Your First HomeStarts Right Here.
Buying your first home is one of the biggest financial decisions of your life. We make it simple, transparent, and stress-free with expert guidance from your very first question to the day you get your keys.
Quick Facts for First Timers
First-Time Buyers: What You Need to Know Before You Start
Millions of Americans buy their first home every year and the vast majority feel overwhelmed at the start. The terminology, the paperwork, the competing advice, the fear of making the wrong move. It's a lot.
Here's the truth: the process is more manageable than it looks when you have the right guide. At Quantico Mortgage, we specialize in walking first-time buyers through every step from understanding what you can afford to signing at the closing table with zero pressure and complete transparency.
Whether you're a veteran using your VA benefit for the first time, a first-generation homeowner, or simply someone ready to stop renting, this page is your starting point. Let's build a plan that works for your situation, your budget, and your goals.
are made by first-time buyers every year you're in great company
on conventional loans VA and USDA require zero down for eligible buyers
through state and local first-time buyer assistance programs nationally
from accepted offer to keys in hand with an experienced lender
Loan Programs for First-Time Homebuyers
Not all mortgages are created equal, and the best one for you depends on your service history, income, credit, and location. Here are the three most popular options for first-time buyers.
What Does Buying a Home Actually Cost?
Most first-time buyers focus only on the down payment but there are several other costs to plan for. The good news: many can be reduced, negotiated, or assisted through programs. Here's a realistic breakdown.
The example on the right shows a typical cost picture for a $280,000 home with a conventional 3% down loan. Numbers will vary based on loan type, location, lender, and negotiation but this gives you a real-world starting point.
If you're a veteran using a VA loan, your picture changes significantly: no down payment required and no PMI means your upfront and monthly costs are substantially lower than a conventional buyer buying the same home.
Ask us to run the numbers for your exact scenario it takes about 10 minutes and costs you nothing.
The First-Time Buyer Roadmap
Six milestones stand between you and your front door. Here's what each one looks like — and what we do to make it smooth.
Get Pre-Qualified
Know your real budget before you fall in love with a home. We review income, debts, and credit in 24 hours or less.
Find Your Home
Shop with confidence using your pre-qual letter. Sellers take you seriously. Your agent can negotiate from strength.
Make an Offer
Your agent submits an offer. We stand by to provide any updated documentation the seller or their agent requests.
Inspection & Appraisal
Home inspection protects you from surprises. Appraisal confirms the home's value aligns with the loan amount.
Underwriting
Our underwriters verify your full file. We keep communication open so nothing stalls or surprises at the end.
Close & Move In
Sign your documents, hand over the down payment, and receive your keys. You're a homeowner. Welcome home.
Common First-Time Buyer Mistakes and How to Avoid Them
A little knowledge upfront saves a lot of pain down the road. Here are the most common missteps we see and what to do instead.
Shopping for Homes Before Getting Pre-Qualified
Falling in love with a home you can't afford or losing one to a buyer with a pre-qual letter in hand is heartbreaking and avoidable. Pre-qualification takes 24 hours and costs nothing.
Making Large Purchases Before Closing
A new car, furniture on credit, or even a new credit card application can change your debt-to-income ratio and jeopardize your loan approval even after underwriting. Wait until after closing.
Skipping the Home Inspection
In competitive markets, some buyers waive inspections to win offers. This can expose you to thousands in hidden repairs. An inspection is $300–$500 of the best insurance money you'll spend.
Forgetting to Budget for Closing Costs
Many first-time buyers save for the down payment but don't account for closing costs which can add another 2–5% of the purchase price. We walk you through the full cost picture upfront.
Exploring Down Payment Assistance Programs
Most states and counties offer grant or loan programs for first-time buyers. These programs can cover your down payment or closing costs entirely. We help you identify every option you qualify for.
Locking Your Rate at the Right Time
Rates fluctuate daily. Once you're under contract, locking your rate protects you from increases before closing. Our team monitors market conditions and advises you on the best timing to lock.
Documents You'll Need to Apply
Gathering these documents before you apply speeds up the process significantly. Here's what most lenders will ask for.
Income & Employment
- ✓ Last 2 years of W-2s or 1099s
- ✓ Last 2 years of federal tax returns
- ✓ Most recent 30 days of pay stubs
- ✓ Employer contact info for verification
- ✓ 2 years of self-employment P&L (if applicable)
- ✓ Pension or Social Security award letters
- ✓ Rental income documentation (if applicable)
Assets & Finances
- ✓ Last 2–3 months of bank statements (all accounts)
- ✓ Retirement and investment account statements
- ✓ Gift letter (if receiving gift funds for down payment)
- ✓ Documentation of any large deposits
- ✓ Current loan statements (auto, student, etc.)
- ✓ 12 months of cancelled rent checks (if renting)
Identity & Legal
- ✓ Government-issued photo ID (driver's license)
- ✓ Social Security number
- ✓ DD-214 or Statement of Service (VA loans)
- ✓ Certificate of Eligibility (VA loans we can pull this)
- ✓ Divorce decree or separation agreement (if applicable)
- ✓ Bankruptcy discharge papers (if applicable)
- ✓ Signed purchase agreement (once under contract)
Frequently Asked Questions
What credit score do I need to buy a home?
It depends on the loan type. VA loans have no set minimum (most lenders accept 580+). FHA loans require 580+ for 3.5% down, or 500+ with 10% down. Conventional loans typically require 620+. If your score is below these thresholds, we'll help you build a plan to get there.
How much do I need saved before I apply?
For VA-eligible buyers: potentially $0 for the down payment, though you should have funds for closing costs (which can sometimes be covered by the seller or rolled in). For FHA: 3.5% down plus closing costs. For conventional: 3% down plus closing costs. Down payment assistance programs can cover some or all of these costs for qualifying buyers.
Should I pay off all my debt before buying?
Not necessarily. Your debt-to-income ratio (DTI) matters more than the total amount of debt. We'll analyze your specific situation in many cases, paying off certain debts first improves your qualification significantly, while in others it makes little difference to the approval but depletes your savings reserves.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a preliminary review based on the information you provide quick and useful for budgeting. Pre-approval involves a credit pull and document verification, and carries more weight with sellers. We offer both, and recommend pre-approval when you're actively making offers in a competitive market.
Can I buy a home if I'm self-employed?
Absolutely self-employed buyers qualify for all loan types. The documentation differs: you'll typically need 2 years of personal and business tax returns, a year-to-date profit and loss statement, and your business bank statements. We work with self-employed buyers regularly and know how to present your income accurately to underwriters.
What are down payment assistance programs?
DPA programs are offered by state Housing Finance Agencies, counties, cities, and nonprofits to help first-time buyers cover down payments and closing costs. They can be grants, second mortgages (deferred or forgivable), or matched savings programs. We'll identify every program you qualify for based on your income, location, and loan type.
How long does the homebuying process take?
Once you're under contract on a home, closing typically takes 30–45 days. The time from starting your search to getting under contract varies some buyers find a home in weeks, others take months. Getting pre-qualified first dramatically shortens the timeline because you're ready to move immediately when you find the right property.
Is it better to rent or buy right now?
This depends on your situation how long you plan to stay, your local market, and your financial picture. As a general rule, buying makes stronger long-term financial sense if you plan to stay for 3+ years, your monthly mortgage payment is competitive with local rents, and you have stable income. We can run a detailed rent-vs-buy analysis for your situation at no cost.
Your First Home Is Closer Than You Think
Thousands of first-time buyers have gone through this process with us and come out the other side as homeowners. You're next. Let's start with a free, no-obligation conversation no pressure, just answers.
Free consultation. No hard credit pull to start. Results in 24 hours.
