First-time buyers
First-time home buyer loans, explained step by step.
Buying your first home raises a lot of questions at once: how much you can afford, how much to save, and which loan fits. Troy helps first-time buyers in Orange County, across the U.S., and buyers relocating from Asia sort through the options before they start touring.
Talk with TroyMay be a good fit if…
- You have not owned a home in the past three years.
- You want to understand down payment and closing-cost options before you shop.
- You are relocating to the U.S. and buying your first American home.
What to know
Low-down-payment options
Some conventional programs allow as little as 3% down for qualifying first-time buyers, and FHA loans allow 3.5% down with a qualifying credit score.
Down payment assistance
State and local programs may offer grants or deferred second loans. Availability, income limits, and terms vary by program and location.
Pre-approval first
A pre-approval reviews income, assets, and credit up front so you know your price range and can make a stronger offer.
Questions worth asking
- What monthly payment feels comfortable — not just what I qualify for?
- How much should I keep in savings after closing?
- Do I qualify for any down payment assistance programs?
Frequently asked questions
How much down payment does a first-time buyer need?
It depends on the loan. Some conventional programs allow 3% down for qualifying buyers and FHA loans allow 3.5% with a qualifying credit score. Putting less than 20% down usually means paying mortgage insurance.
Who counts as a first-time home buyer?
Many programs define a first-time buyer as someone who has not owned a home in the past three years, but each program sets its own rules.
How long does pre-approval take?
Once your documents are ready, a pre-approval can often be completed within a few business days. Timing depends on your situation and the lender.
Related reading
Want advice for your situation?
Troy (Thuy Kim) Huynh, California real estate broker DRE #01889229 and mortgage loan originator NMLS #344740, broker associate with Century Financial Group, Corp. (DRE #01930905). Loans are offered only in states where Troy Huynh is licensed — see NMLS Consumer Access. Not a commitment to lend; all loans are subject to credit and underwriting approval. Contact: (714) 452-8081.