Start with payment
The right price range is not just the biggest number you can qualify for. It is the payment you can live with after taxes, insurance, mortgage insurance, and real life.
First-time buyers
Know what you can afford before you start shopping.
Buying your first home comes with a lot of noise: credit scores, down payments, closing costs, rates, and pre-approval. We’ll slow it down and build a clear plan before you start writing offers.
Get Buyer-ReadyUnderstand pre-approval
Pre-approval helps you know what documents are needed, how your credit and income look, and what a seller may want to see before accepting your offer.
Know your cash needed
Down payment is only one part. Closing costs, reserves, inspections, and moving costs should be part of the plan too.
FHA and conventional
There is more than one way to buy your first home.
FHA may allow scores as low as 580 with 3.5% down. ML Mortgage Corp does not add extra company overlays when the file receives eligible AUS findings, subject to full qualification and documentation.
Conventional options may also work for qualified first-time buyers. The right answer depends on your credit, income, down payment, property, and long-term plan.
Common mistakes to avoid
Do not shop based only on online estimates. Do not make large unexplained deposits without a paper trail. Do not open or close credit accounts without asking first. And do not wait until you find a home to understand your numbers.
Start My Mortgage RoadmapFirst-time buyer FAQs
Questions to answer before you write offers.
How much down payment do I need as a first-time buyer?
It depends on the loan program, property, credit profile, and full qualification. FHA may allow 3.5% down when eligible, and some conventional options may allow low down payments for qualified first-time buyers.
Should I get pre-approved before shopping?
Yes. A pre-approval review helps you understand payment, documents, cash needed, and what a seller may want to see before you write offers.
What costs should I plan for besides down payment?
Plan for closing costs, prepaid taxes and insurance, inspections, possible appraisal costs, reserves, moving costs, and any program-specific requirements.
Will the short website form pull my credit?
No. The short website form is only an inquiry form. A full credit/application review happens through the secure ML Mortgage Corp application process when appropriate.