First-Time Homebuyers
First-Time Home Buyer Loans
Low down payment programs, assistance options and a pre-approval you can shop with — explained by us Piccirello, not a call center.
Joe Piccirello | NMLS #1988505
Buying your first home means competing in a market where sellers move fast. The buyers who win are the ones who know their real budget, hold a solid pre-approval and have a loan officer who answers the phone when their agent calls.
We work with first-time buyers across the states we are licensed in. We walk you through what you can comfortably afford, which programs you qualify for, and exactly what cash you'll need at closing — before you tour a single home.
- Down payments as low as 3% conventional or 3.5% FHA
- Down payment assistance program review
- Credit scores from 580 considered on FHA financing
- Gift funds from family allowed on most programs
- Same-day pre-approval letters for your agent
- Plain-English breakdown of cash to close
How Much Home Can You Actually Afford?
Affordability comes down to three numbers: your gross monthly income, your existing monthly debt payments, and the down payment you have available. Most programs allow a total debt-to-income ratio in the 43%–50% range, and your housing payment includes property taxes, homeowners insurance, any HOA dues, and mortgage insurance if you put less than 20% down.
Use the affordability calculator on this page for a quick estimate, then let us run the exact numbers with current tax rates and insurance quotes so there are no surprises later.
First-Time Buyer Programs Available
Conventional 97 and HomeReady/Home Possible loans allow 3% down with cancellable mortgage insurance once you reach 20% equity. FHA financing allows 3.5% down with more flexible credit requirements. VA loans offer 100% financing with no monthly mortgage insurance for eligible service members and veterans.
State and local down payment assistance programs may provide grants or second liens toward your down payment and closing costs. Eligibility depends on income limits, purchase price caps and occupancy requirements — we check which ones you qualify for as part of your pre-approval.
What the Process Looks Like
Step one is a short conversation about your goals and timeline. Step two is your pre-approval: we review income, assets and credit, then issue a letter your agent can attach to offers. From there you shop, and we price scenarios in real time as you consider homes. Once you're under contract, we order the appraisal, clear underwriting conditions early and review the final numbers with you before you sign.
Frequently Asked Questions
Do I really need 20% down to buy my first home?
No. Conventional programs go as low as 3% down, FHA as low as 3.5%, and VA loans require no down payment for eligible borrowers. Putting less than 20% down means mortgage insurance, which on conventional loans can be removed once you reach 20% equity.
What credit score do I need?
FHA financing can work with scores starting at 580 (or 500–579 with 10% down), and most conventional programs start at 620. Higher scores generally mean better pricing, and we can show you what a score improvement would be worth before you apply.
How long does pre-approval take?
Often the same day once you provide income and asset documents. We issue a pre-approval letter your agent can use immediately.
Who counts as a first-time buyer?
For most programs, anyone who has not owned a primary residence in the past three years — which means many repeat buyers qualify again.
Joe Piccirello | NMLS #1988505
Licensed mortgage loan originator. Verify licensing at NMLS Consumer Access.
Edge Home Finance Corporation | NMLS #1988505
5868 Baker Rd, Minnetonka, MN 55345, USA
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Ready to See Your Numbers?
Call or text us at (602) 502-2268 or request a quick quote online.