It depends on the loan program. FHA loans accept scores as low as 500 with 10% down, or 580 with 3.5% down. Conventional loans typically need at least 620. VA loans have no official minimum, though most lenders look for 580 to 620. NextGen Mortgage works with multiple lenders, which often means options for buyers across a wide range of credit profiles.

You'll need money for a down payment, closing costs, and reserves. Down payments range from 0% (VA, USDA) to 3.5% (FHA) to 3% to 20% (conventional). Closing costs typically run 2% to 5% of the purchase price. On a $300,000 home with an FHA loan, expect roughly $10,500 down plus $6,000 to $15,000 in closing costs. Down payment assistance programs can reduce these upfront costs significantly.

NextGen Mortgage offers pre-approval within 24 hours once you submit your application and required documents. Pre-approval involves a credit check, income verification, and a review of your financial profile. The pre-approval letter shows sellers you're a serious, qualified buyer when you make an offer.

Yes. Many states offer down payment assistance programs, closing cost grants, and tax credits for first-time buyers. FHA loans are the most popular first-time buyer program nationally because of their low down payment and flexible credit requirements. Some lenders also offer specific first-time buyer programs with reduced rates or waived fees. NextGen Mortgage can help you identify programs available in NH, MA, ME, FL, and RI.

Often yes. Most programs define a first-time homebuyer as someone who has not owned a primary residence in the past three years. So if you previously owned a home but have been renting for at least three years, you typically qualify for first-time buyer programs again. Some specialized programs have different definitions, so confirm eligibility with your loan officer.

FHA loans require 3.5% down with credit scores starting at 580 and are popular for buyers with smaller savings or lower credit. Conventional loans need at least 3% down and a 620 score, with PMI removable at 20% equity. VA loans require zero down for eligible veterans, active-duty service members, and surviving spouses. USDA loans offer zero down for primary residences in qualifying rural areas with populations under 35,000.