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First Time Home Buyer Loans, Programs & Down Payment Help
Compare first time home buyer loans and programs — 3% down Conventional, 3.5% down FHA, $0 down VA and USDA, plus Down Payment Assistance in the states we serve — with a real, step-by-step path from renter to keys, built by licensed loan officers.
First-time home buyers can purchase with as little as 3%–3.5% down through conventional (HomeReady/Home Possible) or FHA programs, and many qualify for down payment assistance that covers part or all of the upfront cash. Your credit score, income, and debt-to-income ratio determine which programs you qualify for — a pre-approval tells you your real budget before you shop.
- ✓You count as a first-time buyer under most programs if you have not owned a primary residence in the past 3 years — per HUD 24 CFR §92.2.
- ✓The typical first-time buyer put ~9% down in 2024 (NAR Profile of Home Buyers & Sellers) — not 20%. First-time buyers made up 24% of all buyers.
- ✓Conventional 3% down (HomeReady/Home Possible), FHA 3.5% down, VA $0 down, and USDA $0 down are the four core programs.
- ✓Down Payment Assistance (DPA) can stack on top and cover most of your cash-to-close — many first-time buyers close for $1,000–$5,000 out of pocket.
- ✓The 6–8 hour HUD-approved home-buyer education class is often required for DPA and can lower PMI on HomeReady/Home Possible.
- ✓PMI on conventional loans drops off automatically at 78% LTV (per HPA of 1998, 12 U.S.C. §4902); FHA MIP is life-of-loan unless you refinance.
What this means for you: The strongest first step is a real pre-approval, not an online estimate — a Simply Approved Mortgages Loan Officer can check your eligibility for low-down-payment and assistance programs in one review.
Written by
Simply Approved Mortgages Team
Licensed Loan Officers · NMLS# 2620881
Start your first-time buyer pre-qualification — under 2 minutes
Answer a few questions and a Simply Approved Mortgages Loan Officer will match you to FHA, Conventional 3% down, VA, USDA, and every DPA you qualify for. Not a quote, lock, offer, or commitment to lend.
What is a first-time home buyer?
Under HUD's definition at 24 CFR §92.2 — the same rule Fannie Mae, Freddie Mac, most state Housing Finance Agencies, and DPA programs adopt — you qualify as a first-time buyer if you have not owned a primary residence in the past three years. That is much broader than the phrase sounds. It also includes single parents who only ever owned a home with a former spouse, displaced homemakers, and buyers who only ever owned non-permanent structures (a mobile home not on a permanent foundation, for example). If you owned a rental property or a vacation home but no primary residence in the last 36 months, you are still a first-time buyer for underwriting purposes. Talk to a Simply Approved Mortgages Loan Officer if you are unsure how your situation is classified — the answer often unlocks programs borrowers assume they don't qualify for.
Am I financially ready to buy my first home?
The best time to become a homeowner is when your monthly numbers, not just your down payment savings, can support it. Before you shop, work through this readiness checklist:
- Is my job stable? Most conventional and FHA underwrites want a two-year employment history in the same field. Gaps are allowed, but a job you started last week without a signed offer letter often has to season.
- Is my monthly cash flow positive? After all bills — including a mock mortgage payment — you should still be saving. If you are barely covering rent today, a bigger PITI will not fix that.
- Do I have an emergency fund? Three months of total living expenses in cash after closing. The reserves you show for the loan do not count as your emergency fund.
- Is my high-interest debt manageable? Credit card balances above 30% of the limit crush your credit score and your DTI. Pay them below 10% before you apply if you can.
- Do I plan to stay for 5+ years? The classic rent-vs-buy breakeven sits around 5–7 years once you account for closing costs, maintenance, taxes, and selling commission. Shorter timelines usually favor renting.
- Am I buying the house I want, or the house I qualify for? Getting approved for $400,000 does not mean spending $400,000. Set a payment ceiling first, then reverse-engineer the price.
How much do I really need to buy my first home?
The four numbers that matter — down payment, closing costs, prepaid escrows, and reserves — add up to your "cash to close." Here is what a typical first-time buyer files look like:
| Loan program | Minimum down | Typical closing costs | Prepaids (escrow + interest) | DPA compatible? |
|---|---|---|---|---|
| FHA | 3.5% (580+ FICO) | 2–4% of price | 6–14 months tax & insurance | Yes |
| Conventional 3% (HomeReady / Home Possible) | 3% (620+ FICO) | 2–4% of price | 2–14 months tax & insurance | Yes |
| Conventional 5% | 5% (620+ FICO) | 2–4% of price | 2–14 months tax & insurance | Yes |
| VA | $0 down (veterans / active-duty) | 2–5% (VA funding fee included) | 2–14 months tax & insurance | Limited — some state DPAs |
| USDA | $0 down (rural, income cap) | 2–5% (USDA guarantee fee) | 2–14 months tax & insurance | Yes, on some state programs |
Sources: HUD Handbook 4000.1 (FHA); Fannie Mae Selling Guide B5-6 (HomeReady); Freddie Mac Home Possible Guide 4501.10; VA Lenders Handbook M26-7 Ch. 8; USDA HB-1-3555 Ch. 6.
What is Down Payment Assistance (DPA) — and how does it work?
DPA is a grant, forgivable second mortgage, or repayable second lien that covers part of your down payment and/or closing costs. Every U.S. state runs a DPA program through its Housing Finance Agency (HFA), and hundreds of counties and cities layer their own on top. There are three flavors:
- Grants (never repaid). Funds that are not repaid, often 2–5% of the purchase price. Usually the tightest income limits (often 80–120% of area median income).
- Forgivable second mortgages. A no-payment second lien that is forgiven over 5, 10, or 15 years as long as you keep the home as your primary residence.
- Repayable second mortgages. A real amortizing second loan, at either the same rate as the first or slightly higher. No income cap on most of these, which is why Simply Approved Mortgages' proprietary DPA falls in this bucket.
Most DPAs require a HUD-approved home-buyer education class, a minimum FICO (typically 620–640), and either first-time-buyer status or an income cap. Program stacking rules vary — a Simply Approved Mortgages Loan Officer will pull the DPA landscape for your county and show you the two or three that produce the lowest cash-to-close on your file. See our down payment assistance calculator for eligibility screening.
Which loan program should a first-time buyer pick?
FHA — the flexibility workhorse
3.5% down at 580+ FICO, or 10% down at 500–579 FICO (HUD Handbook 4000.1 II.A.1). FHA is the most forgiving core program: it accepts higher DTI (standard 43% back-end, stretching up to approximately 56.99% with strong compensating factors), allows non-occupant co-borrowers, permits manual underwrites for recent credit events, and is friendly with gift funds from family. The tradeoff: FHA charges an upfront 1.75% MIP financed into the loan and monthly MIP for the life of the loan (unless you put 10%+ down, in which case MIP drops off at year 11). Best for FICO 580–680, higher debt loads, or files that need a manual underwrite.
Conventional 3% down — HomeReady & Home Possible
Fannie Mae's HomeReady and Freddie Mac's Home Possible both allow 3% down at 620+ FICO, with an area-median-income cap (typically 80% AMI). PMI is lower than a standard conventional 3% loan, and PMI drops off automatically at 78% LTV per the Homeowners Protection Act (12 U.S.C. §4902). Best for FICO 700+ with moderate income who plan to stay in the home 7+ years — the shorter PMI lifespan meaningfully beats FHA over 10 years.
VA — the best mortgage in America if you qualify
If you've served in the U.S. armed forces, the VA loan gives you $0 down, no monthly mortgage insurance, competitive rates, and a lifetime benefit you can reuse. The one-time VA funding fee (2.15% for first-time use with $0 down, 1.25% with 5% down, 0% for a Purple Heart recipient or 10%+ service-connected disability) can be rolled into the loan. If you can qualify for a VA loan, you almost always should.
USDA — $0 down in rural and eligible suburban areas
USDA's Single Family Housing Guaranteed Loan Program (HB-1-3555) also allows $0 down for buyers in USDA-eligible geographies (which cover roughly 91% of U.S. land area — check the map) who earn under 115% of area median income. Slightly higher DTI flexibility than conventional, and the USDA guarantee fee is meaningfully lower than FHA MIP over the long run.
What credit score do first-time buyers actually need?
Program floors are minimums, not targets — pricing improves at every 20-point band. Here are the practical thresholds:
| Score band | What opens up |
|---|---|
| 500–579 | FHA only, with 10% down. Manual underwrite. Rate is materially higher. |
| 580–619 | FHA 3.5% down. VA and USDA at some lenders. No conventional yet. |
| 620–679 | All programs open (conventional 3% down, FHA, VA, USDA). PMI/MIP is still expensive. Many DPAs kick in at 640. |
| 680–719 | Conventional PMI pricing improves meaningfully. Meaningful rate improvement on all programs. |
| 720–759 | Near-best pricing. HomeReady/Home Possible really shine here. |
| 760+ | Best conventional pricing tier and lowest PMI. Almost always beats FHA at this score. |
Pull your report through MyITINCredit.com — $1 for 15 days with credit monitoring — before you apply. If you are below 620, a Simply Approved Mortgages Loan Officer will hand you a written 60–90 day plan to move up. A 30-point score bump on a $300,000 FHA loan can save you $60–$120/month for the life of the loan.
How do gift funds and family help work for first-time buyers?
All four core programs allow first-time buyers to receive gift funds toward down payment and closing costs — with rules:
- Who can give? A relative by blood, marriage, adoption, or legal guardianship. Fiancé(e)s and domestic partners qualify on most programs. FHA also allows a labor union or employer gift.
- How much? On conventional owner-occupied primary purchases with 20%+ combined down payment, the entire down payment can be gifted. Below that, the borrower typically must contribute 3–5% of their own funds — except on HomeReady, Home Possible, and FHA, which allow the full down payment to be a gift.
- What paperwork? A signed gift letter (relationship, amount, no repayment expected), a bank statement showing the donor had the funds, and evidence the gift was transferred to you (wire, check, or transfer).
- What is not allowed? A "gift" that is really a loan. Underwriters look for a paper trail — surprise deposits that cannot be sourced will be excluded from your available funds and can delay closing.
Can I use seller concessions or an IRA to help pay for my first home?
Both are legitimate tools first-time buyers often miss:
Seller concessions (interested-party contributions)
The seller agrees to credit part of your closing costs at settlement in exchange for the price you offered. Program caps:
- Conventional owner-occupied primary, LTV > 90%: up to 3% of price
- Conventional owner-occupied primary, LTV 75.01–90%: up to 6% of price
- FHA: up to 6% of price
- VA: up to 4% of the value for concessions (plus unlimited closing-cost credit for standard costs)
- USDA: up to 6% of price
In a soft market, asking for seller concessions is often more powerful than negotiating price — because you can use the credit toward a permanent rate buydown that saves you money every month for years, not once.
IRA and 401(k) first-time buyer withdrawals
The IRS allows a first-time buyer (defined by IRS §72(t)(2)(F) as no ownership of a primary residence in the past 2 years) to withdraw up to $10,000 from a traditional or Roth IRA penalty-free for a home purchase. Roth IRA contributions (not earnings) can be withdrawn at any time tax and penalty free. 401(k) rules are stricter — you generally cannot skip the 10% early-withdrawal penalty for a home purchase, but many 401(k) plans allow a loan against the balance up to $50,000 or 50% of vested balance, whichever is less. Consult a tax advisor before pulling retirement money — the long-term cost is often higher than a slightly bigger monthly payment.
What does the full first-time buyer process look like?
- Pull your credit. $1 for 15 days at MyITINCredit.com. Identify anything that can be corrected before applying.
- Get your documents ready. Two years of W-2s (or 1099/tax returns if self-employed), 30 days of pay stubs, 60 days of bank statements, ID, and Social Security number.
- Start My Approval. Apply now through our secure lead form — a Simply Approved Mortgages Loan Officer runs an automated underwrite (Fannie Mae DU or Freddie LP), stress-tests your DTI, and issues a real pre-approval letter — not a "pre-qualification" opinion.
- Take the home-buyer education class. HUD-approved, 6–8 hours, ~$75 — unlocks DPA and lowers PMI on many programs.
- Shop with an agent (preferably a buyer's agent). Interview two or three. Under the 2024 NAR settlement, buyer-broker fees are now openly negotiated — ask upfront.
- Make offers with confidence. Your pre-approval letter re-issues instantly at your exact offer amount so listing agents take it seriously.
- Inspection, appraisal, underwriting. The inspection is optional-but-highly-recommended. The appraisal is ordered by the lender. Underwriting typically takes 10–20 business days.
- Close and get the keys. Simply Approved Mortgages closes most first-time buyer loans in 21–28 days from a fully executed purchase contract.
What are the most common first-time buyer mistakes?
- Shopping for a house before shopping for a lender. You waste emotional energy on homes you cannot afford and lose leverage on the ones you can.
- Applying for new credit during the process. Do not open a store card, finance furniture, or trade in a car between pre-approval and closing. Lenders re-pull credit before funding.
- Depleting your down payment savings. Underwriters want reserves after closing, not just enough to close.
- Skipping the education class. On many DPAs and HomeReady/Home Possible, that class quietly saves you thousands.
- Comparing rate but not APR or total closing costs. A "great rate" quote with $8,000 in fees is often worse than a rate 0.125% higher with $2,500 in fees. Read the Loan Estimate.
- Under-insuring the home to lower payment. A cheap homeowners policy with a $10,000 wind or hurricane deductible can wipe out five years of "savings" in one storm.
- Waiving inspection to win a bidding war. If you must, at least keep an information-only inspection so you know what you are buying.
PMI, MIP, and how mortgage insurance really works
Any first-time buyer putting less than 20% down pays some form of mortgage insurance. It protects the lender, not you — but it is the price of not waiting five more years to save 20%.
- Conventional PMI (private). Monthly cost is priced off FICO and LTV. Drops off automatically at 78% LTV (Homeowners Protection Act 12 U.S.C. §4902), and you can request removal at 80% LTV with a broker price opinion or appraisal.
- FHA MIP. 1.75% upfront (financed) plus monthly MIP that stays for the life of the loan when you put less than 10% down. The way out is to refinance to conventional once you cross 80% LTV.
- VA funding fee. One-time, no monthly mortgage insurance. Waived for veterans with a 10%+ service-connected disability rating.
- USDA guarantee fee. 1.0% upfront (financed) plus a 0.35% annual fee — meaningfully cheaper than FHA MIP over 30 years.
Rates, timing, and the "should I wait" question
The Freddie Mac Primary Mortgage Market Survey® tracks the national average 30-year fixed rate. As of November 2026, PMMS averages are running in the mid-to-upper 6% range — well above the 2020–2021 lows near 3%, but still below the 30-year historical average of ~7.7% (Federal Reserve H.15 series). The three things first-time buyers get wrong about rates:
- You can refinance a rate. You cannot refinance a price. If you can afford the payment today, buying and refinancing later is usually better than waiting and paying a higher price with a lower rate.
- Waiting for 3% may mean waiting a decade. The 2020–2021 rate environment required an unprecedented Fed response to a pandemic. Base your decision on "can I afford this payment for 5+ years", not "will rates fall".
- Buydowns are underused. A seller-paid 2-1 or 3-2-1 temporary buydown can cut your effective rate 2–3% for the first two or three years while you settle in.
Rates and payment examples on this page are illustrative — not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate. Individual results vary.
Simply Approved Mortgages LLC and our own DPA program
Beyond the state and federal DPAs we broker, we also offer a proprietary Simply Approved Mortgages DPA for FHA purchase borrowers: a repayable 10-year fixed second mortgage covering 3.5% or 5% of the lesser of the purchase price or appraised value. Unlike most state programs, it has no income cap and no first-time-buyer requirement, and it accepts a 600 minimum FICO. The second lien amortizes over 10 years at 2% above the first-mortgage rate. It is a real loan, not a grant — but for borrowers who don't fit the tight income limits on state programs, it can be the difference between buying now and waiting two more years to save. A Simply Approved Mortgages Loan Officer will show you both options side-by-side so you can pick whichever produces the lower 5-year total cost.
Simply Approved Mortgages LLC (NMLS# 2620881) is not affiliated with HUD, FHA, VA, USDA, Fannie Mae, or Freddie Mac. All program guidelines subject to change and to individual lender/investor overlays.
Qualifications & requirements
First-time home buyer qualifications: what you actually need to qualify
| Requirement | Typical standard | Notes |
|---|---|---|
| Minimum credit score | 500 (FHA 10% down) / 580 (FHA 3.5% down) / 620 (conventional) | VA and USDA have no formal floor but most lenders overlay 580–640. Best pricing at 720+. |
| Minimum down payment | $0 (VA / USDA) · 3% (Conventional) · 3.5% (FHA) | DPA can cover most or all of the down payment on FHA and conventional 3% programs. |
| Debt-to-income (DTI) | 45% standard conventional / 43% standard FHA | DU/LP automated approvals can extend DTI further to ~50% conventional or ~56.99% FHA with strong compensating factors. |
| Employment history | 2 years in the same field (typical) | Recent graduates can use school as employment history under HUD 4000.1 II.A.4.c. |
| Income verification | W-2s, pay stubs, tax returns | Bank-statement and 1099 programs available for self-employed first-time buyers. |
| Reserves after closing | 0–2 months typical | HomeReady, Home Possible, FHA, VA, and USDA often waive reserves at owner-occupied primary purchase. |
| Occupancy | Owner-occupied primary residence | You must move in within 60 days of closing under all first-time-buyer programs. |
| Home-buyer education | Required on many DPAs and HomeReady/Home Possible | HUD-approved 6–8 hour class, ~$75 online. Often unlocks better pricing. |
Sources: HUD Handbook 4000.1 (FHA); Fannie Mae Selling Guide B5-6 (HomeReady); Freddie Mac Home Possible Guide 4501.10; VA Lenders Handbook M26-7; USDA HB-1-3555; HUD 24 CFR §92.2 (first-time buyer definition). Guidelines subject to change.
What first-time buyer financing actually lets you do
Buy a starter single-family, townhome, or condo as your first primary residence with as little as 3% down (or $0 down on VA/USDA).
Stack Down Payment Assistance from your state HFA, local municipality, or our proprietary Simply Approved DPA to reduce cash-to-close to $1,000–$5,000.
Use gift funds from a parent, grandparent, or fiancé(e) for the entire down payment on HomeReady, Home Possible, or FHA.
Negotiate seller concessions to fund closing costs and a permanent rate buydown so your monthly payment drops for the life of the loan.
Withdraw up to $10,000 from an IRA penalty-free (IRS §72(t)(2)(F)) toward your first home purchase.
Purchase a 2–4 unit property FHA-style (owner-occupy one unit, rent the others) — the "house hack" first-time buyer path to real estate investing.
Refinance out of FHA MIP into conventional once your loan-to-value crosses 80% to permanently lower your payment.
First-time buyer programs — honest pros & cons
Pros — First-time buyer programs
- +Lowest cash-to-close options in the mortgage market — DPA + 3% conventional or 3.5% FHA together often mean $1K–$5K out of pocket.
- +Guideline flexibility built for real first-time buyer files: gift funds, student-loan payment calculations, non-traditional credit, and manual underwrites.
- +HomeReady and Home Possible reduce PMI meaningfully at moderate incomes — a rare "cheaper because you earn less" moment in finance.
- +Home-buyer education class arms you with knowledge that materially reduces closing surprises.
- +PMI on conventional loans drops off automatically at 78% LTV — you don't need to refinance to escape it.
- +$10,000 penalty-free IRA withdrawal available under IRS §72(t)(2)(F) for a true first-time buyer.
Cons / watch-outs — First-time buyer programs
- −FHA MIP is life-of-loan when you put less than 10% down — you need to refinance to escape it.
- −Many DPAs have income caps, first-time-buyer requirements, and asset limits that disqualify higher-income borrowers.
- −Home-buyer education class costs ~$75 and takes 6–8 hours — non-negotiable on most DPA programs.
- −Low-down-payment loans amortize slowly in the early years — expect to owe roughly what you owe today three years from now.
- −Buying too much house is easy when the down payment is small — the payment ceiling is the real constraint, not the pre-approval maximum.
- −Property taxes, homeowners insurance, HOA dues, and maintenance are on top of principal and interest. Budget 1–2% of home value per year for maintenance alone.
Compare loan officer compensation on your mortgage quote
Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.
Compensation difference on this illustration: $3,750.
How lower compensation can help you
When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.
Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.
A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.
As a mortgage broker we compare pricing from wholesale lenders instead of offering a single bank’s retail pricing.
Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.
Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.
Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
DPA Program Finder
Down payment assistance program finder
Search every DPA program in our registry by state, keyword, sponsor, or first-mortgage program — plus our Simply Approved Mortgages in-house DPA where available. Educational only; every card links to the administering agency. Not an offer of credit.
63 programs found
Simply Approved Mortgages In-House DPA
Up to 5% of the lesser of purchase price or appraised value, structured as a repayable 10-year fixed second mortgage on a qualifying primary residence. Layers with FHA 203(b) or FHA 203(k) purchase first mortgages only. The second lien is priced at the first-mortgage rate + 2.00% and is fully amortizing — not a grant and not forgivable. Layered DPA affects final rate and MI; your Simply Approved Mortgages Loan Officer will show a side-by-side comparison before you commit.
Program terms subject to lender overlays, investor guidelines, and property eligibility. Not available in NY, WA, the U.S. Virgin Islands, Guam, the Northern Mariana Islands, or American Samoa. Not a commitment to lend.
CHFA FirstStep
Colorado Housing and Finance Authority first-time buyer program with a 30-year fixed FHA mortgage. Pairs with CHFA DPA Grant (up to 3% of first-mortgage amount) or CHFA Second Mortgage Loan (up to 4% of first-mortgage amount, 0% deferred). Income and purchase-price limits vary by county.
CHFA Preferred (Conventional)
CHFA's HFA Preferred conventional (Fannie Mae) product with reduced MI and CHFA DPA Grant or Second Mortgage Loan of up to 3–4% of the first mortgage. Available to first-time and non-first-time buyers subject to CHFA income limits.
metroDPA (Denver-area)
City and County of Denver's metroDPA offers a forgivable grant of up to 5% of the loan amount for buyers of primary residences in the Denver-metro region. Layers with FHA, VA, USDA, or Conventional first mortgages. Income limits apply.
City of Colorado Springs LASSO / HBA
Colorado Springs Homebuyer Assistance provides a 0% deferred-payment second mortgage of up to $25,000 for qualified low- to moderate-income first-time buyers purchasing inside city limits. Repaid at sale or refinance.
Florida Hometown Heroes
Florida Housing program for eligible frontline workers (educators, first responders, healthcare, active military, and other qualifying professions) offering up to 5% of the first-mortgage amount, capped at $35,000, as a 0%, non-amortizing second mortgage. First-time buyer required and buyer must be employed full-time by a Florida-based employer.
Florida Assist Second Mortgage (FL Assist)
Florida Housing FL Assist offers up to $10,000 as a 0%, non-amortizing, deferred second mortgage that becomes due upon sale, refinance, transfer, or when the first mortgage is satisfied. Pairs with FL Housing first-mortgage programs (FHA, VA, USDA, Conventional).
Homebuyer Loan Program (HLP) — Florida
Florida Housing HLP provides up to $10,000 at 3% interest as a fully amortizing 15-year second mortgage layered with a Florida Housing first mortgage. First-time buyer requirement and monthly payment underwritten in DTI.
Miami-Dade County Infill Housing / DPA
Miami-Dade County Public Housing and Community Development offers deferred second-mortgage DPA up to $28,500 for income-qualified first-time buyers purchasing inside county limits. Loan is forgiven proportionally over 30 years of continuous owner-occupancy.
Orange County (Orlando) Down Payment Assistance
Orange County Housing & Community Development offers up to $60,000 for income-qualified buyers of homes inside Orange County (excludes Orlando city limits which have their own program). Provided as a 0%, deferred, forgivable second mortgage.
City of Jacksonville Head Start to Homeownership (HAP)
The City of Jacksonville Head Start to Homeownership Program provides up to $10,000 as a 0% forgivable second mortgage over 10 years for first-time buyers purchasing inside Duval County limits.
FHLBank Atlanta Homeownership Set-Aside (AHP)
Affordable Housing Program set-aside funds for income-eligible Florida buyers, available only through lenders that are FHLBank Atlanta members. Funds may be structured as a grant or as secondary financing layered with an FHA first mortgage; household income generally must be at or below 80% of area median income, and each year’s funding allocation is limited. Grant structures use a recorded retention agreement (a deed restriction, not a lien); lien structures are underwritten as second mortgages.
Grant OR second lien — FHLBank Atlanta and the member lender that holds the allocation set the structure. Per HUD Handbook 4000.1 (Update 18), either structure is acceptable with FHA financing; if the funds create a lien they are treated as secondary financing, not a gift — even if no payments are required or the balance is forgiven over time.
Set-aside funds are available only through FHLBank Atlanta member institutions, and annual allocations are limited. Simply Approved Mortgages LLC is not an FHLBank member and does not administer these funds — this entry is educational so you can compare it against options we offer. Not affiliated with the FHLBank system, FHFA, or HUD.
FHLBank Topeka Homeownership Set-Aside (AHP)
Affordable Housing Program set-aside funds for income-eligible Colorado buyers, available only through lenders that are FHLBank Topeka members. Funds may be structured as a grant or as secondary financing layered with an FHA first mortgage; household income generally must be at or below 80% of area median income, and each year’s funding allocation is limited. Grant structures use a recorded retention agreement (a deed restriction, not a lien); lien structures are underwritten as second mortgages.
Grant OR second lien — FHLBank Topeka and the member lender that holds the allocation set the structure. Per HUD Handbook 4000.1 (Update 18), either structure is acceptable with FHA financing; if the funds create a lien they are treated as secondary financing, not a gift — even if no payments are required or the balance is forgiven over time.
Set-aside funds are available only through FHLBank Topeka member institutions, and annual allocations are limited. Simply Approved Mortgages LLC is not an FHLBank member and does not administer these funds — this entry is educational so you can compare it against options we offer. Not affiliated with the FHLBank system, FHFA, or HUD.
Mortgage Credit Certificate (MCC)
IRS Mortgage Credit Certificate program administered by state and local HFAs. Converts up to 20–30% of your annual mortgage interest into a dollar-for-dollar federal income tax credit for the life of the loan. Not DPA cash — a lifetime tax benefit. Must be a first-time buyer (or in a targeted area) and stay in the home as your primary residence.
Alabama Housing Finance Authority — Step Up
AHFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in AL. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the AHFA site before you rely on them.
Alaska Housing Finance Corporation — First Home Limited
AHFC pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in AK. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the AHFC site before you rely on them.
Arizona IDA — Home Plus
AZIDA · Home Plus pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in AZ. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the AZIDA · Home Plus site before you rely on them.
ADFA Move-Up + Down Payment Assistance
ADFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in AR. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the ADFA site before you rely on them.
CalHFA MyHome Assistance / Dream For All
CalHFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in CA. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the CalHFA site before you rely on them.
Connecticut Housing Finance Authority (CHFA) DAP
CHFA CT pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in CT. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the CHFA CT site before you rely on them.
Delaware State Housing Authority — Welcome Home
DSHA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in DE. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the DSHA site before you rely on them.
DC Home Purchase Assistance Program (HPAP)
DC DHCD · HPAP pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in DC. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the DC DHCD · HPAP site before you rely on them.
Georgia Dream Homeownership Program
Georgia Dream pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in GA. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the Georgia Dream site before you rely on them.
Hawaii HHFDC Mortgage Credit Certificate
HHFDC pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in HI. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the HHFDC site before you rely on them.
Idaho Housing (IHFA) — Second Mortgage / Grant
IHFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in ID. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the IHFA site before you rely on them.
IHDA Access Forgivable / Deferred / Repayable
IHDA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in IL. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the IHDA site before you rely on them.
IHCDA Next Home / First Place
IHCDA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in IN. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the IHCDA site before you rely on them.
Iowa Finance Authority FirstHome + Grant
IFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in IA. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the IFA site before you rely on them.
Kansas Housing Resources Corp First Time Homebuyer
KHRC pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in KS. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the KHRC site before you rely on them.
Kentucky Housing Corporation Regular DAP / Affordable DAP
KHC pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in KY. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the KHC site before you rely on them.
Louisiana Housing Corporation — MRB / Market Rate GNMA
LHC pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in LA. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the LHC site before you rely on them.
MaineHousing First Home Loan + Advantage
MaineHousing pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in ME. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the MaineHousing site before you rely on them.
Maryland Mortgage Program (MMP) — Flex 5000 / Partner Match
MMP pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in MD. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the MMP site before you rely on them.
MassHousing DPA up to $30,000
MassHousing pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in MA. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the MassHousing site before you rely on them.
MSHDA MI Home Loan + DPA
MSHDA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in MI. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the MSHDA site before you rely on them.
Minnesota Housing Start Up / Step Up + Monthly Payment Loan
Minnesota Housing pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in MN. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the Minnesota Housing site before you rely on them.
Mississippi Home Corporation — Smart6 / Smart Solution
MS Home Corp pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in MS. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the MS Home Corp site before you rely on them.
MHDC First Place / Next Step
MHDC pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in MO. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the MHDC site before you rely on them.
Montana Housing Regular Bond + DPA
Montana Housing pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in MT. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the Montana Housing site before you rely on them.
NIFA Homebuyer Assistance (HBA)
NIFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in NE. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the NIFA site before you rely on them.
New Hampshire Housing Home Flex Plus
NH Housing pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in NH. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the NH Housing site before you rely on them.
NJHMFA First-Time Homebuyer + DPA ($15,000)
NJHMFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in NJ. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the NJHMFA site before you rely on them.
MFA Housing NM FirstHome + FirstDown
MFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in NM. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the MFA site before you rely on them.
SONYMA Achieving the Dream / Low Interest Rate + DPAL
SONYMA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in NY. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the SONYMA site before you rely on them.
NCHFA NC Home Advantage / NC 1st Home Advantage DPA
NCHFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in NC. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the NCHFA site before you rely on them.
North Dakota Housing Finance Agency FirstHome
NDHFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in ND. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the NDHFA site before you rely on them.
OHFA Your Choice! Down Payment Assistance
OHFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in OH. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the OHFA site before you rely on them.
Oklahoma Housing Finance Agency (OHFA) Homebuyer Down Payment
OHFA OK pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in OK. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the OHFA OK site before you rely on them.
Oregon Housing & Community Services — Oregon Bond RateAdvantage
OHCS pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in OR. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the OHCS site before you rely on them.
PHFA Keystone Home Loan + Keystone Advantage Assistance
PHFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in PA. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the PHFA site before you rely on them.
RIHousing FirstHomes / Extra Assistance
RIHousing pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in RI. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the RIHousing site before you rely on them.
SC Housing Homebuyer + Palmetto Home Advantage
SC Housing pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in SC. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the SC Housing site before you rely on them.
SD Housing First-Time Homebuyer + Fixed Rate Plus
SD Housing pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in SD. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the SD Housing site before you rely on them.
THDA Great Choice + Great Choice Plus DPA
THDA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in TN. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the THDA site before you rely on them.
TSAHC Home Sweet Texas / Homes for Texas Heroes
TSAHC pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in TX. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the TSAHC site before you rely on them.
TDHCA My First Texas Home / My Choice Texas Home
TDHCA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in TX. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the TDHCA site before you rely on them.
Utah Housing Corporation FirstHome + Score / Home Again
Utah Housing pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in UT. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the Utah Housing site before you rely on them.
VHFA MOVE Program + ASSIST
VHFA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in VT. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the VHFA site before you rely on them.
Virginia Housing DPA Grant + Closing Cost Assistance
Virginia Housing pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in VA. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the Virginia Housing site before you rely on them.
WSHFC Home Advantage + Opportunity DPA
WSHFC pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in WA. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the WSHFC site before you rely on them.
WVHDF Homeownership Program + Movin' Up
WVHDF pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in WV. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the WVHDF site before you rely on them.
WHEDA Advantage + Easy Close DPA
WHEDA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in WI. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the WHEDA site before you rely on them.
Wyoming Community Development Authority Standard + HFA Preferred
WCDA pairs its own first mortgage with down-payment and closing-cost assistance for eligible primary-residence buyers in WY. Depending on the loan option you choose, the assistance is structured as a grant, a forgivable second lien, or a 0% deferred second. Income, purchase-price, and credit limits vary by county and by program tier, so confirm current terms on the WCDA site before you rely on them.
Educational tool only. Program terms, income caps, funding availability, and eligible property types change frequently and vary by county. This list is not exhaustive — many counties, cities, employers, and non-profits offer additional DPA. Simply Approved Mortgages LLC (NMLS# 2620881) is not affiliated with, endorsed by, or sponsored by HUD, FHA, VA, USDA, or any state Housing Finance Agency. Verify all program details directly with the administering agency before you apply. Not a quote, lock, offer, or commitment to lend.
Next steps
Emailing your Down payment assistance finder scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.
Worked example
How a real first-time buyer file closes — a full example
A single 27-year-old renter in Ohio with a 705 FICO, $68,000 income, $6,500 in savings, and a $250 monthly car payment wants to buy a $235,000 townhome.
Inputs
- Purchase price
- $235,000
- Loan program
- Conventional HomeReady 3% down
- Down payment (3%)
- $7,050
- DPA — state HFA forgivable second
- $4,700 (2% of price)
- Seller concession
- $4,500 toward closing
- Illustrative rate (30-yr fixed)
- 6.875%
- FICO
- 705
Calculation
- 1Loan amount (first mortgage)≈ $227,950
- 2Principal & interest (30-yr @ 6.875%)≈ $1,497/mo
- 3Property taxes (est. 1.4%/yr)≈ $274/mo
- 4Homeowners insurance (est.)≈ $90/mo
- 5HomeReady PMI (est.)≈ $85/mo
- 6Total PITI≈ $1,946/mo
- 7DTI check (existing $250 auto + $1,946 PITI ÷ $5,667 gross)≈ 39% — within HomeReady guidelines
- 8Estimated cash to close (down + closing − DPA − seller credit)≈ $2,000
Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate.
First-Time Home Buyer Payment Calculator
Estimate a full PITI payment on your First-Time Home Buyer with a plain-English breakdown of principal & interest, property taxes, homeowner's insurance, and HOA — plus a loan amortization summary. Illustrative only; your Loan Estimate will show the binding figures.
Monthly payment breakdown
Loan amortization summary (30-year term)
Assumes a fixed-rate 30-year loan held to maturity with no prepayments. Actual amortization varies with extra principal payments, escrow adjustments, PMI/MIP, and any rate resets on an ARM.
Use my estimate — see today's rates
We'll pre-fill your calculator numbers into the quote form below. A Simply Approved Mortgages Loan Officer will personally connect with you to walk through your scenario.
Pre-approval is a soft check with no SSN and no hard credit pull. Not a loan approval or commitment to lend — binding figures appear on your federally required Loan Estimate.
Turn these numbers into a real pre-approval
Continue on our secure application page. Your Simply Approved Mortgages Loan Officer will review your numbers and follow up within one business day.
No obligation. Soft-pull options may be available.*
First-time buyer tool
PMI vs FHA MIP calculator
Put in a home price, down payment, and credit tier. See how conventional PMI and FHA mortgage insurance change your monthly payment — and how much extra cash you would need to put 20% down and skip insurance entirely.
Your scenario
20% down
No PMI / MIPNo mortgage insurance required. Lowest monthly payment, but highest cash at closing.
Conventional 10% down
PMIPMI auto-drops at 78% LTV per the Homeowners Protection Act. PMI rate estimate: 0.35% annually.
FHA 10% down
MIPIncludes 1.75% UFMIP financed. Annual MIP 0.50% — stays for life of loan when original LTV > 90%.
Figures are illustrative only — not a quote, lock, offer, or commitment to lend. Conventional PMI rates vary by mortgage insurer, credit score, and LTV. FHA Annual MIP rates; UFMIP is 1.75% of the base loan amount and is typically financed. Binding figures appear on your Loan Estimate after a complete application. Simply Approved Mortgages LLC, NMLS# 2620881. Equal Housing Opportunity.
Next steps
Emailing your PMI vs FHA MIP calculator scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.
Today's rates
Live ratesLive pricing. Rates are retrieved from our pricing provider when you run a scenario.Real rates — your scenario, not a guess
Today's rate options below refresh twice each business day from our wholesale pricing engine; run your own scenario in the pricing tool. National survey averages below give you market context — they're not Simply Approved's pricing.
Our live pricing engine
See your real rate — for your scenario, in our pricing tool
Pull live, scenario-specific pricing from our wholesale pricing engine. Your binding rate and APR are confirmed on your Loan Estimate after a quick file review.
See My Live Rate →Pricing snapshot
Live ratesLive pricing. Rates are retrieved from our pricing provider when you run a scenario.Today's Mortgage Rate Options at a Glance
Four real options from today's wholesale pricing for one documented sample scenario per program — no form needed. Updated twice each business day, about 10 AM and 2 PM Eastern. Your own rate depends on your credit, down payment, property, state and lock date.
National market context
Freddie Mac PMMS — weekly U.S. averages
Loading latest PMMS averages…
PMMS figures shown above are Freddie Mac's national survey averages, published weekly by Freddie Mac (PMMS_history.csv) — they are not Simply Approved Mortgages' rates, not a quote, not a lock, and not an offer or commitment to lend. Your actual rate, APR, and payment depend on credit profile, loan program, occupancy, LTV, DTI, property type, lock period, and current market pricing at the time of lock. Your binding figures appear on your Loan Estimate. Simply Approved Mortgages LLC · NMLS# 2620881 · Equal Housing Opportunity.
Six things every first-time buyer should know
The 3-year rule
You qualify as a first-time buyer if you have not owned a primary residence in the past 3 years (HUD 24 CFR §92.2).
3% or 3.5% down is normal
Median first-time buyer down payment was 9% in 2024 per NAR — not 20%. Programs are built for smaller down payments.
DPA is real money
Every state runs a DPA program; hundreds of cities and counties add their own. Many stack.
Education class pays for itself
Required for most DPAs and lowers PMI on HomeReady/Home Possible. ~$75, 6–8 hours online.
Gift funds are welcome
FHA, HomeReady, and Home Possible allow 100% gift funds for down payment from a relative.
Watch out for FHA MIP
FHA monthly insurance is life-of-loan under 10% down. Compare to conventional 3% for long-term cost.
Document Checklist for First-Time Home Buyer
Gathering these documents up front helps your Simply Approved Mortgages Loan Officer issue a stronger pre-approval and move First-Time Home Buyer to Clear-to-Close faster. Actual items required vary by scenario — your loan officer will confirm the final list.
Only the income documents that apply to you are shown. Switch tabs if you have multiple income sources — your loan officer will confirm which apply.
W-2 / Employed Income
- ✓Most recent 30 days of paystubs (all borrowers, all jobs)
- ✓W-2s for the last 2 years (all employers)
- ✓Two-year employment history with employer names, addresses, and dates
- ✓Verification of Employment — written (WVOE) or electronic (EVOE through a third-party payroll service); your loan officer orders it with your signed authorization
- ✓Employment reverification within 10 days before closing — verbal or electronic, required on every file
- ✓Bonus / commission / overtime: 2-year history if used to qualify
- ✓Recent job change: offer letter and first paystub after start date
- ✓Retirees / fixed income: Social Security award letter, pension statements, 1099-R
Assets & Reserves
- ✓Most recent 2 months of bank statements (all pages)
- ✓Most recent quarterly statement for retirement / brokerage / 401(k)
- ✓Gift funds: signed gift letter + donor bank statement + transfer proof
- ✓Large deposit letters of explanation with source documentation
Identity & Residency
- ✓Government-issued photo ID (driver's license or passport)
- ✓Social Security card or ITIN letter
- ✓Two years of residency history with addresses
Credit & Liabilities
- ✓Written credit report authorization
- ✓Letter of explanation for any late payments, collections, or inquiries
- ✓Bankruptcy discharge papers or foreclosure documentation (if applicable)
- ✓Child support / alimony order (if paying or receiving)
- ✓Divorce decree / separation agreement (only if applicable)
Property & Purchase
- ✓Fully executed purchase contract with all addenda
- ✓Earnest money deposit receipt + source of funds
- ✓Homeowners insurance quote (binder before closing)
- ✓HOA / condo questionnaire and dues statement (if applicable)
FHA-Specific Documentation
- ✓FHA case number assignment (ordered by your loan officer)
- ✓CAIVRS clearance authorization
- ✓For DPA: down payment assistance program application + subordination docs
- ✓For non-occupying co-borrower: proof of relationship
- ✓For manufactured home: HUD tags, foundation certification, land title
Educational checklist only. Not a commitment to lend and not a complete list of conditions. Documentation requirements are governed by agency guidelines (Fannie Mae Selling Guide, FHA Handbook 4000.1 incl. Update 18 (August 12, 2026), VA Lender's Handbook, USDA HB-1-3555) and individual investor overlays. Your Simply Approved Mortgages Loan Officer will provide your specific document list based on your scenario.
Credit Reports and Credit Monitoring for First-Time Home Buyer
Credit is one of the four underwriting buckets every lender reviews — and one of the few you can actively improve before you apply. Monitoring your credit throughout the process helps you catch errors, fraud, and score changes early, which protects your approval timeline and your rate.
Ordering Credit for Your Pre-Approval File
Once you sign your loan application (Form 1003) and disclosures, your Simply Approved Mortgages Loan Officer orders a tri-merge residential mortgage credit report (RMCR) from Equifax, Experian, and TransUnion. This is a hard inquiry, but FICO's model treats mortgage inquiries within a 45-day window as a single event, so shopping lenders during that window will not stack on your score.
- What we need from you: signed borrower authorization, government-issued photo ID, Social Security number (or ITIN), and current address.
- What the report shows underwriters: middle FICO score, open tradelines, minimum payments, late history, collections, public records, and recent inquiries.
- How long it's valid: 120 days for conventional loans and for FHA/VA/USDA (HUD guidelines, VA Lender's Handbook Ch. 4). Older reports must be re-pulled before closing.
- Rapid rescore: if a legitimate error is on your report, we can request a rapid rescore in 3–7 business days after you supply documentation from the creditor.
This link redirects to our third-party credit vendor's payment portal. You pay the report fee directly so we can pull your tri-merge credit report for your pre-approval file. A credit pull is required for underwriting; this is not a commitment to lend.
Review and Monitor Your Credit at MyITINCredit.com
Before we pull your file, review and monitor your credit at MyITINCredit.com. Their $1 promotional trial gives you tri-bureau visibility plus ongoing credit monitoring so you can catch changes, disputes, or new accounts as they appear — not after they've already delayed your loan.
- Verify accuracy: confirm names, addresses, SSN/ITIN, and every open account belong to you.
- Dispute errors: the Fair Credit Reporting Act gives you the right to dispute inaccurate items directly with the bureau — no charge.
- Address collections and charge-offs: a settled or paid collection can be documented in advance so it does not stall underwriting.
- Pay down utilization: credit-card balances reported below 30% of the limit typically produce the strongest scores.
- Avoid new credit: do not open new cards, finance a car, or co-sign for anyone from now through closing.
- Monitor continuously: credit monitoring alerts you to new inquiries, balance changes, and potential identity theft while your loan is in process.
MyITINCredit.com is a service operated by Simply Approved Corporation (a DBA of that entity), which is the parent company of Simply Approved Mortgages LLC. Simply Approved Mortgages may receive subscription revenue if you choose to enroll. Credit monitoring through MyITINCredit.com is optional and is not required to apply for or obtain a mortgage with us. Promotional pricing, trial terms, and monitoring features are set by MyITINCredit.com and subject to change.
Why credit monitoring matters during a mortgage — A single new collection, missed payment, or unauthorized inquiry can change your qualifying score or trigger additional underwriting conditions. Typical minimum scores* — Conventional 620, FHA 580 (3.5% down) or 500 (10% down), VA no HUD minimum (most lenders 580–620), USDA typically 640, Jumbo 680–740, Doctor Mortgage 680–700+, Non-QM/DSCR varies by program, ITIN 620–680 alternative credit. Investor and lender overlays apply; individual results vary. Not a commitment to lend.
First-time home buyer FAQs — the questions buyers actually ask
Answers to the most common first-time home buyer — the questions buyers actually ask questions, written by licensed loan officers.
Trusted government resources
These independent government resources can help you research mortgage programs, rates, and your rights before you apply.
CFPB
CFPB — Owning a Home: buying process, forms & shopping tools
HUD
HUD — Buying a Home (state resources, HUD-approved counseling)
IRS
IRS — Publication 530 (Tax Information for Homeowners)
Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.
Explore the full guide
Keep reading — the rest of the buying playbook
Each of these is a deep-dive on one piece of the purchase mortgage process. Bookmark whichever you need next.
Guide
Start My Approval
Two-minute stepper that adapts to your program.
Read the guide →Guide
Down payment assistance
DPA eligibility screener plus our proprietary FHA DPA.
Read the guide →Guide
FHA loans
3.5% down, 580 FICO — the first-time buyer workhorse.
Read the guide →Guide
Conventional loans
HomeReady & Home Possible 3% down programs.
Read the guide →Guide
VA loans
$0 down for veterans, active-duty, and eligible surviving spouses.
Read the guide →Guide
USDA loans
$0 down in rural and eligible suburban areas.
Read the guide →Guide
Affordability calculator
See what payment fits your income before you shop.
Read the guide →Guide
Document checklist
Everything you'll need to apply.
Read the guide →Simplify Your Mortgage Journey with These Resources
Talk To A Loan Officer
A Simply Approved Mortgages Loan Officer will personally connect with you to walk through your options.
Mortgage insights & guides
Plain-language articles to help you understand the home loan process, save on closing costs, and make confident decisions.
7 things every first-time homebuyer should know before applying
From credit prep to down payment assistance, here’s how to walk into your first mortgage application with confidence.
Using your VA loan benefit: a step-by-step guide
Eligibility, the Certificate of Eligibility, funding fees, and how to maximize zero-down purchasing power.
Where your closing costs actually go (and where you can save)
A line-by-line breakdown of the Loan Estimate and the fees that are negotiable versus fixed.
Start My Approval
Complete this short request and a Simply Approved Mortgages Loan Officer will personally review your scenario. The form only asks what your program actually needs. Submitting it is not an application for credit and is not a commitment to lend.
What are you looking to do?
Pick one — the form adapts.Pick a loan type
Programs for buying a home.Conventional loan — 3–20% down · 620+ FICO
Tell us about your scenario
The form below is tailored to Conventional loan — only the questions and documents your program needs.
Simply Approved Mortgages LLC is licensed to arrange residential mortgage loans in Florida and Colorado only. We ask first so we never collect a mortgage inquiry we are not licensed to act on.
Purchase price and down payment help us size the conforming loan.
A range is enough here — no credit report is pulled and your credit is not affected.
Illustrative estimate only — not a quote, rate lock, offer of credit, or commitment to lend.
Submitting this form is not an application for credit and is not a commitment to lend. No credit report is pulled at this step.
Equal Housing OpportunityMortgage Broker — Not a LenderNMLS ID# 2620881NMLS Consumer AccessFlorida Mortgage Broker License #MBR7685Colorado Mortgage Company RegistrationLicensing & Disclosures
Simply Approved Mortgages LLC | NMLS #2620881
Florida Branch Office (Miami, FL) | Branch NMLS #2688012
Florida Mortgage Broker License #MBR7685 | Colorado Mortgage Company Registration
Business Phone: (877) 813-7219
Equal Housing Opportunity
Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party wholesale lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado. Business-purpose mortgage products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
Credit and program terms. All loans are subject to lender credit approval, underwriting, acceptable appraisal or valuation when required, title review, insurance, and supporting documentation. Eligibility, programs, rates, APRs, points, lender credits, fees, payments, terms, loan amounts, down-payment requirements, mortgage insurance, and availability may vary based on borrower, property, occupancy, credit profile, loan-to-value ratio, debt-to-income ratio, lender, loan program, and state and may change without notice. Not all applicants, properties, products, or programs will qualify or be available in every state. Nothing on this site constitutes a loan approval, rate lock, offer, commitment to lend, guarantee of approval, or guarantee of terms or closing.
Rates, payments and calculators. Rates, APRs, payments, down payments, loan amounts, home values, estimated equity, savings, affordability estimates, closing costs, and other calculator or scenario results displayed on this site are estimates or illustrations unless expressly stated otherwise. Actual loan terms may differ. Taxes, homeowners insurance, mortgage insurance, association dues, lender charges, broker compensation, discount points, third-party charges, and other costs may apply. Advertised rates, payments, APRs, down payments, and other credit terms are subject to the assumptions and disclosures presented with the applicable advertisement. Applicable loan terms and disclosures will be provided as required for the particular transaction.
Mortgage products. FHA, VA, USDA, conventional, jumbo, non-QM, HELOC, reverse mortgage, down-payment-assistance, investment-property, DSCR, and other mortgage products referenced on this site are subject to their individual eligibility, underwriting, property, occupancy, and program requirements. Product availability varies by lender and jurisdiction. References to a mortgage product or program do not constitute a determination that a borrower or property qualifies.
Government-backed programs. Government-backed or government-insured mortgage programs referenced on this site may be subject to requirements established by the applicable government agency in addition to lender requirements. Government insurance or guaranties generally protect participating lenders against certain losses and do not constitute a guarantee of borrower approval.
Business-purpose products. DSCR, investment-property, and other business-purpose mortgage products referenced on this site are intended for qualifying business-purpose transactions. Business-purpose loans may be subject to different requirements and protections than consumer-purpose residential mortgage loans. Borrowers are responsible for accurately disclosing property occupancy and intended use.
Down payment assistance. Down payment or closing-cost assistance programs referenced on this site may be administered by governmental entities, housing finance agencies, nonprofit organizations, lenders, or other third parties. Program availability, funding, assistance amounts, eligibility requirements, repayment or forgiveness provisions, and other terms vary and may change or become unavailable without notice. Listing or referencing a program does not guarantee funding, eligibility, or mortgage approval.
Government affiliation. Simply Approved Mortgages LLC is not a government agency and is not affiliated with, acting on behalf of, sponsored by, or endorsed by HUD, FHA, VA, USDA, or any other federal, state, or local government agency. References to government agencies, programs, benefits, data, forms, or resources are provided for informational purposes and do not imply government sponsorship or endorsement of Simply Approved Mortgages LLC.
Fair lending. Equal Housing Opportunity. Simply Approved Mortgages LLC conducts business in accordance with applicable federal and state fair-housing and equal-credit-opportunity laws and does not discriminate on any prohibited basis.
No professional advice. Content on this site is educational and general in nature and is not legal, tax, accounting, financial, investment, estate-planning, or individualized government-benefits advice. Consumers should consult appropriate qualified professionals regarding their individual circumstances.
Third-party content. References or links to government agencies, lenders, assistance programs, products, services, or other third-party websites are provided for informational purposes or convenience. Simply Approved Mortgages LLC does not control and is not responsible for third-party content, availability, accuracy, or privacy practices.
NMLS Consumer Access: Verify Simply Approved Mortgages LLC, NMLS #2620881.
Simply Approved Mortgages LLC, 633 W 5th St, Ste 2600, Los Angeles, CA 90071 · 877-813-7219 · support@simplyapprovedmortgages.com. State licensing details available at the NMLS Consumer Access link above. © 2026 Simply Approved Mortgages LLC.