First-Time Home Buyer Mortgage Guide: Qualify & Get the Best Rate
Published 2024-01-15 · Updated 2026-05-03 · By LoanMatchers Team
Complete mortgage guide for first-time buyers. Learn qualification requirements, down payment options, loan types, and how to get the lowest rate.
Types of Mortgages
The most common mortgage types are conventional, FHA, VA, and USDA. Conventional loans require higher credit but offer the best rates. FHA loans accept lower credit and smaller down payments.
Down Payment Requirements
Conventional loans require 3-20% down. FHA requires 3.5%. VA and USDA loans may require 0% down for eligible borrowers.
Fixed vs. Adjustable Rates
A fixed-rate mortgage locks in your payment for the life of the loan. An ARM starts lower but can adjust upward after the initial period.
Closing Costs
Budget 2-5% of the purchase price for closing costs, including appraisal, title insurance, lender fees, and prepaid items.
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