First-Time Home Buyer
Loans & Programs
Buying your first home is exciting—but it can also feel overwhelming. At Salute Mortgage, we simplify the process and offer tailored first-time home buyer solutions with low down payments, flexible credit options, and expert guidance from day one.
Whether you’re dreaming of a suburban starter home or a downtown condo, we help you find the best loan program and secure the keys with confidence.
Why Choose Salute Mortgage for Your First Home?
✅ Low down payment loan options starting at 0–3.5%
✅ Access to down payment assistance programs and grants
✅ Fast, free mortgage pre-approval so you can shop with confidence
✅ Personalized support from our first-time buyer specialists
✅ Transparent terms, no surprises at closing
First-Time Home Buyer Loan Options
We offer a range of mortgage products ideal for first-time buyers:
🏠 FHA Loan
- Only 3.5% down payment
- Flexible credit score requirements (580+)
- Government-backed for easier qualification
🌳 USDA Loan
- Zero down payment for eligible rural/suburban homes
- Income limits apply
- Reduced mortgage insurance and competitive rates
🎖 VA Loan
- No down payment or PMI for eligible veterans and service members
- Competitive interest rates
- Lower closing costs and no prepayment penalties
🏦 Conventional 97 Loan
- Just 3% down for qualified borrowers
- Cancel mortgage insurance once 20% equity is reached
- Strong credit typically required
Not sure which is right for you? We’ll help you compare first-time home buyer programs based on your budget, credit, and location.
Understanding Down Payment Assistance
Many state and local agencies offer down payment assistance programs (DPAs) and grants specifically for first-time home buyers. These can cover part or all of your:
- Down payment
- Closing costs
- Homebuyer education programs
Our team will match you with eligible DPA options and walk you through every step to make your home more affordable.
What Credit Score Do You Need to Buy a Home?
Your credit score for a mortgage can impact your loan eligibility and interest rate:
| Loan Type | Minimum Credit Score |
|---|---|
| FHA Loan | 580 (with 3.5% down) |
| VA Loan | 620 (typical lender requirement) |
| USDA Loan | 620+ (varies) |
| Conventional | 620+ (stronger credit preferred) |
If your credit isn’t perfect, don’t worry—we help many first-time buyers improve their profiles and qualify for affordable loans.
First-Time Buyer Tips
✔️ Get pre-approved early—know your price range before you house hunt
✔️ Budget for closing costs, which typically range from 2–5% of the purchase price
✔️ Explore all loan options—not just what your real estate agent suggests
✔️ Take a homebuyer education course—some programs require it (and it’s helpful!)
Start Your Homeownership Journey
Whether you're months away or just starting to explore, Salute Mortgage is here to make your first-time home buying experience smooth and stress-free.
Get Your Quote