There's a first time for everything

Buying your first home? We're here to keep it simple. And maybe even fun.

Common Mortgages for First Time Homebuyers

Shopping for a mortgage for your first home might seem daunting. Luckily though, there are numerous first-time homebuyer programs that can help you get your foot in the homeownership door.

First-Time Homebuyer

Maximum financing and flexibility for first-time homebuyers with various low down payment options available to those buying their first home.

VA Loan

If you're active duty military, a veteran or an eligible family member of a military veteran, you may qualify for a Veterans Affairs loan.

FHA

If you'd love to buy a home but lack credit, large down payments, or are unable to cover closings costs, an FHA loan may be the solution.

USDA Loan

USDA-backed loans offer qualifying low-to- moderate income borrowers the option of no down payment when they buy in a designated rural area

Should I Rent or Buy?

It takes more than looking at your monthly mortgage payment to answer this question. Loansteady's rent vs. buy calculator can help you calculate the total cost of buying a home versus the cost of renting over time. Find out what makes sense for you.

How much should I spend?

You are ready to buy a house, but before you make an offer, you need to ask some key questions. Here are the four most common.

How Much House Can I Afford?

While everyone's financial situation is different, you should aim to keep your total mortgage payment — including property taxes and insurance — between 25% and 43% of your monthly take-home pay.

How Much Do I Need for a Down Payment?

Despite popular belief, you don't need a 20% down payment. A large down payment has its benefits, but we have loan options that let you put a 0% down payment with only the EMD and 0% for eligible Veterans.

What Other Expenses Will I Have?

You'll likely need money for closing costs — typically 2% to 5% of the purchase price — all other costs including originations fees, moving expenses, repairs and a cushion in case of emergencies are rolled on the back end of the loan. We recommend staying in your comfort zone and we can help you find what fits.

Is It Cheaper to Buy a House or Rent?

It depends — every housing market has different factors to consider. Plus, the answer can vary with your budget, goals and plans for the future.

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