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Nationwide homebuying guide
Homebuying Guide
A practical guide to buying a home, wherever you are buying: the steps from pre-approval to closing, down payment assistance, closing costs, and loan limits.
Prepared by UMortgage+ powered by NEXA Lending, LLC
How homebuying works
Buying a home, step by step
1. Talk and pre-approval. Start with a conversation about your goals, budget, and timeline, then get pre-approved so you know what you can offer.
2. Shop with a plan. Look at homes within your pre-approved budget and talk with your loan officer before you make an offer.
3. Offer, appraisal, and underwriting. Once an offer is accepted, the lender orders an appraisal, checks your documents, and underwrites the loan.
4. Clear conditions and close. You will sign closing documents, pay your down payment and closing costs, and get your keys.
Where we serve: Our loan officers are licensed in 20 states and serve borrowers nationwide. Find a loan officer licensed in your state .
Down payment & first-time programs
Assistance programs
Down payment assistance programs are run at the state and local level and vary widely; a loan officer licensed in your state can check your eligibility. Nationwide options many first-time buyers start with:
Program 1 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.
Official program page (opens in new tab) → Program 2 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.
Official program page (opens in new tab) → Program 3 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.
Official program page (opens in new tab) →
Always verify income limits, first-time definitions, and funding availability on the administrator’s site. Terms change.
Costs & limits
Closing costs and loan limits
Closing costs & taxes
Closing costs typically run 2–5% of the loan amount and vary by state and loan type. They can include lender, title, escrow, prepaid, and government recording charges; your loan officer will give you a line-by-line estimate for where you are buying.
Loan limits
Loan limits vary by county and loan program — your loan officer will confirm the limits where you're buying. That includes conforming, FHA, and VA limits, which are updated periodically.
FAQs
Questions buyers ask
How does buying a home work, step by step? Start with a conversation and pre-approval, then shop with a budget, make an offer, complete the appraisal and underwriting, clear any conditions, and close. Your loan officer will map the timeline for your state and loan type.
How much are closing costs? Closing costs typically run 2–5% of the loan amount and vary by state and loan type. Your loan officer will give you a line-by-line estimate for where you are buying.
What loan limit applies where I am buying? Loan limits vary by county and loan program — your loan officer will confirm the limits where you're buying.
Is down payment assistance available in my state? Down payment assistance programs are run at the state and local level and vary widely; a loan officer licensed in your state can check your eligibility.
Prepared by UMortgage+ powered by NEXA Lending, LLC
Educational content only. Not a commitment to lend. Program rules and limits change.
UMortgage+ powered by NEXA Lending, LLC. NEXA Lending, LLC NMLS #1660690. Corporate office: 5559 S Sossaman Rd, Bldg 1, Ste 101, Mesa, AZ 85212.
NMLS Consumer Access
This is not a commitment to lend. All loans are subject to credit approval, underwriting, and property approval. Not all applicants will qualify. Programs, rates, terms, and conditions are subject to change without notice. Not affiliated with or acting on behalf of HUD, FHA, VA, USDA, or the federal government. Reverse mortgage borrowers must keep paying property taxes, insurance, and maintenance, and the loan becomes due when the last borrower leaves the home. Commercial and some non-QM products may be offered through third parties.
© 2026 UMortgage+ powered by NEXA Lending, LLC. All rights reserved.
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Home / Homebuying Guide
Nationwide homebuying guide
Homebuying Guide
A practical guide to buying a home, wherever you are buying: the steps from pre-approval to closing, down payment assistance, closing costs, and loan limits.
Prepared by UMortgage+ powered by NEXA Lending, LLC
How homebuying works
Buying a home, step by step
1. Talk and pre-approval. Start with a conversation about your goals, budget, and timeline, then get pre-approved so you know what you can offer.
2. Shop with a plan. Look at homes within your pre-approved budget and talk with your loan officer before you make an offer.
3. Offer, appraisal, and underwriting. Once an offer is accepted, the lender orders an appraisal, checks your documents, and underwrites the loan.
4. Clear conditions and close. You will sign closing documents, pay your down payment and closing costs, and get your keys.
Where we serve: Our loan officers are licensed in 20 states and serve borrowers nationwide. Find a loan officer licensed in your state .
Down payment & first-time programs
Assistance programs
Down payment assistance programs are run at the state and local level and vary widely; a loan officer licensed in your state can check your eligibility. Nationwide options many first-time buyers start with:
Program 1 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.
Official program page (opens in new tab) → Program 2 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.
Official program page (opens in new tab) → Program 3 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.
Official program page (opens in new tab) →
Always verify income limits, first-time definitions, and funding availability on the administrator’s site. Terms change.
Costs & limits
Closing costs and loan limits
Closing costs & taxes
Closing costs typically run 2–5% of the loan amount and vary by state and loan type. They can include lender, title, escrow, prepaid, and government recording charges; your loan officer will give you a line-by-line estimate for where you are buying.
Loan limits
Loan limits vary by county and loan program — your loan officer will confirm the limits where you're buying. That includes conforming, FHA, and VA limits, which are updated periodically.
FAQs
Questions buyers ask
How does buying a home work, step by step? Start with a conversation and pre-approval, then shop with a budget, make an offer, complete the appraisal and underwriting, clear any conditions, and close. Your loan officer will map the timeline for your state and loan type.
How much are closing costs? Closing costs typically run 2–5% of the loan amount and vary by state and loan type. Your loan officer will give you a line-by-line estimate for where you are buying.
What loan limit applies where I am buying? Loan limits vary by county and loan program — your loan officer will confirm the limits where you're buying.
Is down payment assistance available in my state? Down payment assistance programs are run at the state and local level and vary widely; a loan officer licensed in your state can check your eligibility.
Prepared by UMortgage+ powered by NEXA Lending, LLC
Educational content only. Not a commitment to lend. Program rules and limits change.
UMortgage+ powered by NEXA Lending, LLC. NEXA Lending, LLC NMLS #1660690. Corporate office: 5559 S Sossaman Rd, Bldg 1, Ste 101, Mesa, AZ 85212.
NMLS Consumer Access
This is not a commitment to lend. All loans are subject to credit approval, underwriting, and property approval. Not all applicants will qualify. Programs, rates, terms, and conditions are subject to change without notice. Not affiliated with or acting on behalf of HUD, FHA, VA, USDA, or the federal government. Reverse mortgage borrowers must keep paying property taxes, insurance, and maintenance, and the loan becomes due when the last borrower leaves the home. Commercial and some non-QM products may be offered through third parties.
© 2026 UMortgage+ powered by NEXA Lending, LLC. All rights reserved.
