Choosing the right housing loan for first-time buyers can save you thousands over the life of your loan.
At Cedar Wood Mortgage, we don’t believe in one-size-fits-all. That’s why our first-time home buyer loans are structured to accommodate your unique financial situation. Here’s what you can expect:
If you're looking for a mortgage as a first time homebuyer here are some of the best options available.
Taking out a loan doesn't have to be a daunting process. Follow these three essential steps to make it simple:
Ready to stop renting and start owning? Let Cedar Wood Mortgage be your trusted partner in this exciting chapter. Our experts are ready to walk you through every step of the first-time homebuyer loan process and answer all your questions.
Yes, one of the advantages of a first-time homebuyers loan is its flexible credit criteria. Many programs accommodate buyers with short or limited credit histories, especially through FHA or USDA options.
Many housings loans for first-time buyer programs offer down payments as low as 3%, depending on the loan type and your financial situation. FHA loans, for example, are known for their low entry costs.
Some programs, like USDA loans, do have income caps based on area median income. However, other housing loans for first-time homebuyers have options like conventional or FHA loans that are more flexible regarding income limits.
Eligibility for a first homebuyers loan usually depends on whether you’ve owned a home in the past three years, your income level, credit score, and property use. Our advisors can help assess your qualification in minutes.
You’ll typically need proof of income, employment verification, credit history, tax returns, and bank statements. First time homebuyers loan applications may also require documentation for any down payment assistance programs.
We offer pre-approvals in as little as 24 hours. This helps you move forward confidently with your home search and makes the first-time home loan process much smoother.
Mortgage insurance may be required depending on the loan type and down payment. FHA first-time home loans, for instance, typically require it. VA loans do not require any mortgage insurance.
Absolutely. First-time homebuyer loans can often be paired with local, state, or federal assistance programs to cover down payments or closing costs.
They often feature competitive or even reduced interest rates compared to traditional mortgages, especially if backed by government programs like FHA or VA.
Closing timelines can vary, but with first-time homebuyer financing, we typically close within 30–45 days depending on documentation and third-party timelines like inspections and appraisals.