First-time home buyer guide
Your first home may be closer than you think
Many renters who want to buy a home hold back because they assume they will not qualify or that they need years of savings first. In reality, there are several loan programs built with first-time buyers in mind, and the right one depends on your credit, income, savings and goals.
As an independent Denver mortgage broker, Luna Lending compares programs from multiple wholesale lenders and explains your options in plain language, so you can move forward with confidence when you are ready.
Get Started
Make your first purchase a confident one
Where to start
Can you get qualified?
Programs such as FHA loans offer flexible credit and income guidelines, and VA and USDA loans may be available to eligible borrowers. We will review your situation and show you which programs fit.
Explore down payment options
You may not need as large a down payment as you think. Several programs offer low down payment options for eligible buyers, and some allow gift funds from family.
Get pre-approved
A pre-approval shows sellers you are a serious buyer. Our pre-approval process starts with a soft credit check, which does not affect your credit score.
Programs first-time buyers often consider
Compare your options
FHA Loans
Insured by the Federal Housing Administration, with flexible credit guidelines and low down payment options.
VA Loans
For eligible veterans, service members and surviving spouses, with no monthly private mortgage insurance.
USDA Loans
For eligible buyers in qualifying rural and suburban areas. Income and location limits apply.
Renovation Loans
Buy a home that needs work and finance the improvements in the same loan.
Found a fixer-upper?
Your renovation wish list
With a renovation loan, such as an FHA 203(k) or Fannie Mae HomeStyle loan, you may be able to finance the purchase and the improvements together in one loan. Learn more about renovation loans.
Bring in more light
Enlarge windows or open up the floor plan.
Finish a basement or attic
Add usable living space for a growing household.
Refresh the kitchen or baths
Update the rooms you use most.
Make essential repairs
Address roofing, systems or structural items that need attention.
First-time buyer questions
Questions we hear often
Should I buy now or keep renting while I save?
It depends on your budget, plans and local market. We can run the numbers for buying compared with renting so you can make the choice that fits your goals, with no pressure either way.
Should I still save for a down payment?
Yes. Even if you qualify for a low down payment program, savings can lower your loan amount, reduce your monthly payment and give you a cushion for closing costs, moving and reserves.
How much home can I afford?
Lenders look at your income, debts, credit and assets. Just as important is what feels comfortable for your monthly budget. We will help you find a payment you are confident in, not just the maximum you might qualify for.
I have a lower credit score. Do I have options?
Possibly. Programs such as FHA loans offer more flexible credit guidelines. If now is not the right time, we can share steps that may help strengthen your application.
How do I get pre-approved?
Tell us a little about your goals, income and assets. We start with a soft credit check, which does not affect your credit score, then review your documents and outline the programs that may fit.
What are other first-time buyer resources?
Ask us about down payment assistance and grant programs that may be available in Colorado and the other states where we are licensed. Availability and eligibility vary.
Get ready
Ready to talk about your first home?
Talk with a local Denver mortgage broker about your options. No pressure, just clear answers.
Get StartedThis page is for general educational purposes only and is not a commitment to lend or an offer of credit. Loan approval, rates, terms and program availability depend on credit, income, assets, property type and underwriting review, and may change without notice. Luna Lending Inc. | NMLS #2032089 | 1900 Grant St. Ste 1150, Denver, CO 80203 | 720-594-6585 | Licensed in CA, CO, NC and NV. Equal Housing Opportunity.