Buying your first home does not require knowing all the mortgage language.
This page focuses on questions that are especially common for first-time buyers.
What “first-time buyer” can mean
Some mortgage programs use a specific definition rather than simply asking whether you have ever owned a home. Actual program eligibility must be verified through the mortgage process.
You may not need 20% down
Some eligible mortgage options allow significantly less than 20% down. The amount that makes sense depends on the program, available funds, property and complete underwriting review.
Gifts may be possible
Many mortgage programs may permit eligible gift funds when the source, documentation and program requirements are satisfied.
Credit is more than one number
Mortgage qualification can consider credit history, debts, income, assets, property and automated/manual underwriting—not only a consumer credit-score number.
A preliminary pre-qualification is a starting point
Mortgage King’s Instant Pre-Qual uses approximate, self-reported and unverified information. It can help estimate preliminary buying power, but it is not a verified pre-approval or loan approval.
Closing costs are separate from down payment
A purchase can involve lender/title/settlement charges, prepaid interest, taxes, homeowners insurance and escrow funding in addition to the down payment. The Mortgage Calculator can provide an illustrative planning range; the actual transaction is established through formal lender disclosures.