If you’re buying your first home, we’re here to make the process simple and affordable. With First-Time Homebuyer programs and Down Payment Assistance (DPA) loans, you can get expert guidance, flexible options, and support from start to finish. Let’s find the right path to homeownership, together.
These programs are designed to help first-time buyers purchase a home with fewer barriers. They often include lower down payments, flexible credit requirements, and access to Down Payment Assistance (DPA), which can help cover upfront costs and make homeownership more affordable from the start.
You may qualify as a first-time buyer if you haven’t owned a home in the last three years. Some programs also allow you to qualify if you’re purchasing with a partner for the first time or haven’t held sole ownership of a home in the past.
DPA programs offer financial help with your down payment or closing costs. This can come as a grant, forgivable loan, or second lien. Many programs have income or location guidelines, and some require the home to be your primary residence for a set period.
Not at all. First-time buyer and DPA loan programs are often built for those with fair or limited credit history. While better credit may improve your rate, many programs allow for flexible credit scores and alternative ways to show financial responsibility.
Yes. Most Down Payment Assistance programs can be paired with popular loan types like FHA and Conventional. We’ll help you find the right combination that fits your financial goals and make sure you meet the program’s requirements.
Getting started is easy. We’ll walk you through your options, help you get pre-approved, and identify which DPA or first-time buyer programs you’re eligible for. You’ll get clear guidance, expert advice, and a simple path to homeownership from day one.
LUMI Funding Group is more than a mortgage team — we’re your home financing partner. Based in California, we specialize in helping buyers, homeowners, and investors find the right loan for their needs. We take the time to understand your goals, offer clear guidance, and move quickly when it matters most. Whether you’re buying your first home, refinancing, or investing in property, you’ll get personalized support and smart solutions every step of the way.
We’ve answered the most common questions about First-Time Homebuyer loans, Down Payment Assistance, and how the process works so you can move forward with confidence.
A first-time homebuyer loan is designed to make it easier for new buyers to qualify for a mortgage. These loans often come with lower down payment requirements, more flexible credit standards, and may be combined with special programs like Down Payment Assistance (DPA) to reduce upfront costs.
You’re typically considered a first-time homebuyer if you haven’t owned a home in the past three years. Some programs may also include those who’ve never owned a home or are buying with someone for the first time. You don’t have to be a first-time buyer for every program, but many are tailored specifically for you.
DPA programs help cover the cost of your down payment and sometimes even your closing costs. Assistance may come in the form of a grant, forgivable loan, or second mortgage. These programs are offered by state and local housing agencies, nonprofits, and sometimes lenders. Many do not need to be repaid if certain conditions are met.
The amount varies by program and location. Some offer a few thousand dollars, while others cover the full down payment. Eligibility is often based on income, location, and purchase price. We can help you identify what’s available in your area and walk you through the qualifications.
No. Many first-time buyer programs are designed for borrowers with fair or limited credit. FHA loans, for example, allow credit scores as low as 580 with a 3.5% down payment. Other programs accept alternative credit history or consider compensating factors like stable income or savings.
Yes, many Down Payment Assistance programs are structured to work with FHA, Conventional, VA, or USDA loans. These combinations help you get a lower interest rate while reducing out-of-pocket costs. The key is making sure the loan and assistance program are compatible — and that’s where we guide you.
Common options include FHA loans, which allow low down payments and flexible credit; Conventional loans with first-time buyer discounts; USDA loans for rural areas; and VA loans for eligible veterans. The right loan depends on your finances, goals, and where you’re buying.
Some programs do have income limits, especially those offering grants or subsidized interest rates. However, limits vary by county and household size. Not all programs are restricted by income, so we’ll help you identify what you qualify for.
Start by speaking with a mortgage professional who understands first-time buyer programs. We’ll review your income, credit, and homebuying goals to determine your best options. Once pre-approved, we’ll help you apply for any matching DPA programs and walk you through the next steps.
To apply, you’ll typically need your recent pay stubs, W-2s or tax returns, bank statements, ID, and possibly rental history. If you’re applying for DPA, you may also need to provide additional income verification or attend a homebuyer education course.
Many first-time homebuyer programs are offered at the state level through housing finance agencies, with additional options available from federal programs. Some are designed for specific groups like veterans, educators, and essential workers. Assistance may also be available through nonprofit organizations or employer-backed programs.
If you’ve never owned a home — or haven’t in several years — you may qualify for first-time buyer support. These loans often come with lower down payment requirements, more flexible credit guidelines, and access to grants or low-interest loans that help cover closing costs and upfront expenses.
