First Time Homebuyers

Buying a home can be challenging for first-time homebuyers. Fortunately, first time homebuyers have many options and can take advantage of special mortgage programs to make the process easier. 

What are my options?

Options for First Time Homebuyers

If you’ve never purchased a home, or you haven’t owned property for at least three years, you are considered a first time homebuyer.

You may be wondering what options are available to you. The LeaderOne Financial Roller Team is here for you, even if you have a lower credit score or a tight budget.

First Time Homebuyer Loan Options

Some loans are federally-backed, such as FHA loans and VA loans. These loans are great options for first time homebuyers because they typically offer smaller down payments and lower interest rates.

First Time Homebuyer Assistance Programs

Many assistance programs are available to first time homebuyers. These programs are usually government or charitable-sponsored and can help buyers with down payments and closing costs. Assistance programs that first-timers can look into include:

  • Down Payment Assistance (DPA)
  • DPA Grants
  • Closing Cost Assistance
  • Federal Assistance Programs
  • Good Neighbor Next Door
  • HomePath Ready Buyer Program
  • Nonprofit Assistance
  • Employer-Sponsored Programs

Talk With Your Mortgage Lender

As the most trusted mortgage lender in Kansas City, we can provide guidance throughout the loan process to make sure that you qualify for your dream home. Contact us today at 913-432-1725 to learn more.

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What else should I know?

What to Consider When Buying Your First Home

Along with loan options and assistance programs, there are other aspects first-timers should consider, including:

  • Start saving money early
  • Consider the costs associated with down payments, closing costs, and moving expenses
  • Maintain good credit
  • Budget accordingly


You are considered a first time home buyer if you’ve never bought a home or you haven’t owned a principal place of residence within the past three years.

When applying for assistance through the local, state, or federal government, there may be certain income limits in order to qualify for these programs.

Your mortgage lender can recommend assistance programs that work for your personal situation as you go through the loan process.

As long as you are financially eligible and you have a decent credit score, you have access to a range of mortgage options. Depending on where you live, you may also have access to assistance programs as well.

Your mortgage lender can work with you and your situation to find the right loan program that you may qualify for. 

Most loan program options require a credit score of 620 or higher if you’re a first time homebuyer. A higher credit score will get you a lower mortgage rate.

If you’re a first time homebuyer with a lower credit score, you may qualify for some loan programs such as an FHA loan. FHA loans allow for credit scores as low as 580 and only a 3.5% down payment.