Buying your first home is a big step, and the mortgage part should not be the scary part. Here is how it works and the programs most first-time buyers in California and Washington use.
Programs to know
- Conventional with 3% down for qualifying first-time buyers, with mortgage insurance you can cancel later.
- FHA with 3.5% down and flexible credit guidelines.
- VA with no down payment for eligible service members and veterans.
- Down payment assistance. California (through CalHFA) and Washington (through the Washington State Housing Finance Commission), along with some counties and cities, offer assistance programs with their own income and price limits. Availability changes; ask us what is open when you are ready.
The steps
- Get a quote, with no hard credit pull, to see a realistic price range and payment.
- Get pre-approved before you shop. Sellers in this market expect it.
- Find the home and make an offer with your pre-approval letter.
- Lock your rate, upload your documents once, and we take the file through underwriting with an update at every step.
- Close, usually 21 to 45 days after your offer is accepted.
Costs to plan for
Beyond the down payment, budget for closing costs, typically 2% to 3% of the price, plus the first year of insurance and a reserve for moving and repairs. Your Loan Estimate will list every cost before you commit. See the documents checklist to get a head start.