First Time Home Buyer Calculator
Calculate mortgage payments with special first-time buyer programs including FHA, VA, conventional 3% down, and down payment assistance options.
Calculate Your First Home Payment
Use our specialized calculator to explore different first-time buyer loan options and find the most affordable payment for your situation.
First-Time Buyer Mortgage Calculator
Calculate payments with special first-time buyer programs
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First-Time Buyer Loan Programs Comparison
FHA Loan
Benefits
- Low down payment
- Flexible credit requirements
- Gift funds allowed
- Can use for condos
Considerations
- Mortgage insurance required
- Loan limits apply
- Property requirements
Best For:
Buyers with limited down payment savings and credit scores 580-679
VA Loan
Benefits
- No down payment
- No PMI
- No prepayment penalties
- Reusable benefit
Considerations
- Veterans only
- Funding fee applies
- Property requirements
Best For:
Eligible veterans and active military with limited savings
Conventional 3% Down
Benefits
- Low down payment
- PMI removable
- No loan limits
- Flexible property types
Considerations
- PMI required
- Higher credit requirements
- Higher rates with low down payment
Best For:
Buyers with good credit scores (680+) and stable income
USDA Loan
Benefits
- No down payment
- Low rates
- No PMI (upfront fee instead)
- Rural focus
Considerations
- Rural areas only
- Income limits
- Property restrictions
Best For:
Buyers in eligible rural and suburban areas with moderate income
Down Payment Assistance Programs
National Programs
Good Neighbor Next Door
USDA Rural Development
VA Loan Program
State Programs
State Housing Finance Agencies
Mortgage Credit Certificates
State Bond Programs
Local Programs
City/County Down Payment Assistance
Employer Assistance Programs
Non-profit Assistance
First-Time Home Buyer Guide
Financial Preparation
- Build emergency fund (3-6 months expenses)
- Save for down payment and closing costs (2-5% of home price)
- Improve credit score to 620+ for better rates
- Calculate debt-to-income ratio (keep under 43%)
- Get pre-approved for accurate budget
Home Search Process
- Research neighborhoods and school districts
- Consider future needs (family, job changes)
- Factor in maintenance and property taxes
- Get professional home inspection
- Negotiate repairs and closing costs
Loan Selection
- Compare multiple lenders and programs
- Understand PMI requirements and removal
- Consider ARM vs fixed-rate mortgages
- Calculate total cost over loan term
- Read all loan documents carefully
First-Time Home Buyer FAQ
What is the minimum down payment for first-time home buyers?
First-time buyers can put down as little as 0% with VA or USDA loans, 3% with conventional loans, or 3.5% with FHA loans. Many state and local assistance programs help with down payment and closing costs, sometimes providing grants or low-interest loans.
What credit score do I need as a first-time home buyer?
FHA loans accept credit scores as low as 580 (500 with 10% down). Conventional loans typically require 620 minimum. VA and USDA loans generally want 620 or higher. Higher credit scores qualify for better interest rates, potentially saving thousands over the loan term.
How much house can I afford as a first-time buyer?
Generally, your monthly housing payment (principal, interest, taxes, insurance) should not exceed 28% of your gross monthly income. Your total debt payments should stay under 43% of income. Use our calculator above to determine your specific affordability based on income, debts, and down payment.
What assistance programs are available for first-time buyers?
Programs include FHA loans with low down payments, VA loans for veterans with zero down, USDA rural loans, state housing finance agency assistance, local down payment grants, employer assistance programs, and non-profit homeownership counseling and grants.
Should I choose FHA or conventional loan as a first-time buyer?
FHA loans are better for buyers with lower credit scores (580-679) or limited down payment savings. Conventional loans with 3% down are better for buyers with good credit (680+) since PMI can be removed when you reach 20% equity, unlike FHA's permanent mortgage insurance.
What closing costs should first-time buyers expect?
Closing costs typically range from 2-5% of the home purchase price and include loan origination fees, appraisal, inspection, title insurance, recording fees, and prepaid taxes/insurance. Many assistance programs help cover these costs, and you can negotiate with sellers to pay closing costs.
Additional First-Time Buyer Tools
Ready to Start Your Home Search?
Use our calculators to determine your budget, then get pre-approved with confidence knowing your options.