Buying Your First Home?
We’ll Help Make the Mortgage Part Make Sense.
Buying your first home comes with a lot of questions. Mortgage Pro Home Loans helps you understand the financing process, compare available loan options and know what to expect from pre-approval through closing.
- Veteran-Owned
- NMLS #2443859
- Secure Online Application
- Licensed in 5 States
- Experienced Mortgage Team
Your First Home, Step by Step
- 1
Understand Your Budget
Look at what you earn, what you owe and what you'd like your monthly payment to feel like before you start shopping.
- 2
Get Pre-Approved
We review your goals and basic financial information so you have a clearer sense of the price range that may make sense for you.
- 3
Explore Loan Options
We explain the programs you may be eligible for and how each one generally works, including any assistance that may be available.
- 4
Find Your Home
Shop with your pre-approval in hand and share it with your real estate professional when you're ready to make an offer.
- 5
Complete the Mortgage Process
Underwriting reviews your documentation, the property and the guidelines that apply to your chosen program.
- 6
Close and Get Your Keys
You review and sign your final documents, and the loan funds according to your closing instructions.
Want more detail? See the full loan process.
Questions First-Time Buyers Ask Us Every Day
How much money do I need for a down payment?
It depends on the loan program, the property and your qualifications. Some programs are designed for smaller down payments than others, and assistance may be available in certain situations. We'll review what applies to your scenario.
What credit score do I need?
Credit requirements vary by program, lender and the rest of your financial profile. Credit is reviewed alongside income, assets and the property — there is no single number that applies to everyone.
How much house can I afford?
Affordability depends on income, debts, down payment, taxes, insurance and the program you choose. A pre-approval conversation gives you a much clearer picture than a rule of thumb.
What are closing costs?
Closing costs generally include lender, title, recording, appraisal and prepaid items such as property taxes and insurance. Amounts vary by state, property and program, and you receive an itemized Loan Estimate after you apply.
What does pre-approval mean?
Pre-approval means we've reviewed information you provided and identified financing you may qualify for, subject to documentation, the property and full underwriting approval. It is not a final loan commitment.
Do I need 20% down?
Not necessarily. Several programs are designed for buyers putting down less than 20%, though mortgage insurance or a guarantee fee may apply depending on the program.
Can I get help with my down payment?
Down payment and closing-cost assistance programs exist in many areas. Availability and terms depend on location, income, household, property and loan type.
What will my monthly mortgage payment include?
A payment commonly includes principal and interest, plus property taxes and homeowners insurance. Mortgage insurance and HOA dues may also apply depending on the loan and property.
Loan Options for First-Time Buyers
Program availability depends on the property, the state, occupancy, program guidelines and underwriting approval. Not every program is available to every borrower.
Conventional Loans
A widely used option for buyers who meet agency and investor guidelines.
Learn more about conventional loansFHA Loans
Government-backed financing that may offer flexible qualification options for eligible borrowers.
Learn more about fha loansVA Loans
Eligible veterans, service members and certain surviving spouses may have access to VA financing benefits.
Learn more about va loansUSDA Loans
Financing for eligible buyers purchasing in areas the program designates as rural.
Learn more about usda loansDown Payment Assistance
Assistance programs may be available depending on the state, program and borrower eligibility.
Learn more about down payment assistanceOne-Time Close / Construction
One loan structure covering construction and the permanent financing that follows, where available.
Learn more about one-time close / constructionNeed Help With Your Down Payment?
Down payment and closing-cost assistance programs may be available to eligible buyers. What you may qualify for — and how the assistance is structured — depends on the program. Common factors include:
- Where the property is located
- Household income
- Household size
- The property itself
- The specific assistance program
- The loan type paired with it
Know Your Numbers Before You Start Shopping
A monthly mortgage payment is usually made up of more than the loan itself. Depending on your loan and property, it can include:
- Principal
- Interest
- Property taxes
- Homeowners insurance
- Mortgage insurance, where applicable
- HOA dues, where applicable
Calculator results are estimates for education only. They are not a loan approval, a quote or an offer to lend.
First Home Questions? Ask Milo.
Milo can help explain mortgage terms, pre-approval, down payments, loan programs, closing costs and what happens during the home buying process. Milo is an educational assistant — he is not a licensed loan originator and does not make credit decisions.
Your First-Time Home Buyer Checklist
- Talk with a mortgage professional
- Review your budget
- Understand your credit
- Get pre-approved
- Determine estimated cash needed
- Find a real estate professional
- Start shopping
- Review your loan options
- Complete inspections/appraisal as applicable
- Prepare for closing
A Few Situations Worth Knowing About
Buying Your First Home in Florida?
Florida has its own first-time buyer resources and state-specific information.
Explore Florida First-Time Home Buyer ResourcesSelf-Employed?
Your income documentation may look different, but mortgage options may still be available.
Explore Self-Employed Mortgage OptionsVeteran or Active-Duty Service Member?
You may have home financing benefits available through the VA loan program. Eligibility and approval are determined case by case.
Explore VA LoansFirst-Time Home Buyer Help Across Our Licensed States
Mortgage Pro Home Loans is licensed in California, Colorado, Texas, Oklahoma and Florida. Program availability and requirements can differ by state.
View Branch LocationsFirst-Time Home Buyer FAQs
Ready to Take the First Step?
You don’t need to know everything about mortgages before you start. That’s our job.
Important Disclosure
This material is for informational and educational purposes only and is not a commitment to lend. Loan programs, interest rates, loan-to-value limits, DSCR requirements, property eligibility and underwriting guidelines are subject to change and may vary by lender, loan program and borrower qualifications. DSCR financing is generally intended for business-purpose, non-owner-occupied investment property transactions. Additional restrictions may apply.
Tri-Peaks Mortgage Inc. dba Mortgage Pro Home Loans. See our state licensing and state disclosures for additional information.