Happy first-time homebuyers with keys
First-Time Home Buyer Programs

Make Homeownership a Reality

Special programs with as little as 3% down. Expert guidance from pre-approval to closing. Serving first-time buyers in Atlanta and beyond.

Get Pre-ApprovedCall (678) 263-2512
As low as 3% down
Credit scores from 580
Gift funds accepted

First-Time Buyer Loan Programs

Find the right loan program for your situation

Conventional 97

3% Down
Minimum Credit Score
620
Key Benefits:
  • As little as 3% down payment
  • Lower mortgage insurance than FHA
  • No upfront mortgage insurance
  • MI drops off at 20% equity
Best For:

Buyers with good credit (680+) and limited savings for down payment

FHA Loans

3.5% Down
Minimum Credit Score
580
Key Benefits:
  • Lower credit score requirements
  • Higher debt-to-income ratios allowed
  • Gift funds accepted for down payment
  • Assumable by future buyers
Best For:

Buyers with lower credit scores or higher debt-to-income ratios

VA Loans

0% Down
Minimum Credit Score
580
Key Benefits:
  • Zero down payment required
  • No private mortgage insurance
  • Lower interest rates
  • Limited closing costs
Best For:

Eligible veterans, active military, and qualified spouses

USDA Loans

0% Down
Minimum Credit Score
640
Key Benefits:
  • Zero down payment in eligible areas
  • Low mortgage insurance
  • Below-market interest rates
  • Flexible credit guidelines
Best For:

Buyers in eligible rural and suburban areas outside metro Atlanta

Not sure which program is right for you? We'll review all options and recommend the best fit.

Get Pre-Approved & Compare Programs

Your First-Time Buyer Journey

What to expect from pre-approval to getting your keys

1

Get Pre-Approved

1-2 days

Understand your budget and get a pre-approval letter to strengthen your offers. Takes 24-48 hours with our streamlined process.

2

Find Your Agent & Start House Hunting

2-8 weeks

Work with a buyer's agent to search for homes in your price range and preferred neighborhoods. We can connect you with experienced buyer agents.

3

Make an Offer

1-3 days

Your agent helps you craft a competitive offer. Your pre-approval letter shows sellers you're a serious, qualified buyer.

4

Home Inspection & Appraisal

1-2 weeks

Hire an inspector to evaluate the property condition. Your lender orders an appraisal to confirm the home's value.

5

Final Underwriting & Clear to Close

2-3 weeks

Underwriter reviews all documentation and issues final approval. You receive your Clear to Close 2-3 days before closing.

6

Closing Day

1-2 hours

Sign documents, pay closing costs and down payment, get your keys, and become a homeowner!

Total Timeline:

Most first-time buyers go from pre-approval to closing in 45-75 days. The timeline depends on how quickly you find a house, how competitive the market is, and how fast you can gather documentation.

Atlanta First-Time Buyer Programs

Additional assistance for buying in Metro Atlanta

Georgia Dream Homeownership Program

Down payment assistance up to 5% + competitive interest rates

First-time buyers meeting income limits. 3-year occupancy requirement.

Learn More at dca.ga.gov →

City of Atlanta Homebuyer Program

Grants and low-interest loans for down payment and closing costs

Income limits vary by household size. Must buy within Atlanta city limits.

Learn More at atlantaga.gov →

Invest Atlanta

Down payment assistance, homebuyer education, and counseling

First-time buyers in targeted Atlanta neighborhoods.

Learn More at investatlanta.com →

How We Can Help:

We're familiar with all Atlanta-area down payment assistance programs and can help you determine eligibility and combine them with the right loan program. Many first-time buyers can purchase with 0-3% out of pocket when combining these programs strategically.

Avoid These First-Time Buyer Mistakes

Learn from others' experiences and protect yourself

Not Getting Pre-Approved First

The Risk:

Missing out on homes because sellers prefer pre-approved buyers, or making offers above your actual budget.

The Solution:

Get pre-approved before house hunting. It takes 24-48 hours and shows sellers you're serious.

Maxing Out Your Budget

The Risk:

House-poor situation where mortgage payments leave no room for repairs, furniture, or savings.

The Solution:

Budget for homeownership costs beyond the mortgage: utilities, maintenance, repairs, insurance, and HOA fees.

Skipping the Home Inspection

The Risk:

Discovering expensive problems (roof, foundation, HVAC) after closing with no recourse.

The Solution:

Always get a professional inspection ($400-600). It can save you tens of thousands in surprise repairs.

Making Large Purchases Before Closing

The Risk:

New debt (car, furniture, credit cards) can change your debt-to-income ratio and kill your loan approval.

The Solution:

Wait until after closing to make major purchases. Lenders re-verify credit and employment before funding.

Not Shopping for Interest Rates

The Risk:

Paying thousands more over the life of the loan due to a rate that's 0.25-0.50% higher than available.

The Solution:

Compare rates from 2-3 lenders. Rate shopping within 14 days only counts as one credit inquiry.

Draining All Savings for Down Payment

The Risk:

No emergency fund for repairs, job loss, or unexpected expenses after moving in.

The Solution:

Keep 3-6 months of expenses in reserves. Consider a lower down payment program (3-3.5%) to preserve cash.

First-Time Buyer FAQs

How much do I need for a down payment?

It depends on the loan program. Conventional loans require as little as 3%, FHA loans 3.5%, VA and USDA loans 0%. For a $300,000 home, you'd need $9,000-$10,500 down (conventional/FHA), plus 2-5% for closing costs. However, many first-time buyer programs offer down payment assistance to reduce out-of-pocket costs.

What credit score do I need as a first-time buyer?

FHA loans accept scores as low as 580 (500-579 with 10% down). Conventional loans typically require 620+, though some lenders go down to 600. VA loans are flexible, often accepting 580+. The higher your score, the better your interest rate. If your score is below 620, consider working on credit improvement before applying.

Can I use gift money for my down payment?

Yes! All first-time buyer programs allow gift funds from family members. You'll need a gift letter stating the funds are a gift (not a loan), documentation showing the transfer, and proof the donor had the funds. Some programs allow 100% of down payment and closing costs to be gifted.

Do I have to be a first-time buyer to use these programs?

Not always! The IRS definition of "first-time buyer" is anyone who hasn't owned a home in the past 3 years. So if you sold a home 3+ years ago, you qualify. Some programs (like Conventional 97 and FHA) are available to all buyers, regardless of previous ownership.

What's the difference between pre-qualification and pre-approval?

Pre-qualification is an estimate based on self-reported information (5-10 minutes). Pre-approval involves a full credit check, income verification, and lender review (24-48 hours). Pre-approval carries much more weight with sellers and shows you're a serious, qualified buyer. Always get pre-approved before house hunting.

How much house can I afford?

A general rule: your monthly housing payment (PITI) should be no more than 28% of gross monthly income, and total debt payments no more than 43%. However, FHA and some conventional loans allow up to 50% DTI. Use our mortgage calculator to estimate payments, and remember to budget for utilities, maintenance, and repairs beyond your mortgage payment.

Ready to Become a Homeowner?

Get pre-approved today and take the first step toward owning your own home. Our first-time buyer specialists will guide you through every step.

Get Pre-Approved NowCall (678) 263-2512

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