

Let’s explore your choices.

Common Loan Types for First-Timers

Here’s a rundown of mortgage options tailored for new buyers:

  • FHA Loans: Low down payments (3.5%) and flexible credit requirements (580+ score)—great if your savings or credit isn’t perfect.
  • VA Loans: Zero down payment for eligible veterans or military members, with no mortgage insurance—huge savings if you qualify.
  • USDA Loans: No down payment for rural or suburban homes, aimed at low-to-moderate income buyers—check if your area qualifies.
  • Conventional Loans: 3% down options exist, but stricter credit (620+) and no federal backing—best for solid finances.

Each has trade-offs—knowing them helps you match your budget and lifestyle.

Explore State-Specific Home Buyer Programs

Many states offer programs to help first-time buyers with down payments, closing costs, or lower interest rates. These can pair with loans like FHA or USDA to ease your path to homeownership. Seeking Agents™ connects you with pros who know local options and can guide you to programs you qualify for.

Learn what’s available where you live: First-Time Home Buyer Programs by State

Your Loan Option Checklist

Ask these to narrow your choice:

  • “What’s my credit score, and which loans fit?”
  • “How much can I save for a down payment?”
  • “Do I qualify for VA or USDA loans?”
  • “What’s the total cost—interest, insurance, fees?”

Run these by an Seeking Agents™ pro to lock in the right loan.

Find Your Loan Fit Today

Ready to pick the perfect mortgage? Seeking Agents™ connects you with agents who can make loan options clear and affordable. Start now and get closer to your first home.

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Dive deeper: Steps to Get Pre-Approved for Your First Mortgage

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