First Time Home Buyer

Buying your first home can feel overwhelming—especially without the equity from a previous property to lean on. That’s where Sammamish Mortgage steps in. We specialize in first-time homebuyer programs across Washington, Oregon, Idaho, Colorado, and California. Whether you’re eyeing an FHA loan with just 3.5% down, a no‑down‑payment VA option, or state-level assistance for closing costs, our friendly experts are here to guide you step by step. Get pre‑approved for free, explore tailored mortgage options, and partner with trusted real estate pros—so you can confidently unlock the door to your very first home.

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Sammamish Mortgage Makes First-Time Home Buying Easier

First-time homebuyers (FTHBs) have unique challenges when it comes to buying a home and taking out a mortgage. Without the proceeds of the sale of a current home to be put towards the purchase of a new home, it can be difficult for a first-time home buyer to afford the funds needed for a down payment to take out a mortgage.

That’s why it’s so important for a first time home buyer to team up with a seasoned mortgage professional to help them secure the right mortgage to help them finance a home purchase. We offer a free mortgage calculator to help you get started, and can shepherd you through the entire process.

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Make your dream home a reality with the right mortgage.

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TermConforming 30 year fixed

Rate6.000%

APR6.208%

98004 | $800,000 | Credit Score 800+ | 25 Down

TermConforming 15 year fixed

Rate5.125%

APR5.481%

98004 | $800,000 | Credit Score 800+ | 25 Down

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Low Down Payment & Credit-Friendly Loans for New Buyers

Luckily, there are several mortgage programs available to first-time home buyers, including mortgage products that do not require a hefty down payment or high credit score, and closing cost assistance that can make homeownership more accessible.

Sammamish Mortgage loan specialists can help guide you through the loan process. We will get you pre-approved for free before you even find your new home and we can match you with a trusted real estate agent through our partner networks.

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Our variety of available loan programs for first-time home buyers allow you to buy your first home with very little down. We will work to ensure the mortgage payments meet your unique needs. We have helped thousands of clients get into their first homes. Speak with one of our experts to find out more and get pre-approved for a mortgage before you start house hunting!

FHA Loan

Backed by the Federal Housing Administration (FHA), these home loans are perfect for buyers who don’t have a big down payment or a perfect credit score. You can purchase your house with as little as 3.5% down and a credit score as low as 580!

Most FHA loans with less than a 20% down payment will require you to buy private homeowners insurance (PMI) but you can refinance and get rid of the requirement once you build up equity. There are many state assistance programs to help with your closing costs as well.

30-Year Conforming Loan

A 30-year fixed-rate loan is ideal if you have 20% down and decent credit to get a favorable interest rate. You’ll have a predictable, low monthly mortgage payment and closing costs can be estimated from the start for no surprises. Depending on where you buy real estate, you can have some flexibility with loan limits.

VA Loan

Another of several government programs, VA loans and refinances can deliver an amazing deal for veterans and military members. Those who qualify for this loan can purchase with no down payment and no PMI. It’s the perfect loan option for eligible first time buyers who may have trouble coming up with a hefty down payment amount to secure a mortgage.

First-Time Homebuyer Mortgages in WA, OR, CO, ID or CA

Now is a great time for looking into a FTHB mortgage. You can use our free Instant Rate Quote tool and Rate Tracker to find out how much you could be saving every month or over the life of your loan.

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Step-by-Step Home Buying Process for First-Time Home Buyers

Buying your first home and obtaining financing can be broken down into the following steps:

01 STEP

Evaluate Your Financial Health

Before you start house hunting, review your credit score, income, debts, and savings. If your credit score is lagging, take some time to give it a boost.

Ensure your debt-to-income ratio is below 43%, and use a mortgage calculator to estimate affordability.

02 STEP

Save for a Down Payment and Closing Costs

Depending on your loan type, you may need anywhere from 3% to 20%+ down. FHA loans require 3.5%, while VA and USDA loans may offer 0% down. Also budget 2% to 5% of the home price to cover closing costs.

03 STEP

Get Pre-Approved

Getting pre-approved shows that you’re a serious buyer and helps you stick to a specific price range that you can afford. Pre-approval includes a hard credit check and is typically valid for 60 to 130 days.

04 STEP

Hire a Real Estate Agent

Choose a real estate agent who is experienced with first-time home buyers in the local market you’re looking in. They’ll help you navigate listings, schedule visits, and negotiate offers.

05 STEP

Make an Offer and Complete Inspections

Once you find the right home, submit a strong offer with contingencies, like financing and home inspection. Hire a licensed home inspector to check the home for issues. Your lender may also order an appraisal to confirm the home’s value.

06 STEP

Close the Deal

Read over and sign the documents, make your down payment and cover all closing costs, and get your keys. Congratulations — you’re now a homeowner!

Working with Sammamish Mortgage

At Sammamish Mortgage we always put the client first, making sure you get the most effective loan for your budget.

We offer some of the most competitive rates in the nation, and it’s our goal to give you a hassle-free home loan experience. We offer a wide variety of home loans, including FHA and VA loans, so you can start looking for a home as soon as possible.

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FAQs

Who qualifies as a first-time home buyer?

You’re considered a first-time buyer if you’ve never owned a home—or haven’t owned one in the past 3 years.

What types of mortgages are available to first-time home buyers?

Popular home loan options for first-time home buyers include conventional loans, FHA loans, VA loans, and USDA loans, each with different eligibility and down payment requirements.

What’s the minimum down payment?

Down payment minimums are as follows:

Conventional loans: 3%
FHA loans: 3.5%
VA and USDA loans: 0% (if eligible)

What credit score do I need?

Most lenders require a score of 620 or higher, but FHA loans may allow scores as low as 580.

What is mortgage pre-approval?

Pre-approval is a lender’s written estimate of how much you can borrow, based on verified financial documents. It strengthens your offer when house hunting.

How does pre-approval differ from pre-qualification?

Pre-qualification is a quick estimate based on self-reported finances, while pre-approval involves verified documents and a hard credit check. Pre-approval carries more weight with sellers, showing you’re a serious buyer ready to secure financing.

What is private mortgage insurance?

Private mortgage insurance (PMI) is required for conventional loans with less than 20% down. FHA loans include a similar type of insurance premium.

What’s the difference between fixed and adjustable-rate mortgages?

Fixed-rate mortgages involve fixed rates and stable payments over the loan term, while adjustable-rate mortgages (ARM) feature lower initial rates that adjusts periodically.

Are there government programs for first-time buyers?

Yes, programs like FHA, VA, and USDA loans are backed by the government, offering lower down payments.

How much house can I afford?

Lenders typically recommend spending no more than 28% of your gross monthly income on housing costs.

What are closing costs?

Expect to pay 2% to 5% of the home’s purchase price for closing costs, which include fees like inspections, title insurance, and legal services.

What documents do I need to apply?

You’ll typically need the following documents hen applying for a mortgage:

Government-issued ID
Pay stubs
Tax returns
Employment verification
Credit report

Need Financing?

For more information on your first-time homebuyer mortgage options, feel free to contact us today. We currently lend in all of Washington, Oregon, Idaho, Colorado & California and have been offering mortgage programs to borrowers since 1992. Our friendly team of experienced mortgage professionals will advise you on which home loan program meets your needs.

Are you ready to apply for your home loan and lock in a low interest rate? If so, Sammamish Mortgage can help you get started. Get in touch with us today!

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First Time Home Buyer

Our Reputation Speaks For Itself

Sammamish Mortgage Makes First-Time Home Buying Easier

Find the Best Mortgage Deals for You