Low-down-payment programs, gift-fund flexibility, and assistance grants — we line up every option you qualify for and compare total cost so you walk in knowing the real number.
3% down with PMI that automatically drops off near 78% LTV. Often the lowest total cost for qualifying buyers with decent credit.
3.5% down at 580+ credit. Forgiving on credit events, student loans, and gift funds — but mortgage insurance usually stays the life of the loan.
Grants and second-lien programs that can cover some or all of your down payment and closing costs. We screen for every program you might qualify for.
Income-targeted conventional programs with reduced PMI and flexible income sources — often better economics than FHA when you qualify.
A $375k purchase becomes a sub-$3,000 monthly payment with just over $11k down — and the PMI falls off automatically as the loan amortizes.
For illustration only. Numbers are hypothetical and don't represent an offer, rate lock, or guarantee. Actual rates, payments, fees, and qualification depend on your credit profile, the property, the lender, current market conditions, and required taxes & insurance. APR will differ from interest rate. 8Twelve Mortgage is an independent brokerage and arranges — but does not make — loans. Equal Housing Opportunity.
Most first-time buyer stress comes from not knowing what "enough saved" actually means. We start by reverse-engineering from a target monthly payment, then work backward to price, down payment, and the cash you need at the table.
FHA is easier to qualify for; Conventional 97 is usually cheaper over time if you can clear the credit bar. The right answer depends on your score, how long you'll stay, and whether you can refinance out of mortgage insurance later.
Family can gift down payment on conventional, FHA, and VA loans with a one-page letter and a paper trail. Sellers can typically contribute 3–6% of the price toward your closing costs — often enough to wipe out lender fees entirely. We write the offer to capture both whenever the contract allows.
Income-driven repayment plans no longer have to sink your file. Different loan types calculate the qualifying student-loan payment differently — sometimes the actual IDR payment, sometimes a percentage of the balance. We model both before you apply so there are no surprises.
Most low-down-payment programs require a short homebuyer education course. It's usually online, takes a couple of hours, and the certificate satisfies the lender. We'll point you at the accepted courses for the program you're using.
Most programs define a first-time buyer as anyone who hasn't owned a primary residence in the last three years — so even prior owners can qualify again. Some assistance programs use that same three-year test, others are stricter.
Conventional 97 and HomeReady/Home Possible programs go as low as 3% down for qualifying first-time buyers. FHA is 3.5%. VA and USDA can be 0% if you're eligible. Below 20% down you'll usually pay mortgage insurance, which we factor into the total monthly cost comparison.
Yes. Gift funds from family are allowed on conventional, FHA, and VA loans, with a simple gift letter and a paper trail showing the funds clearing your account. Some programs also accept gifts from employers, unions, or qualifying assistance entities.
No. A 620 score opens most conventional doors and 580 opens FHA at the 3.5% down tier. Higher scores unlock better pricing, but solid income, low DTI, and reserves can offset a thinner credit file.
Student loans are factored into your debt-to-income ratio. On conventional and FHA loans, lenders use the actual payment on your credit report or a small percentage of the balance if you're on a $0 IDR plan. Income-driven plans are still workable — we'll model the exact calc before you apply.
Down-payment assistance (DPA) programs offer grants, forgivable loans, or second mortgages to help cover down payment and/or closing costs. Eligibility is usually based on income, the area you're buying in, and occasionally first-time-buyer status. We screen every first-time-buyer file against available DPA options.
A 3-minute application. Soft credit pull. A real rate from a broker shopping 50+ lenders for you.
