First Time Homebuyer | Mortgage Info & Tools

First Time Home Buyer | HomeStreet Bank

Avoid those
first-time
homebuyer jitters.

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If you are a first-time homebuyer, your best resource is a HomeStreet Loan Officer. Personally, we’d recommend all of them.

Some homebuyers, particularly those making their first home purchase, lack a large down payment. Fret not. While traditionally a down payment of 20% or more was required for conventional financing, today’s market offers several alternatives with lower entry costs.

Below is a quick overview of some of our loan programs for borrowers who need to put a minimum amount down on their new home. FHA and VA loans are becoming increasingly popular due to recent changes in loan limits and underwriting criteria. Be sure to ask your loan officer for details. That’s what they’re here for.

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Popular loan options and resources for first-time homebuyers:
FHA Loans
VA Loans
Conventional Loans
Resources
FHA Loans | HomeStreet Bank

FHA Loans

FHA loans may be a good choice for first-time borrowers. In many cases, they allow for a 3.5% down payment, which can come from a variety of sources, including gifted funds. They have competitive interest rates and fees, with easier qualification standards than many conventional loans.

FHA Loans | HomeStreet Bank
VA Loans | HomeStreet Bank

VA Loans

Available only to qualified military veterans, active duty, select reservists, and surviving spouses, Veterans Affairs (VA) loans allow for 100% financing.

VA Loans | HomeStreet Bank
Conventional Loans | HomeStreet Bank

Conventional loans with mortgage insurance

Conventional first mortgage loans of greater than 80% of the property value (20% down payment) require private mortgage insurance. Mortgage insurance can now be obtained on loan amounts up to 97% of the home’s sale price or appraised value. Learn more about conventional loans here.

Conventional Loans | HomeStreet Bank

All loans subject to approval.

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