Loan program

First-time buyer

A purchase loan with a smaller down payment and plain-language guidance at every step.

Start pre-approval

See illustrative rates

An East Asian woman and a white man, both in their late twenties, sit on the bare oak floor of a sunlit.

Typical terms

30-year fixed term in this example, with a down payment as low as 3% of the price. Availability depends on the property, your finances and the program.

Example minimum down payment

3% of the purchase price in this example.

Who it is for

People buying their first home, or buying again after years away from owning, who want a low down payment and a loan officer to explain each step.

Pros

A smaller down payment can let you buy sooner. Step-by-step guidance from a loan officer. Familiar fixed payments.

Considerations

A smaller down payment means a larger loan and a higher monthly payment. Mortgage insurance may be required when the down payment is under 20%.

About this program

Buying a first home brings a lot of new words and numbers at once. This program pairs a purchase loan with a loan officer who walks you through each one, from pre-approval to closing day.

With a smaller down payment you borrow more, so your monthly payment is higher than it would be with 20% down. Mortgage insurance may be required. The planner shows the loan amount and monthly payment so you can compare.

Our Buying a home page lists every step and the documents to gather. Figures are illustrative and are not an offer or a commitment to lend.

Try it with this program

Home price

Down payment

$13,500 down

Term

Illustrative interest rate

For a $436,500 loan, about $2,688 a month in principal and interest.

Principal and interest: $2,688
Estimated taxes and insurance: $500
Total estimated monthly payment: $3,188
Loan amount: $436,500

Estimates only. Rates and figures are illustrative, not a rate quote, loan offer or commitment to lend.

Start pre-approval

Carries your price, down payment and term into the application.

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