mortgages for first time homebuyers: a calm, big-picture map

What matters first

You might think the journey starts with house hunting - it does, and yet it really begins with mortgage pre-approval. You need a big down payment - well, not always, thanks to FHA loans for first-time buyers and local down payment assistance. Hunt for the best mortgage rates for first-time buyers, but choose terms that fit your life.

Paths you can compare

• FHA: flexible credit, higher insurance; good for a foothold.
• Conventional: stronger credit earns lower costs over time.
• first-time home buyer programs: grants, tax credits, education.

After a rainy open house, you tap a first-time buyer mortgage calculator in the car while your agent texts, 'offers due by 6.'

1. Document income; secure pre-approval.
2. Compare APR, fees, and cash-to-close.
3. Pick the loan that supports today and five years out.