First-time buyer programs · Start here
Your first home, one clear step at a time.
Buying your first home brings excitement and a few nerves. Both are normal, and education turns the nerves into confidence. Most first-time buyers are still learning their options: FHA, conventional, VA and USDA loans, plus state and local down payment help. The Mortgage Professor team lays them out side by side and explains each one in plain English.
What to know.
The essentials, in plain English.
- Every program in one conversation
FHA, conventional, VA, USDA and down payment help, compared side by side. We explain what each one means, so you are not researching alone.
- Help you may not know about
State (IHDA, Illinois Housing Development Authority) and local programs can help with your down payment or closing costs. Eligibility varies by program, location and income, and we review which ones may fit where you are buying.
- A budget before you tour
Work out a payment you are comfortable with before you start touring, so you shop in a price range that fits your life.
- One person to ask
From your first question to closing day, you have a team that explains every step, and Ryan is your main point of contact.
What happens after you press the button.
- Our team reaches out
- Ryan reads what you send personally and gets in touch to talk it through.
- What you’ll talk about
- What you’re looking for, what you’ve saved and anything you’re unsure about. No question is too basic.
- What to have handy
- Just your questions and a rough idea of your budget. Documents come later, when you apply.
Who counts as a first-time buyer
Many programs count you as one if you haven’t owned a home in the past three years, so you may count even if you’ve owned before.
- People buying their very first home
- Buyers who haven’t owned in the past three years
- Renters ready to own
- Buyers with modest savings or credit still being built
What you’ll need
Your loan officer confirms the list for your program.
- Recent pay stubs, W-2s and tax returns
- Bank statements for your savings
- A gift letter, if family is helping
- A homebuyer course certificate, if your program asks for one
Common questions
How much should I save before I buy?
Enough for your down payment, closing costs and a cushion after you move in. It depends on the program and the home, so it helps to look at your options first.
Do I need perfect credit?
No. Several programs work with credit that is still growing. A short conversation and, with your permission, a credit check tell you where you stand.
What is down payment assistance?
Grants, forgivable loans or second loans from state and local programs that help with your down payment or closing costs. Each program has its own income limits and rules, and some must be repaid when you sell or refinance.
Who counts as a first-time buyer?
Many programs count you as one if you haven’t owned a home in the past three years. Each program sets its own definition.
Which loan should a first-time buyer choose?
It depends on your credit, your savings, where you’re buying and whether you’ve served. FHA, conventional, VA and USDA loans all have first-time options, and comparing them side by side shows which fits.
What costs should I plan for besides the down payment?
Closing costs, an appraisal, a home inspection and moving costs. After you apply, your Loan Estimate lists your closing costs before you commit.
Do I have to take a homebuyer course?
Some programs ask for one, often online. Even when it isn’t required, it’s a good way to learn the steps before you start.
Should I talk to a lender before I look at homes?
Yes. Knowing your budget and your loan options first means you shop in the right price range, and sellers take an offer more seriously when a lender has reviewed your finances.
Will checking my options affect my credit?
Answering a few questions doesn’t check your credit. A credit check comes later, only with your permission, and your loan officer can explain how it may affect your score.
What if I don’t qualify?
You leave with a plan: what to work on, and which program to aim for when you’re ready.
5.0
45 reviews of New American Funding: Ryan Skaggs (MORTGAGE) on Google
First time buyers
in their own words.
“Ryan and his team were very professional throughout the whole process and able to close in under 21 days (which was the seller's main condition).”
Natasha V
“Ryan and his team are simply the best. They made the entire loan process very clear and simple. This team is extremely attentive and helpful. Highly recommend!”
Eric Matejcak
“Ryan & his entire team are the ones you need for the biggest purchase you’ll ever make in a home. Their dedication & disciplined is what allowed me to have an efficient closing. Thank you all again! Highly recommend 💯”
Steph B
“Neighborhood Loans and specifically Ryan Skaggs has been with me on my home buying journey since the beginning. Recommended by my amazing Realtor, I met Ryan in 2021.”
Bemnet Yigzaw
“Ryan was great, communicated extremely well and thoroughly. He made the entire process fairly simple. Would recommend him for sure.”
Scott Walters
“We are so incredibly grateful we found Ryan! My wife and I were pretty overwhelmed when we first started looking at mortgages.”
Jonathan Peig
“Ryan from the neighborhood loans team is the kind person you want in your corner when buying a home. From pre-approval to close, he was responsive, consultative, and patient.”
Andrew Harris
“Ryan is wonderful to work with and makes the mortgage process as easy as can be. Highly recommended!”
Michael Leifman
“Thank you to Ryan and his team. Our realtor recommended them. We are very happy we decided to work with them. They kept in touch after we decided it wasn't the right time to buy. One year later, we are in our new home.”
Amanda Atkinson
“Ryan did an amazing job getting my buyers closed on a multi unit investment in Chicago. He was profession and concise, updating everyone weekly on the process and keeping things on track. We closed three weeks early, largely for to his efforts.”
Paul Barker
Your first front door
starts with one question.
Ask Ryan anything. Every first-time buyer starts somewhere, and this is a good place.
(773) 569-8692