THE OVERVIEW
How this option works
“First-time homebuyer” is a borrower description, not a single mortgage product. Buyers may compare conventional, FHA, VA, USDA, and state or local assistance options, depending on eligibility and the property.
Start by estimating a comfortable total housing payment and cash available for closing. Then compare Loan Estimates, identify documentation needs, and understand how pre-approval, property selection, appraisal, underwriting, and closing fit together.