First-time buyer programs · Start here

Your first home, one clear step at a time.

Buying for the first time comes with options many people never hear about: FHA, conventional, VA and USDA loans, plus state and local down payment help. Your loan officer lays them out side by side and explains each one in plain English.

No question is too basic. Leave with a clear plan for your first home.

A young woman unlocking the front door of her townhome

What to know.

The essentials, in plain English.

Every program in one conversation

FHA, conventional, VA, USDA and down payment help, compared side by side, instead of researching each one alone.

Help you may not know about

State and local programs can help with your down payment or closing costs. Your loan officer can tell you which ones fit where you’re buying.

A budget before you tour

Learn what you can comfortably afford before you start touring homes, so you shop in the right price range.

One person to ask

From your first question to closing day, you have one person to call who explains every step.

What happens after you press the button.

Your loan officer reaches out

Larry reads what you send personally and gets in touch to talk it through.

What you’ll talk about

What you’re looking for, what you’ve saved and anything you’re unsure about. No question is too basic.

What to have handy

Just your questions and a rough idea of your budget. Documents come later, when you apply.

  1. Two men assembling a bookshelf in an empty living room

    Who counts as a first-time buyer

    Many programs count you as one if you haven’t owned a home in the past three years, so you may count even if you’ve owned before.

    • People buying their very first home
    • Buyers who haven’t owned in the past three years
    • Renters ready to own
    • Buyers with modest savings or credit still being built
    See my first-home options
  2. A row of small townhomes with bright front doors

    What you’ll need

    Your loan officer confirms the list for your program.

    • Recent pay stubs, W-2s and tax returns
    • Bank statements for your savings
    • A gift letter, if family is helping
    • A homebuyer course certificate, if your program asks for one
    See my first-home options

Common questions

How much should I save before I buy?

Enough for your down payment, closing costs and a cushion after you move in. It depends on the program and the home, so it helps to look at your options first.

Do I need perfect credit?

No. Several programs work with credit that is still growing. A short conversation and, with your permission, a credit check tell you where you stand.

What is down payment assistance?

Grants, forgivable loans or second loans from state and local programs that help with your down payment or closing costs. Each program has its own income limits and rules, and some must be repaid when you sell or refinance.

Who counts as a first-time buyer?

Many programs count you as one if you haven’t owned a home in the past three years. Each program sets its own definition.

Which loan should a first-time buyer choose?

It depends on your credit, your savings, where you’re buying and whether you’ve served. FHA, conventional, VA and USDA loans all have first-time options, and comparing them side by side shows which fits.

What costs should I plan for besides the down payment?

Closing costs, an appraisal, a home inspection and moving costs. After you apply, your Loan Estimate lists your closing costs before you commit.

Do I have to take a homebuyer course?

Some programs ask for one, often online. Even when it isn’t required, it’s a good way to learn the steps before you start.

Should I talk to a lender before I look at homes?

Yes. Knowing your budget and your loan options first means you shop in the right price range, and sellers take an offer more seriously when a lender has reviewed your finances.

Will checking my options affect my credit?

Answering a few questions doesn’t check your credit. A credit check comes later, only with your permission, and your loan officer can explain how it may affect your score.

What if I don’t qualify?

You leave with a plan: what to work on, and which program to aim for when you’re ready.

Try the numbers.

See the price range your income and monthly debts point to before you start touring homes.

Affordability Calculator

Talk to Larry.

Questions about this loan, answered by phone or in person.

Call or text

(224) 595-8600

Office

5225 Old Orchard Rd. Suite 20
Chicagoland, IL 60077

Reviews

What clients say.

Google

Larry is a fantastic lender and did a wonderful job with my client. He was very proactive in answering questions before they were asked.

Kevin Stark ·

Larry and his team were great to work with—clear and proactive communication and fees were very reasonable. They worked hard to make sure I received the best deal possible.

Vince Klos ·

Great Experience, Totally will use Larry from New American Funding for all my future business and personal investment's!

Lee Bertucci ·

Your first front door starts with one question.

Ask Larry anything. Every first-time buyer starts somewhere, and this is a good place.

(224) 595-8600