Conventional 3% down
Many first-time buyers qualify for a conventional loan with as little as 3% down. Mortgage insurance can drop off once you reach 20% equity.
Program details (opens in new tab) →Home / Buy a Home
Home purchaseBuy a home with a clear path from pre-approval to closing
A home purchase loan lets you finance a house, condo, or townhome with a down payment as low as 0–3.5% on many programs. UMortgage+ powered by NEXA Lending, LLC compares conventional, FHA, VA, USDA, jumbo, renovation, and construction options against your income, credit, and local down payment assistance so you know what you can afford before you shop.
NMLS #1660690
Your situation
Which kind of buyer are you?
First-time buyer
Buying your first home? See 3% down options, local assistance programs, and the documents you'll need.
First-time buyer guide →Move-up / next home
Selling and buying at the same time? Bridge options, contingent offers, and using your equity as a down payment.
Talk through timing →Investment / rental
Financing a rental or second home with conventional, DSCR, or bank-statement loans built for investors.
Investor options →
How a purchase works
From pre-approval to keys in 4 steps
Get pre-approved
Apply online. We review credit, income, and assets and issue a pre-approval letter you can use when you make an offer.
Shop with a budget
Know your max payment, cash to close, and which programs fit before you fall in love with a house.
Under contract
We lock your rate, order the appraisal and title, and clear underwriting conditions.
Close & move in
Sign documents, fund the loan, and get the keys. We keep you and your agent updated the whole way.
Loan programs
Purchase loan options
Every program page explains who it fits, minimum down payment and credit, mortgage insurance, and the questions buyers ask most.
Conventional
As little as 3% down (HomeReady / Home Possible). PMI can be canceled once you reach ~20% equity.
Conventional details →FHA
3.5% down and credit scores as low as 580. Strong option when cash or credit is tight.
FHA details →VA
0% down for eligible veterans, service members, and surviving spouses. No monthly mortgage insurance.
VA details →USDA
0% down in eligible rural and suburban areas, with income limits. Many zip codes qualify.
USDA details →Jumbo
For purchases above the conforming loan limit. Strong credit and reserves usually required.
Jumbo details →FHA 203(k) / Renovation
Buy and renovate with one loan. Finance repairs and improvements into the purchase.
Renovation loans → One-Time CloseNew Construction
Finance the lot, the build, and your permanent mortgage with one closing.
OTC construction →Condo Financing
Warrantable and non-warrantable condos, FHA-approved projects, and HOA review tips.
Condo loans →
Local help
Down payment help
Down payment help
Down payment help
Down payment assistance
Down payment assistance and first-time buyer programs vary by state; a loan officer licensed in your state can confirm what's available to you. Nationwide options many first-time buyers start with:
FHA loans — 3.5% down
FHA loans allow 3.5% down with flexible credit guidelines, and the down payment can come from gift funds or eligible assistance.
Program details (opens in new tab) →VA & USDA — $0 down for those who qualify
VA loans serve eligible veterans, service members, and surviving spouses; USDA loans serve eligible rural and suburban buyers. Both can mean no down payment.
Program details (opens in new tab) →Local and state programs may offer different or additional help where you live — ask a loan officer licensed in your state what you qualify for.
Homebuying Guide First-time buyer page →
Program terms change. Updated .
What it costs
What you need to buy a home
Cash to close usually includes
- Down payment (0–20%+ depending on the program)
- Closing costs (often 2–5% of the loan amount)
- Prepaid taxes and insurance (escrow)
- Appraisal and inspection fees
Pre-approval vs. pre-qualification
Pre-qualification is a soft estimate from what you tell us. Pre-approval includes a credit check and verified income and assets, and sellers take it seriously. Get pre-approved before you shop.
Buyer questions
Buying a home: FAQs
How much house can I afford on my salary?
Most lenders look for total monthly debts, including the new house payment, around 36–45% of gross monthly income (some programs allow more). A $70,000 salary ($5,833/month) with few other debts often supports a total payment of about $2,000–$2,400. Rate, taxes, insurance, and down payment set the final price. A pre-approval gives you your real number.
How much down payment do I need for a $300,000 house?
At 3% conventional: $9,000. At 3.5% FHA: $10,500. VA and USDA can be $0 down if you qualify. You'll still need funds for closing costs unless seller credits or down payment assistance cover them.
Is $10,000 enough to buy a house?
Often yes. $10,000 can cover a 3–3.5% down payment on a home around $285,000–$330,000. Seller credits or local assistance programs can help with closing costs.
What are the requirements to buy a house?
Typical requirements: enough income and a manageable debt-to-income ratio, a credit history that fits the program, funds for the down payment and closing costs (or assistance), and a property that appraises and meets the loan's standards. Exact rules differ by program.
Do you pay back an FHA loan?
Yes. An FHA loan is a regular mortgage you repay monthly. FHA insures it for the lender, which allows lower down payments and credit scores. Some down payment assistance paired with FHA is a grant or forgivable second loan that may not need to be repaid.
What questions should I ask my lender?
Ask: What is my estimated cash to close and monthly payment (PITI)? Which programs fit my credit and down payment? Are there first-time buyer or local assistance options? What fees are lender fees vs. third-party? How long will underwriting and closing take? Will you lock my rate, and what does the lock cost?
What is the 3-3-3 rule for buying a house?
A popular budgeting tip: aim for 3 months of expenses saved after closing, keep housing costs near 30% of take-home pay, and avoid buying if you'll move within 3 years. It isn't a lender rule. Your qualification is based on underwriting guidelines, not the 3-3-3 rule.
What local down payment help is available?
Educational answers only. Not a loan offer or commitment to lend. Eligibility depends on your situation and current guidelines.
Ready to get pre-approved?
Apply online in about 15 minutes, or book a call with a loan officer at (480) 233-7897.