First Time Homebuyers

Thinking of buying a new house? Let Thrive Lending Group guide you through the home buying process and help you make informed financial and real estate decisions.

Thrive Lending Group - Arbor Financial Group » First Time Homebuyers

You’ve Decided to Buy a House—Now What?

Buying and owning a home can be an exciting and intimidating process for many homebuyers but especially so for first-timers. When there’s so much conflicting information on the internet, it can be difficult to know exactly who to talk to, the steps to take to successfully buy a house, and the financial options available to you.

As a first-time homebuyer, there are several advantages and options available to you—state programs, federally-backed loans, minimum down payments (20% of the purchase price with a conventional loan), tax breaks, and so on.


Thrive Lending Group runs on four main principles:

Education  ·  Honesty  ·  Transparency  ·  Professionalism

As mortgage specialists, we’re all about providing homebuyers with a simple and direct path to homeownership, no matter the budget. We understand that it’s not just about purchasing a home but also about creating one. That’s why we provide clients with the tools they need to establish a space for themselves.

Mortgages: What You Need to Know

Whether you’re considering purchasing a home to gain equity or independence from a landlord, one of the first and most important things to consider before deciding to buy a house is your current financial situation.

It’s crucial to put together a comprehensive financial plan and understand the mortgage options available to you. The exact type of mortgage you’ll need will differ depending on how much you need, how much down payment you’re willing to make, your financial situation, and your credit score.

With the help of Thrive Lending Group, first-time homebuyers have access to a team of experts dedicated to helping them make informed financial decisions. We also offer access to a variety of loan products to make the purchasing process smoother and more efficient. To speak to one of our mortgage professionals, get in touch.

Getting Pre-Approved

Whether you’re a homebuying veteran or a first-timer, getting a pre-approval is an important first step in the home buying process. Getting pre-approved for a mortgage involves getting a better understanding of the maximum amount you can spend, the monthly mortgage payment, and your mortgage rate for the first term. Not only does a pre-approval help you—the buyer—with your search for a home, but it also gives the seller confidence that you are serious about your offer.

At Thrive Lending Group, we help our clients get pre-approved and usually start the process with a consultation. This allows us to get a better understanding of your current financial goals, situation, and timeline.

Assistance Programs and the Homebuying Process

Homebuyers don’t necessarily need to have enough saved up to make a down payment. This is because there are several assistance programs set up to help homebuyers cover the down payment and acquire their dream home.

These down payment assistance programs are initiatives offered by federal, state, and local governments—like the Federal Housing Authority (FHA)—and government-sponsored agencies like Fannie Mae and Freddie Mac. These programs come with benefits like lowered down payments with competitive interest rates and no income restrictions.

For example, the FHA loan program allows for lower credit scores and a higher ratio of debt relative to income, making it easier for low-to-moderate-income homebuyers to qualify for the loan. While these loans do require mortgage insurance to protect the lender from loss of payment, it can be combined with the loan.

For more information about down payment assistance programs, reach out to Thrive Lending Group.