FHA loans
3.5% down with more flexible credit. Mortgage insurance applies for most terms.
First-time buyer resources
Best Home Loan for First Time Buyers, Without the Guesswork
Top Loan Mortgage walks first-time buyers through loan programs, 10 LTV options, and a clear path from pre-approval to keys—so the first mortgage is a fit, not a rush.
Loan programs worth comparing
The right first loan balances down payment, mortgage insurance, and rate. Start here, then model the payment.
Conventional 3% down
HomeReady and similar products can be the best home loan first time buyer option with strong credit.
VA and USDA
Zero-down paths if you qualify through military service or eligible rural locations.
Best 10 LTV mortgages
A 10% down payment can reduce PMI versus 3–5% down and still preserve cash for closing.
From pre-approval to closing
- 1
Get your numbers in order
Pull credit, list debts, and estimate a comfortable monthly payment before touring homes.
- 2
Compare pre-approvals
Ask three lenders for the same loan amount, term, and lock period so quotes are comparable.
- 3
Tour with a budget ceiling
Stay inside the pre-approval and leave room for taxes, insurance, and maintenance.
- 4
Inspect, lock, and close
Use inspection findings, then lock the rate and review the Closing Disclosure at least three days before signing.
Resource checklist
- State and city down-payment assistance programs
- Employer or union housing grants where available
- Credit-builder steps if your score is below 620
- Gift-fund rules for down payment and closing costs
- Reserve requirements after you pay earnest money
When the best 10 LTV mortgages beat a tiny down payment
Putting 10% down can cut mortgage insurance, improve rate pricing, and still leave more cash than 20% down. Model both 3% and 10% scenarios so PMI does not quietly erase a “cheap” payment.
- Ask lenders to quote the same home price at 3%, 5%, and 10% down
- Include PMI, taxes, and insurance in the monthly comparison
- Keep cash for closing costs and a repair reserve