What Are The Requirements For A First-Time Home Buyer Mortgage?

What Are The Requirements For A First-Time Home Buyer Mortgage? The requirements for a first-time home buyer mortgage vary depending on the type of loan and the lender, but some common requirements include:

Credit Score:

Most lenders require a minimum credit score of 620, although some may require a higher score. A higher credit score may result in a lower interest rate and more favorable loan terms.


Lenders will consider your gross income, debts, and expenses to determine how much you can afford to borrow. They typically look for a debt-to-income ratio of 43% or less.

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Down Payment:

The amount you’ll need for a down payment will depend on the type of loan you choose. Some loans, such as VA loans and USDA loans, don’t require a down payment, while others, such as conventional loans, may require a down payment of 5% or more.


Most lenders will require proof of stable employment and a consistent work history.

Asset Verification:

Lenders will want to verify that you have enough savings and assets to cover the down payment and closing costs.

Property Type:

Some loan programs have restrictions on the type of property you can purchase, such as a single-family home or a manufactured home.


Some loan programs, such as USDA loans, have restrictions on the location of the property.

It’s important to carefully review the requirements of each loan program and to consult with a lender or financial advisor to determine which option is best for your financial situation.