--- title: "First-Time Homebuyer Loans in 15 States | PierPoint Mortgage" description: "First-time homebuyer loans: FHA, VA & state down-payment assistance in 15 states. Compare 100+ lenders, 4.9★ 152 reviews, 25-day avg close. Call: (231) 737-9911" author: "PierPoint Mortgage" date: "2026-04-23" tags: ["first time homebuyer loans"] canonical: "https://pierpointmortgage.com/first-time-homebuyer/" last_updated: "2026-06-10" --- # First-Time Homebuyer Loans in 15 States | PierPoint Mortgage **By PierPoint Mortgage** | April 23, 2026 First-time homebuyer loans: FHA, VA & state down-payment assistance in 15 states. Compare 100+ lenders, 4.9★ 152 reviews, 25-day avg close. Call: (231) 737-9911 --- > **Quick answer:** First-time homebuyer in the United States? You have more low-down-payment options than most buyers realize. [FHA loans](https://pierpointmortgage.com/fha-loans/) require just 3.5% down, Conventional 97 needs 3%, [VA loans](https://pierpointmortgage.com/va-loans/) are 0% down for veterans, and most states offer down-payment assistance grants. PierPoint Mortgage shops hundreds of lenders to match you to the right program. Call [(231) 737-9911](tel:+12317379911) for a free rate comparison. FIRST-TIME HOMEBUYER · 15 STATES · HUNDREDS OF LENDERS Buying your first home in one of 15 states? [PierPoint Mortgage](https://pierpointmortgage.com/) matches first-time buyers with FHA, Conventional 97, VA, and state-specific down-payment-assistance programs across hundreds of wholesale lenders. 32 years licensed, 4.9★ from 152 verified reviews, NMLS #112844. [Apply Now](https://shannonswartz.zipforhome.com/LoanApplication/Contact?Language=E&IsStart=Y) [Call (231) 737-9911](tel:+12317379911) ## What loan programs are available for first-time homebuyers? **First-time buyers qualify for lower down payments and more flexible credit requirements than repeat buyers.** Here are the most common programs we match borrowers to: ### FHA Loan **3.5% down, 580+ credit**. Government-backed, flexible DTI, works for most first-time buyers with fair credit. Most popular FTHB choice. [FHA loan details →](https://pierpointmortgage.com/fha-loans/) ### Conventional 97 **3% down, 620+ credit**. Fannie/Freddie’s first-time buyer option. PMI cancels at 20% equity. Best for strong credit. [Conventional details →](https://pierpointmortgage.com/conventional-loans/) ### VA Loan **0% down, no PMI**. For veterans and active-duty service members. Closes in under 25 days with PierPoint. [VA loan details →](https://pierpointmortgage.com/va-loans/) ### USDA Loan **0% down, rural eligible**. For homes in USDA-designated areas. Income limits apply. [USDA loan details →](https://pierpointmortgage.com/usda-loans/) ### Down Payment Assistance **State-specific grants**. [California](https://pierpointmortgage.com/mortgage-broker/mortgage-broker-california/), [Florida](https://pierpointmortgage.com/mortgage-broker/mortgage-broker-florida/), [Georgia](https://pierpointmortgage.com/mortgage-broker/mortgage-broker-georgia/), [Michigan](https://pierpointmortgage.com/mortgage-broker/mortgage-broker-michigan/), and others offer DPA up to $15,000. We check eligibility on your application. ### Jumbo First-Time **High-cost markets**. For loans over $766,550. Stricter credit (720+) but available for first-timers in LA, Miami, Seattle. [Jumbo details →](https://pierpointmortgage.com/jumbo-loans/) ## What credit score do I need as a first-time homebuyer? **The minimum [credit score](https://pierpointmortgage.com/credit-info/) depends on the loan program.** Here’s the range across common first-time buyer products: - **FHA:** 580 minimum (some lenders go to 500 with 10% down) - **Conventional 97:** 620 minimum - **VA:** 580+ typical (no official minimum, lender-set) - **USDA:** 640 minimum - **Jumbo:** 720+ for most lenders PierPoint works with lenders who go as low as 580 for FHA. If your score needs work, we’ll tell you exactly what to fix before you apply — credit repair typically takes 30-90 days. ## How much down payment do first-time buyers actually need? **Much less than you think.** The 20% down myth costs first-time buyers years of waiting unnecessarily. Here’s the reality: - **FHA:** 3.5% down on a $400,000 home = $14,000 - **Conventional 97:** 3% down on $400,000 = $12,000 - **VA:** $0 down on any price (veterans only) - **USDA:** $0 down (rural areas) - **With DPA grants:** as little as $0-$5,000 out of pocket You’ll also need closing costs (2-3% of loan amount) and reserves (1-2 months of payments). We’ll calculate exactly what you need before we match you to a lender. ## How does the first-time homebuyer process work? 1 ### Pre-Approval in 10 Min Apply online, get matched to the right program. PierPoint pre-approves most buyers within 10 minutes. 2 ### Shop Hundreds of Lenders We compare rates across hundreds of wholesale lenders to find your best loan. 3 ### Make Offers With Confidence Pre-approval letter in hand, house hunt with a real budget. Sellers take pre-approved buyers seriously. 4 ### close in 26 days Our average first-time buyer closes in 25 days — among the fastest in the industry. ## Frequently asked questions about first-time homebuyer loans ### Do first-time homebuyers get better mortgage rates? Not directly — rates depend on credit score, loan type, and down payment, not on whether you’re a first-time buyer. However, first-time buyer programs often have lower down-payment requirements, lower PMI rates, and access to down-payment assistance grants that effectively reduce your total cost of borrowing. ### Is a first-time homebuyer loan different from a regular mortgage? Most “first-time homebuyer loans” are actually regular FHA, Conventional 97, VA, or [USDA loans](https://pierpointmortgage.com/usda-loans/) with first-time buyer features like 3% down or access to down-payment assistance. The loan itself is identical to what repeat buyers use — the advantages are typically in qualification criteria and grant eligibility. ### How long does it take to close a first-time homebuyer loan? PierPoint Mortgage closes first-time homebuyer loans in an average of 25 days. FHA and [VA loans](https://pierpointmortgage.com/va-loans/) typically close in 25-30 days, while [conventional loans](https://pierpointmortgage.com/conventional-loans/) can close in as few as 21 days with all documents ready. Speed depends on appraisal turnaround and how quickly you return requested documents. ### What closing costs should first-time buyers budget for? Closing costs typically run 2-3% of the loan amount. On a $400,000 loan, expect $8,000-$12,000 in closing costs including origination fees, appraisal, title insurance, prepaid taxes, and recording fees. Some first-time buyer programs allow seller concessions up to 6% or closing-cost assistance grants that reduce out-of-pocket. ### Can I buy a home with bad credit as a first-time buyer? Yes. [FHA loans](https://pierpointmortgage.com/fha-loans/) accept credit scores as low as 580 with 3.5% down, and some FHA lenders go down to 500 with 10% down. If your score is below 580, PierPoint will give you a 30-90 day credit improvement plan showing exactly what to pay off or dispute to reach qualifying territory. ### How much house can I afford as a first-time buyer? Most first-time buyers qualify for a home priced at 3-5x their annual household income. Lenders use a 43% maximum debt-to-income ratio (housing payment + other debts vs gross income). PierPoint pre-qualifies borrowers in 10 minutes and gives you a specific maximum loan amount, not a range. ## Ready to start your first-time homebuyer application? Get pre-approved in 10 minutes. Free rate comparison across hundreds of lenders. No credit pull until you’re ready. [Apply Now — 10 Minutes](https://shannonswartz.zipforhome.com/LoanApplication/Contact?Language=E&IsStart=Y) Or call [(231) 737-9911](tel:+12317379911) · NMLS #112844 · 4.9★ from 152 verified reviews Last updated: April 23, 2026 · By Shannon Swartz, NMLS #112844 --- **Shopping a mortgage in one of our 15 states?** PierPoint Mortgage is an independent brokerage, NMLS #112844, licensed since 2003. We compare wholesale rate sheets from 100+ lenders instead of selling one bank's products, and give you a written quote before you commit to anything. - Free rate comparison: (231) 737-9911 - Apply: https://pierpointmortgage.com/apply/ - Full page: https://pierpointmortgage.com/first-time-homebuyer/