First-Time Homebuyer Loans

First-Time Homebuyer loan programs are designed to help buyers purchase a home with low down payments, flexible guidelines, and affordable monthly payments. These programs are ideal for buyers who are new to homeownership or who have not owned a home in the past few years.

Through UWM (United Wholesale Mortgage), first-time buyers have access to multiple loan options that make getting into a home easier and more affordable.

Who Is Considered a First-Time Homebuyer?

You may qualify as a first-time homebuyer if:

  • You have never owned a home, or
  • You have not owned a home in the past 3 years

Many buyers are surprised to learn they still qualify even if they owned a home years ago.

How First-Time Homebuyer Loans Work

These programs are designed to reduce upfront costs and make qualifying easier. UWM offers loan options that allow buyers to purchase a primary residence with flexible credit and income guidelines.

Depending on the program, buyers may qualify with:

  • Low down payment options
  • Competitive interest rates
  • Flexible credit requirements
  • Access to down payment assistance programs

Common Loan Options for First-Time Buyers

First-time homebuyer programs through UWM may include:

  • Conventional loans with as little as 3% down
  • FHA loans with 3.5% down
  • Options that allow gift funds for down payment and closing costs
  • Programs designed to reduce monthly mortgage insurance

Your loan advisor will help identify the best option based on your goals and financial profile.

Benefits for First-Time Homebuyers

  • Lower down payment requirements
  • More flexible qualification guidelines
  • Potential access to down payment assistance
  • Competitive interest rates
  • Clear path to building equity

Closing Timeline

Most first-time homebuyer loans close within 20–35 days, depending on the loan program, documentation, and property type.

Is a First-Time Homebuyer Loan Right for You?

If you’re ready to buy your first home and want guidance through the process, a first-time homebuyer loan can be a great place to start. These programs are designed to make homeownership achievable without needing a large amount of cash upfront.

At Coast Capital, we work closely with our clients to help first-time buyers understand their options and confidently move from application to closing.