Learn
Mortgage basics, in plain English.
No mortgage experience needed. Start with the roadmap if you're buying for the first time, or jump to whatever you're stuck on.
Written by the East Coast Mortgage team
First-time buyer roadmap
Six things, in order.
Most of the stress in buying a first home happens before you ever tour a house. This is what to do instead of scrolling listings.
3 to 6 months out
Get your financial picture steady
Check your credit report for errors, pay down card balances where you can, and don't open new credit. Stability beats a perfect score.
2 to 3 months out
Get pre-approved
Real numbers checked against real lenders, so you know your true budget before you fall in love with a house.
Before you tour
Pick the program that fits
VA, FHA, USDA, Conventional, or something wholesale-only. The program often changes the math more than the rate does.
While you shop
Keep your finances frozen
No new car, no new credit card, no big financed purchases until the keys are in your hand.
Under contract
Send documents fast
The single biggest thing that speeds a loan up or slows it down is how quickly paperwork moves.
Closing day
Sign and get your keys
After weeks of paperwork, closing is usually a short appointment. The same loan officer is still with you.
Four myths that keep good buyers renting
Myth: You need a huge down payment
Down payment requirements vary by loan program. A larger down payment is mainly what skips mortgage insurance on a conventional loan. VA and USDA loans may not require one for eligible buyers, and FHA and some conventional programs are designed for smaller down payments. Each agency publishes its own minimums (see the sources below).
Myth: Checking rates wrecks your credit
Mortgage inquiries in a focused shopping window are typically counted as one. Don't let this fear keep you from getting pre-approved.
Myth: You need perfect credit
FHA in particular exists for buyers whose credit has a few dings. Different programs have different flexibility.
Myth: Self-employed means no mortgage
Bank statement and non-QM loans qualify you on real deposits, not on a tax return built to minimize what you owe.
Licensed in VA, NC, MI, OH, and WV
Wherever you're buying in our five states, the process is the same five steps.
See How a Mortgage ClosesThe four programs most buyers choose between
Side by side. All 23 programs →
| Compare | VA | FHA | Conventional | USDA |
|---|---|---|---|---|
| Down payment | May not be required for eligible borrowers | Designed for smaller down payments | Varies by program, some allow smaller down payments | May not be required in eligible areas |
| Monthly mortgage insurance | None | Yes (MIP) | Until you build enough equity (PMI) | Annual guarantee fee, lower than PMI |
| Credit flexibility | Flexible | Most flexible | Solid credit gets the best terms | Flexible |
| Where the home can be | Anywhere | Anywhere | Anywhere | Eligible rural and suburban areas |
| Built for | Veterans, active duty, some spouses | First-time buyers, lower scores | Buyers with good credit and some savings | Buyers outside big city limits |
General program guidelines only. Your actual terms depend on the lender, your credit, and the property. Not a commitment to lend.
Want the full breakdown on one fork in the road?
Free downloadable guides
Real documents our loan officers hand their own clients.
What you'll need to apply
So you're not scrambling for documents later.
Sources
- CFPB: Buying a house
- CFPB: Exploring your loan choices
- CFPB: FHA loans
- CFPB: Conventional loans
- CFPB: Special loan programs (VA, USDA, and more)
- CFPB: What is private mortgage insurance?
General information, not advice for your specific situation. Program rules come from the agencies above and from each lender, and they change. A licensed loan officer confirms what applies to you.
Free guide · homebuyers
The Homebuyer's Playbook
From pre-approval to closing day, in plain English. Instant download, no cost.
Ready when you are
Reading is free. So is the conversation.
Talk through where you are with a real, licensed loan officer. No pressure, no credit pull to start.
NMLS #2354674 · Equal Housing Opportunity · Not a commitment to lend