Loan options · Michael DuBois
Your first home, one step at a time
A first-time purchase is easier to plan when you separate the monthly payment from the upfront cash needed. Michael can help you compare loan options and identify questions to ask about state or local homebuyer assistance.
What should you calculate first?
Estimate a comfortable payment that includes principal, interest, taxes, insurance and any mortgage insurance or association dues. Keep money for inspections, moving and reserves in the plan rather than applying every available dollar to the down payment.
Could a state program help?
Housing-finance agencies in the states Michael serves publish programs that may offer down-payment or closing-cost assistance to qualifying households. Eligibility can depend on location, income, prior ownership, property, education and participating lender; availability changes.
Explore the state-specific pages here, then confirm current rules directly with the administering agency or a participating lender before making an offer.
Which documents and disclosures matter?
A lender may request income, asset, employment and housing details for underwriting. Review the Loan Estimate for the payment and cash-to-close picture, then compare the Closing Disclosure before signing.
Questions about first time homebuyers
What does first-time buyer mean?
Definitions vary by program; some agencies treat people who have not owned a primary residence in the previous three years as first-time buyers.
Does assistance cover all closing costs?
Not necessarily. Amount, permitted uses, eligibility and funding vary by program and transaction.
Do I need perfect credit?
No universal score applies across loans. Lenders review the full borrower and property picture.
Can I take a homebuyer education class?
Yes. Some assistance programs require approved education; an agency or participating lender can identify qualifying classes.
Is a down payment the same as cash to close?
No. Cash to close also reflects closing charges, prepaid items and any credits or assistance.
General education: CFPB: Buying a house. Program terms, rates and eligibility must be confirmed for the individual borrower and property.