In short
First-time home buyer loans are low down payment mortgages, such as FHA, conventional, VA and USDA, often paired with down payment assistance. With Waymaker Mortgage Company, credit scores start at 500 with FHA (10% down from 500 to 579, 3.5% at 580+), and down payment assistance starts at 580, depending on location, income limits and loan type.
Reviewed by Scottie Campbell, NMLS #1610726 · Last updated October 18, 2026
How can a first-time buyer get into a home with little money down?
Most first-time buyers need far less than 20% down. FHA loans allow 3.5% down with a 580 or higher credit score (10% down from 500 to 579), conventional loans can go as low as 3% down, and VA and USDA loans allow 0% down for those who qualify. On top of that, I have access to dozens of national, state and local down payment assistance programs, many starting at a 580 credit score, that can help with your down payment and closing costs. DPA availability depends on property location, income limits and loan type, and eligibility is confirmed per program. I'll compare your options side by side with a Total Cost Analysis so you can choose with confidence.
Key takeaways
Buying your first home should feel exciting, not confusing. I'm Scottie Campbell, a Mortgage Advisor and the founder of Waymaker Mortgage Company, and I've helped families buy homes since 2003. I'll show you every path that fits: low down payment loans, down payment assistance most banks don't offer, and a clear plan to the keys. My job is to educate and empower you. Your job is to decide.
Buying Your First Home in Georgetown, TX
Buying your first home is a big deal. It's also the moment a lot of people get the least real guidance. Someone runs your credit, tosses out a number, and you're left wondering whether you're ready or not.
I do it differently. I've been in this business since 2003, and I sit down with first-time buyers to lay out every option, what each one costs over time, and what it takes to get there. My job is to educate and empower you. Your job is to decide.
And if the answer today is "not yet," that's fine. Can't do it now doesn't mean can't do it ever. It's never a no. It's always a how.
Who Counts as a First-Time Home Buyer?
More people than you'd think. Many programs define a first-time buyer as someone who hasn't owned a primary residence in the past three years. So if you owned a home years ago, sold it and have been renting since, you may qualify again. Some programs also relax or waive that rule for veterans or for homes in certain target areas. I'll confirm which definitions you fit before we pick a direction.
You Don't Need 20% Down
Quite frankly, the 20% down myth keeps more families renting than anything else. Here are the main paths first-time buyers use:
- FHA loans: 3.5% down with a 580 or higher credit score. Scores from 500 to 579 can still work with 10% down.
- Conventional loans: as little as 3% down for qualified buyers, and programs like UWM Conventional 1% Down can bring that lower for those who fit. Waymaker Mortgage Company funds conventional loans in house.
- VA loans: 0% down for eligible veterans, service members and surviving spouses, funded in house under our name.
- USDA loans: 0% down for eligible buyers in qualifying areas, also funded in house.
What that means for you is this: there's very likely a path that fits your savings, your credit and the home you want. We just have to find the right one.
Down Payment Assistance Most Banks Don't Offer
This is where a lot of first-time buyers get surprised. I have access to dozens of national, state and local down payment assistance programs, and most banks only offer a handful, if any. Many of these programs start at a 580 credit score.
A few examples I work with:
- National programs: Orion Boost Down Payment Assistance, EQUO DPA, Chenoa Fund, MaxONE, LoanLift, HomeFundIt and Freddie Mac BorrowSmart, among others.
- Texas statewide: TDHCA My First Texas Home, TDHCA My Choice Texas Home, TSAHC Home Sweet Texas, TSAHC Homes for Texas Heroes and SETH 5 Star Texas Advantage (not available in Travis County).
- Texas local: Travis County HFC Hill Country Home DPA, which has no first-time buyer requirement.
I'm also licensed in Florida, Pennsylvania and Ohio, and there are state programs there too. Every one of these has its own rules. DPA availability depends on property location, income limits and loan type, and eligibility is confirmed program by program. Some are grants, some are forgivable seconds and some are repayable, so I'll walk you through exactly what you'd owe and when.
Greenlight Approval: Shop Like a Serious Buyer
When you're a first-time buyer, sellers sometimes worry your financing will fall apart. Greenlight Approval answers that worry before it comes up.
With Greenlight Approval, my team and I pre-underwrite your file up front, as much of it as we can, before you ever make an offer. It's the highest assurance of approval available, and it can make your offer as strong as cash, and at times more attractive to a seller. In a market like Georgetown, TX, that matters.
Looking Past the Rate: Total Cost Analysis
A lot of first-time buyers shop for one number and miss the bigger picture. My Total Cost Analysis looks at what the loan actually costs you over the time you plan to own the home: down payment, mortgage insurance, closing costs, assistance terms and how long you'll likely stay.
Your rate depends on your scenario and the day's market. Reach out and I'll price it for real. Then we'll compare options side by side so you can see which one fits your life, not just your first month.
| Path | Minimum down | Mortgage insurance | Often a fit for |
|---|---|---|---|
| FHA | 3.5% at 580+ (10% at 500 to 579) | MIP, often for the life of the loan | Buyers still building credit |
| Conventional | As little as 3% | PMI, removable with enough equity | Buyers with steadier credit |
| VA | 0% | No monthly mortgage insurance | Eligible veterans and service members |
| USDA | 0% | Guarantee fee | Buyers in eligible areas |
Why a Mortgage Advisor Instead of a Bank
A bank has one underwriting desk and one set of rules. If your file doesn't fit that box, the answer is usually no.
Waymaker Mortgage Company closes and funds Conventional, VA and USDA loans in its own name, with underwriting through multiple investor partners. If one investor's guidelines don't fit your situation, I take your file to one that does. And you're talking to the owner of this company, so you get a direct line to the person making decisions.
We run it high-tech, high-touch: an easy online application and document upload, plus a real person who picks up the phone. Feel free to text me any time along the way.
Your Next Step
Start with a conversation. I'll review your income, credit and savings, then build you a Mortgage Action Plan: a clear path to the keys, whether that's this month or a year from now. If you're ready, we'll go straight to Greenlight Approval and get you rocking and rolling.
Helping ordinary people live extraordinary lives is why I started this company. I'm here to serve.
Information on this page is general and educational. It is not a commitment to lend or an offer of credit. Programs, guidelines and eligibility change and depend on your full scenario. Waymaker Mortgage Company, NMLS 2440476. Equal Housing Lender.
Quick facts
- Minimum credit score
- 500 with FHA (10% down from 500 to 579; 3.5% down at 580+)
- Down payment assistance
- Available from a 580 credit score
- Minimum down payment
- 0% VA and USDA, 3% conventional, 3.5% FHA
- Greenlight Approval
- Available
- Funded in house
- Conventional, VA and USDA
- Licensed in
- Texas, Florida, Pennsylvania and Ohio
Is this loan right for you?
Who it's for
- Renters ready to stop paying someone else's mortgage
- W-2 families stretching to buy their first home with limited savings
- Buyers with credit scores from 500 up who want to know their real options
- Past owners who haven't owned a primary residence in the last three years
- Veterans and service members buying their first home
Who it may not fit
- Buyers purchasing an investment property (first-time buyer programs are for a home you'll live in)
- Buyers whose income is above a specific DPA program's limit (other loan options may still fit)
Pros and cons
Pros
- Down payments from 0% to 3.5% depending on the loan you qualify for
- Access to dozens of down payment assistance programs most banks don't offer
- Credit scores as low as 500 can qualify with FHA
- Greenlight Approval helps your offer compete with cash buyers
- Total Cost Analysis shows the full cost over the time you own the home
Trade-offs to weigh
- Low down payment loans usually include mortgage insurance or a guarantee fee
- DPA programs have income limits, location rules and sometimes a homebuyer education class
- Some assistance is repayable, so the terms need a close look
Frequently asked questions
What credit score do I need to buy my first home?
The floor is 500 with an FHA loan and 10% down. At 580 and above, FHA drops to 3.5% down, and many down payment assistance programs open up. Conventional, VA and USDA loans have their own guidelines. If your score isn't where it needs to be yet, that's okay. Can't do it now doesn't mean can't do it ever, and I'll show you exactly what to work on.
Do I have to be buying my very first home to qualify?
Not always. Many programs treat you as a first-time buyer if you haven't owned a primary residence in the past three years. Some programs waive the rule for veterans or certain areas, and a few, like Travis County HFC Hill Country Home DPA, have no first-time buyer requirement at all. I'll confirm which ones you fit.
What down payment assistance is available near Georgetown, TX?
Texas buyers may be able to use programs like TDHCA My First Texas Home, TDHCA My Choice Texas Home, TSAHC Home Sweet Texas, TSAHC Homes for Texas Heroes and SETH 5 Star Texas Advantage, plus national programs like Orion Boost, EQUO DPA and Chenoa Fund. DPA availability depends on property location, income limits and loan type, and eligibility is confirmed per program.
What is a Greenlight Approval?
It's my upgraded approval. My team and I pre-underwrite as much of your file as possible before you shop, so you know where you stand and sellers know your financing is solid. It's the highest assurance of approval available and can make your offer as strong as cash.
What will my interest rate be?
Your rate depends on your scenario and the day's market. Reach out and I'll price it for real. More important, I'll run a Total Cost Analysis so you can see what each option costs over the time you plan to own the home, not just the rate on day one.
How do I get started?
Feel free to text me or apply online. We'll talk through your goals, review your income, credit and savings, and build a Mortgage Action Plan. If you're ready, we'll move straight to Greenlight Approval and get you rocking and rolling.
Related loan programs
Flexible credit, low down payment, and dozens of assistance programs. I'll show you how FHA fits your plan, then you decide.
No monthly mortgage insurance, no minimum credit score on my end, and VA loans funded in house by Waymaker Mortgage Company with underwriting through multiple investors.
No down payment for eligible homes and households. I'll check the address and your income up front, so you shop with confidence.
Last updated October 18, 2026 · Reviewed by Scottie Campbell, NMLS #1610726. This page is educational and not a commitment to lend; program details change — ask for current figures.