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First-Time Home Buyer

At NASB, we are committed to making the home loan experience for first-time home buyers as smooth as possible, with the loan program that’s right for you.

Key Features

Many mortgage loan programs for first-time buyers

Benefit from a mortgage interest tax deduction1

Build equity instead of paying rent


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Take the first step to home ownership.

Getting your first home doesn't have to be a difficult journey. Depending on your credit, how much money you can put down, whether you’ve served in the military, or how much you need to borrow, there are many programs available to help first-time home buyers. You can choose from an FHA loan, conventional loan, adjustable rate mortgage loan or VA loan. NASB also has a Good Neighbor Program to encourage home ownership in underserved communities.

Want to learn more about the mortgage process at NASB?





Which NASB loan is right for you?


  • Varying loan terms to accommodate your financial situation
  • No mortgage insurance fees with qualifying down-payment
  • An adjustable-rate loan with lower rates is available for shorter terms
  • No lender fees2
  • Typically no down payment3
  • No private mortgage insurance needed
  • Credit requirements not as stringent as conventional loans
  • FHA loans require only a 3.5% down payment
  • Friendlier debt ratios than other loans
  • Mortgage option for the credit-challenged
  • Higher loan limits
  • More flexible underwriting guidelines

NASB mortgage assistant programs  


  • A head start on the buying journey
  • Gain an advantage over other buyers
  • The opportunity to close faster
  • Locks in rate for 90 days
  • If rate drops within 90 days you can get your rate lowered2
  • Underwrite loan up front when combined with Home Buying Advantage
  • Competitive conforming fixed rates
  • No first-time home buyer or maximum income restrictions
  • Available for borrowers with a credit score of 700+
  • No tax returns required
  • Borrow up to $1,000,000
  • Great option for self-employed borrowers
  • Easier qualification: 580 minimum credit score
  • No NASB lender fees1, plus a lender credit for closing cost assistance may be provided
  • For qualifying property locations, benefits allowable for use with other loan programs
  • Cash Assistance Loan
  • Non-Cash Assistance Loan
  • Available first-time home buyers and veterans


First-Time Home Buyer Featured Blogs




First-time home buyer resources



VIdeo - How to Prepare for a Mortgage Loan

 

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First-time home buyer FAQs


The qualifications for acquiring a mortgage loan depend on the loan type.

For a conventional loan, among the qualifications are:

  • A minimum down payment of 3%. Private mortgage insurance (PMI) will be required for down payments below 20%.
  • A maximum debt-to-income ratio (DTI) of 45%.
  • Required documents including;
    • Clear copy of your driver’s license, passport or state ID Card
    • Pay stubs covering the most recent 30 day pay period
    • Complete bank statements for the past two months, all pages
    • All W2’s for the last two years

FHA loan qualifications include:

  • A down payment amount that is dependent on the borrower's credit score, with the minimum down payment being 3.5%.
  • The front-end ratio (mortgage payment plus homeowners association fees, property taxes, mortgage insurance, home insurance) will need to be less than 31% of your gross monthly income.
  • Monthly debts (credit card payments, car payment, student loans, etc.) will need to be less than 43% of gross monthly income.
  • Documented, steady income as well as employment history.
  • Home will be used as primary residence.
  • The property must be appraised by a FHA-approved appraiser and needs to meet certain standards.

NASB offers a number of loans and programs that helps getting a loan for a first-time buyer easy and affordable.

The different loans available include:

  • FHA loans with credit requirements not as stringent as conventional loans
  • VA loans for veterans and their families with no origination or application fee in closing costs1
  • Bank Statement loans for self-employed borrowers who would rather show bank statements than tax returns
  • FLEX loans for borrowers with unique credit situations
NASB mortgage programs that can help reduce stress during the home purchase process:
1NASB does not charge lender fees on VA loans; however, fees payable to third party service providers are still required.
2Specific geographic and / or income level restrictions apply. Eligibility for the discount and features of the Good Neighbor Programs are separate from loan approval, which is still required.
This again depends on the type of loan you get. For an FHA loan, you will need a minimum down payment of 3.5% of the purchase price, plus you should plan on another 2%-2.5% of the purchase price for closing costs. The more more money you can put down, the better options you will have, including not having to pay mortgage insurance premiums. You should also account for after closing costs, including any moving or repair costs, and having the first couple of months' payments on hand. Here's a calculator that can help you determine how much you should put down for a new home, and another one to help you determine what your closing costs might be.
NASB offers a Zero Down Home Loan Program that allows borrowers to get started on the home loan process and into the home of their dreams without a down payment1. This option offers competitive conforming fixed rates with no first-time home buyer or maximum income restrictions, but there is a minimum credit score requirement.

1The borrower must invest 1% of the purchase price into the transaction, which may include loan closing costs &/or prepaid taxes/insurance, or two months reserves of the monthly payment, insurance, taxes, and mortgage insurance is required. Gift funds from an acceptable source are allowed to cover the 1% borrower investment and reserves. Other guidelines and restrictions may apply.
The maximum loan amount you can borrow depends on your credit score, your debt-to-income ratio (DIT) and profile in the underwriting process. The lender basically wants to have an understanding of how much you will be able to repay, taking into consideration all risk factors. Here's a tool to help you calculate how much you can borrow.
Your interest rate will change  if you have a loan with an adjustable rate. The interest rate on a fixed-rate loan does not adjust. 
An escrow account, which is also sometimes called an impound account, is setup by the mortgage lender to pay certain property-related expenses. An escrow account can be helpful in paying these expenses because money is set aside every month instead of having to pay a big bill a couple times a year. Your mortgage servicer will manage the escrow account and pay these bills on your behalf.  Escrow accounts may be required by the lender and are also, in some cases, required by law. Here's a blog that tells more about escrow accounts.
A home appraisal is an opinion of a home's value done by an unbiased professional. These are almost always used for home purchases and sales, as well as refinances. They are done to ensure the lender that the homeowner is not over-borrowing for a property, preventing a possible foreclosure in the future.
Private  mortgage insurance (PMI) is typically required on a conventional loan when there is less than a  20% down payment.
No. An appraisal determines a home's fair market value. An inspection is an examination of your home's physical structure and systems.
A  gift may typically be acceptable from: a borrower relative, borrower's employer or labor union, a close friend, a charitable organization, a governmental agency or public entity that has a program providing home ownership assistance to low and moderate families or first-time home buyers. Specific requirements regarding gifts can vary by loan type and program. Talk to your lender for details. 


What Our Customers Say
Austin M., February 23, 2021
★★★★★ (5)

"Jake with NASB was fantastic to work with as a first time homeowner. He walked myself and my wife through this process end to end and was available anytime we had questions or needed information. He set up the landscape of what would happen with us at the very beginning and was there with us throughout the entire process."

Local banking. National lending.

$22B in home loans in the last decade

Based on lender data

92% of customers would recommend NASB

Based on 13,296 NASB closed loan customer surveys from 1/1/2018 to 4/29/2021

83,000+ home loan customers since 2010

Based on lender data

1This is not intended to and does not constitute legal advice or financial / investment / tax advice. North American Savings Bank does not make any guarantee or other promise as to the results obtained. You should consult with an attorney or other professional to determine what may be best for your individual needs.

2NASB does not charge lender fees on VA loans; however, fees payable to third party service providers are still required.

3VA loans require a down payment if the borrower does not have sufficient entitlement, for Graduated Loan Payment loans or one where the loan amount exceeds the property value.