First-Time Homebuyer Programs - We'll Walk You Through Every Step
Buying your first home is one of the biggest decisions you'll ever make — and it can feel overwhelming. At Northstar Mortgage, we've been helping first-time buyers in Alpharetta, Cumming, Johns Creek, and across North Atlanta find the right loan and close with confidence since 1998. You don't have to figure this out alone.
Buying your first home is one of the biggest decisions you'll ever make — and it can feel overwhelming. At Northstar Mortgage, we've been helping first-time buyers in Alpharetta, Cumming, Johns Creek, and across North Atlanta find the right loan and close with confidence since 1998. You don't have to figure this out alone.
You Probably Don't Need as Much Down Payment as You Think
One of the biggest myths we hear from first-time buyers is "I need 20% down." That's simply not true. Here's what's actually available:
FHA loans require just 3.5% down and are one of the most popular options for first-time buyers — especially if your credit score is still in the building stage. Combined with our Down Payment Assistance (DPA) program for FHA, you may be able to cover most or all of your down payment, making homeownership more accessible than you ever thought possible.
Conventional 97 loans allow as little as 3% down for qualified buyers with stronger credit. VA loans offer 100% financing with no down payment for eligible veterans and active military. And USDA loans provide zero-down financing for homes in qualifying rural areas of Georgia.
One of the biggest myths we hear from first-time buyers is "I need 20% down." That's simply not true. Here's what's actually available:
FHA loans require just 3.5% down and are one of the most popular options for first-time buyers — especially if your credit score is still in the building stage. Combined with our Down Payment Assistance (DPA) program for FHA, you may be able to cover most or all of your down payment, making homeownership more accessible than you ever thought possible.
Conventional 97 loans allow as little as 3% down for qualified buyers with stronger credit. VA loans offer 100% financing with no down payment for eligible veterans and active military. And USDA loans provide zero-down financing for homes in qualifying rural areas of Georgia.
Where Can Your Down Payment Come From?
A lot of first-time buyers are surprised to learn how flexible down payment sourcing actually is. You're not limited to money sitting in your checking account. Here are the most common allowable sources:
Personal savings — Your own checking, savings, or money market accounts are always acceptable with proper bank statements.
Gift funds — A family member can gift you all or part of your down payment. We'll help you document it properly with a gift letter so there are no issues at underwriting.
401(k) or retirement account loan — Many retirement plans allow you to borrow against your balance for a home purchase. This is a loan, not a withdrawal, so it avoids the tax penalty. We'll factor the repayment into your debt-to-income ratio.
Down Payment Assistance (DPA) — Our FHA down payment assistance program can provide funds to cover some or all of your required down payment. This is one of the most underutilized tools available to first-time buyers in Georgia.
Sale of assets — Proceeds from selling a car, stocks, or other assets are acceptable with documentation showing the sale and transfer of funds.
Employer assistance programs — Some employers offer homebuyer assistance as an employee benefit. If your company offers this, it may be usable toward your down payment.
Not sure if your source of funds qualifies? Give us a call — we'll review your situation and tell you exactly what works.
A lot of first-time buyers are surprised to learn how flexible down payment sourcing actually is. You're not limited to money sitting in your checking account. Here are the most common allowable sources:
Personal savings — Your own checking, savings, or money market accounts are always acceptable with proper bank statements.
Gift funds — A family member can gift you all or part of your down payment. We'll help you document it properly with a gift letter so there are no issues at underwriting.
401(k) or retirement account loan — Many retirement plans allow you to borrow against your balance for a home purchase. This is a loan, not a withdrawal, so it avoids the tax penalty. We'll factor the repayment into your debt-to-income ratio.
Down Payment Assistance (DPA) — Our FHA down payment assistance program can provide funds to cover some or all of your required down payment. This is one of the most underutilized tools available to first-time buyers in Georgia.
Sale of assets — Proceeds from selling a car, stocks, or other assets are acceptable with documentation showing the sale and transfer of funds.
Employer assistance programs — Some employers offer homebuyer assistance as an employee benefit. If your company offers this, it may be usable toward your down payment.
Not sure if your source of funds qualifies? Give us a call — we'll review your situation and tell you exactly what works.
Our Simple Process for First-Time Buyers
We keep it straightforward. Start with a free consultation — we'll look at your income, credit, and savings and tell you exactly where you stand and which programs you qualify for. From there, we handle the paperwork, communicate with your realtor, and guide you through to closing day.
No confusing mortgage jargon. No surprises. Just a clear path to your first home.
We keep it straightforward. Start with a free consultation — we'll look at your income, credit, and savings and tell you exactly where you stand and which programs you qualify for. From there, we handle the paperwork, communicate with your realtor, and guide you through to closing day.
No confusing mortgage jargon. No surprises. Just a clear path to your first home.
Ready to Get Started?
Call us at (770) 995-8078 or apply online today. One of our Alpharetta first-time homebuyer specialists will reach out and get the process started for you.
Call us at (770) 995-8078 or apply online today. One of our Alpharetta first-time homebuyer specialists will reach out and get the process started for you.
