First Time Home Buyer Loans & Steps

Your options presented. Your questions answered.

First Time Home Buyer Loans

You're on a journey to buy a home for the first time, and you've asked yourself: "Where do we start?", "Where is the best place to get a loan?", "Is there a particular loan and rate that would be best for me as first time homebuyer?".

Buying a home for the first time can be stressful and confusing. It is our goal to help you navigate through the process, with the end result of you moving into your new home.

First Time Home Buying: Loans to Know

Old Town Lending is known for being one of the most helpful resources for first-time home buyers, including:

  • Veteran and Active Duty Buyers
  • Low Income Buyers
  • Self-employed Buyers

Knowledge is power. As home prices continue to increase, combined with limited homes available on the market, it is our goal to arm you with the knowledge and steps to reach our destination of owning and moving into your new home.


Strong Credit,
Larger Down Payment

Conventional loans are backed by government-sponsored home mortgage companies Fannie Mae or Freddie Mac. These require as low as 3% down. Conventional loans are good for those with strong credit.

Mortgage insurance is not required with more than 20% equity in the home. This can be accomplished by:

  • 20% Down payment
  • 22% Equity accumulated through monthly payments



Lower Credit Scores,
Lower Down Payment

These loans are insured by the Federal Housing Administration. They’re great for first-time home buyers with lower credit scores or less money saved for a down payment. You generally will be able to secure a loan at 3.5% down with a credit score as low as 580.



Active Duty, Former Military
0% Down Payment

If you are associated with the military, a VA loan gives you benefits that no other loan can offer. Backed by the U.S. Department of Veterans Affairs, it allows no down payment for military personnel, veterans and their families. Typically, they offer lower interest rates than other loan programs.



Unusual Circumstances

Most often, borrowers who utilize a non-QM loan are those who:

  • Self-employed borrowers with a lot of income-tax write-offs
  • Borrowers with credit blemishes
  • Investors wishing to purchase rental or vacation properties.



Step by Step: Finding a Home, Financing, and Hidden Costs

STEP 1 >>
Get Pre-Approved

The first and most important step in purchasing a home is getting pre-approved.

The primary purposes of becoming pre-approved include:

  1. Learn which is the best loan product (type) based on your credit score, income, and debts;
  2. Determine the maximum amount you can borrow for which you can afford to repay;
    - Tip: This helps you target your home search to your price level
  3. Aid in strengthening and accompanying your purchase offer
    - Tip: Many Sellers require that a pre-approval accompanies your purchase offer.
STEP 2 >>
STEP 3 >>
STEP 4 >>
STEP 5 >>
STEP 6 >>

First-Time Home Buyer FAQs

Why Choose Old Town Lending

You have many lending options; however, you owe it to yourself to learn why
Old Town Lending may be the better option.


Customer Service

Never left wondering. Receive concierge-level service from application to pre-qualification to closing of escrow. Empowering you is our goal.


Rapid Response

Don't let that perfect home slip away. You need a pre-approval and loan right away, and you have came to the right place. We are real estate brokers too, we understand.


Save Money

Mortgage brokers have access to wholesale rates, which are much cheaper than retail bank rates, ultimately meaning a lower monthly mortgage payment.


Personal & Local

No longer are you just a number lost in the shuffle of big banks. Located in your home state, you will be guided each step of the way.


Right Fit from the Start

With our endless lending programs, we will find the right loan and best terms for you. Think of it as a completely customizable experience.


Experience You'd Expect

When working with a broker in real estate and mortgage, you are sure to receive a well-rounded client-centered experience you'd come to expect.

Helping You Buy on Your Own Terms

You owe it to your self to explore our hassle-free mortgage options at low and affordable rates.