First-Time Home Buyer Programs

We offer first-time home buyer programs and loan options with great rates to help first-time home buyers get into their dream home.

First-Time Home Buyer Programs

Key Features

Many mortgage loan programs for first-time buyers

Benefit from a mortgage interest tax deduction1

Build equity instead of paying rent

Take the first step to home ownership.

Getting your first home doesn't have to be a difficult journey. Our first-time home buyer programs can help you along the way. 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 a first-time home buyer government program loan like an FHA loan, HomeReady loan, Home Possible loan or a VA loan, or a conventional loan.  NASB also has a Dream Possible Home Loan offering down payment and closing cost assistance.

Minimum loan amount of $175,000 required to apply. Exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas. Contact a NASB Loan Officer for more details on the specific areas and/or zip codes excluded. 

First-time home buyer programs  

  • A head start on the buying journey
  • Gain an advantage over other buyers
  • The opportunity to close faster
  • Cash Assistance Loan
  • Non-Cash Assistance Loan
  • Available first-time home buyers and veterans
  • For Kansas City Metropolitan residents
  • No NASB origination fees, plus closing cost or down payment assistance
  • Benefits allowable for use with other loan programs

First-time home buyer loans

  • 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

First-time home buyer FAQs

The requirements 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.
Click here for a calculator to determine your monthly mortgage payment for a given purchase price, down payment, interest rate, and loan term.
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. 
Homeowner's insurance is very important, it covers the house’s structure and all its contents should a destructive event occur, such as a fire or storm. You want to make sure and get quotes from multiple companies, look at their reviews and compare pricing. Companies like Credible Insurance let you compare up to three competitive quotes. Here's a blog that can tell you more.
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. 
Click here for a calculator that determines your mortgage closing costs for a given set of loan terms. The calculator lumps settlement charges into two categories: origination charges and other settlement services.

A minimum loan amount of $175,000 is required to apply. Exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas. Contact a NASB Loan Officer for details on the excluded areas and/or zip codes.

First-time home buyer videos

What is an Escrow Account?


Cash-Out Refinance-What it is & How to Use It



How to Get a Home Loan if You're Self-Employed


Want to learn more about the mortgage process at NASB?

First-Time Home Buyer Featured Blogs

First-time home buyer resources


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

"My NASB loan officer 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."

90 Net Promoter Score

Based on closed loan customer surveys from 6/1/2022 to 5/30/2023

$31 Billion in home loans

In the last decade based on lender data

103,000 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, including a VA funding fee if applicable.

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.