First-time homebuyers
Your first house, without the mystery.
The process is learnable. The stress is normal. The file stays with this branch.
Guides
Start here, then go deeper.
The questions this desk hears every week, written out so you can read them before the call.
The file
- 01 Get ready to buy What “first-time buyer” means, how debt-to-income works, and what to stop doing 60 days out.
- 02 Documents and where to find them Paystubs, bank PDFs, tax transcripts, rent history, and how to pull each one without a scavenger hunt.
- 03 Down payment and cash to close Earnest money, closing costs, seller credits, gifts, and Ohio down payment assistance — one number, not five.
- 04 Student loans and a mortgage Deferred, income-driven, parent PLUS, and why paying them off mid-file can backfire.
- 05 Self-employed and 1099 buyers Two years of returns, add-backs, a current P&L, and why a brand-new LLC does not qualify you overnight.
- 06 Buying with a partner or parent Who goes on the loan, who goes on title, occupancy rules, and when a co-signer actually helps.
The house
- 01 Condos, manufactured, well and septic Warrantable condos, titled manufactured homes, private well, and septic — what kills a file before the appraisal.
- 02 Owner-occupied 2–4 units Live in one unit, rent the others. How FHA and conventional treat rental income on a first purchase.
- 03 New construction vs resale Builder contracts, rate locks that expire, specs that change, and why a resale file is a different clock.
- 04 From offer to keys Inspections, appraisals, insurance, underwriting conditions, and closing day in this market.
The process
Five moves. In this order.
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01
Talk before you tour
A price range that survives underwriting is worth more than a weekend of open houses.
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02
Get pre-approved
We pull credit once and issue a letter listing agents will actually call.
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03
Write the offer
We confirm dates, the house type, and that the program still fits.
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04
Underwrite the contract
Appraisal, title, insurance, and conditions in one queue.
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05
Clear to close
A cash-to-close figure you can fund on the date in the agreement.
Loan options
Pick the program after we see the house.
3.5% down
FHA
The default first-time path in our towns. Ohio buyers often stack OHFA on top of it.
0% down
USDA
Zero down when the address maps rural and household income fits the cap.
Veterans
VA
Zero down and no monthly PMI if you earned the benefit.
3% down
Conventional
Wins when credit is strong and you want mortgage insurance that can cancel.
Ohio only
OHFA assistance
Down payment help stacked on FHA or conventional when you qualify.
Two offices. One first-time desk.
First-time questions we hear every week
- Do I have to be a first-time buyer for FHA?
- No. FHA is open to repeat buyers. First-time status matters more for some conventional 3% products and for many OHFA programs.
- How much cash do I actually need?
- Down payment plus closing costs minus seller credits, gifts, and assistance. USDA and VA can be zero down. FHA is typically 3.5%. Conventional can be 3%.
- Can I use gift money?
- Yes, inside each program’s gift rules. We document the donor, the withdrawal, and the deposit.
- Will my student loans stop me?
- Usually no. We count a payment. Bring the balance and the servicer letter. Do not refinance them mid-file without talking to us first.
- Can I buy if I am self-employed?
- Yes, with two years of returns and a current profit-and-loss. See the self-employed guide.
- What if I am buying with a partner or parent?
- Everyone on the loan has to qualify. Occupancy rules are strict on FHA, VA, and USDA. Tell us the living plan first.
Polaris Home Funding Corp. is not acting on behalf of or at the direction of HUD, FHA, USDA, VA, or the federal government. Program rules change. We confirm them on your file.
Start here
Start the first-time file
Apply online or call the branch. Bring student loan balances if you have them.