5 Things First-Time Buyers Should Know About Home Loans
Buying your first home is exciting—but it can also feel overwhelming. Here are five key things every first-time buyer should know to approach the mortgage process with clarity and confidence.
1. You Don’t Need a 20% Down Payment
Many first-time buyers assume they have to save a huge down payment before buying a home. Thankfully, that’s not the case. FHA loans can require as little as 3.5% down, and some conventional loans offer 3% down for qualified buyers. There are even USDA and VA loans that require no down payment at all for eligible borrowers.
The best first step is to talk with a trusted loan officer who can walk you through which programs you qualify for—without the guesswork.
2. Your Credit Doesn’t Have to Be Perfect
Don’t let fear of a less-than-perfect credit score hold you back. FHA and VA loans are designed with flexible credit requirements, and even conventional loans have room for buyers with solid but not stellar scores. Improving your credit before applying can help you secure better terms, but you may already qualify today.
3. Pre-Approval Gives You an Edge
Before you start house hunting, get pre-approved. This shows sellers you’re a serious, qualified buyer and helps you understand your price range upfront. At Chris Lewis | Home Loans, pre-approvals are quick and easy, giving you the confidence to make offers without surprises later.
4. There Are Different Loan Types for Different Goals
No two buyers are the same—and neither are loans. Here are a few common options:
Conventional Loans: Great for buyers with good credit and steady income.
FHA Loans: Designed for first-time buyers and those with smaller down payments.
VA Loans: Available to veterans and active-duty military, with no down payment or PMI.
USDA Loans: Offer 100% financing for eligible rural and suburban homes.
Each program has its own benefits, and the right one depends on your budget, location, and long-term goals.
5. Your Lender Should Be a Guide, Not a Salesperson
Buying your first home isn’t just about numbers—it’s about peace of mind. You deserve a lender who listens, explains your options clearly, and helps you feel confident in every step. That’s exactly how we approach every client relationship at Chris Lewis. | Home Loans—with education, transparency, and genuine care.