Low-down-payment loans and FHA down payment assistance can reduce what you need to get into your first home. Beeline shops many lenders, reviews the programs you may qualify for, and structures your loan around them.
Chris Hendrickson NMLS #145552 | Beeline Mortgage, LLC NMLS #1713379 | Licensed in WA & ID
3.5%
Min Down (FHA)
580+ credit, for eligible borrowers
0%
Min Down (USDA/VA)
Where eligible
$541,287
FHA Loan Limit
WA & ID standard counties
DPA
Assistance Available
For eligible FHA buyers
Who Qualifies
Who Counts as a "First-Time Homebuyer"?
Most people assume first-time buyer programs are only for people who have never owned a home, but the definition is broader than that. Under HUD's definition, a first-time homebuyer is anyone who has not owned a primary residence in the last three years. This opens up first-time buyer programs to a much larger group than most people realize.
Divorced individuals who owned jointly but have since separated, buyers who owned a property that wasn't their primary residence, and people who previously owned but sold or lost a home more than three years ago may all qualify as first-time buyers for program purposes. If you think you might qualify, it's worth confirming, since first-time buyer status can open up more loan options.
HUD Definition: A first-time homebuyer is generally an individual who has had no present ownership in a principal residence during the 3-year period ending on the date of purchase of the property. Eligibility rules for FHA down payment assistance through Beeline's lender partners are confirmed when we review your file. State housing finance agencies run their own programs through their own approved lenders, and Beeline doesn't originate those programs.
Loan Options
Loan Programs for First-Time Buyers
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MOST POPULAR
FHA Loans
A common first-time buyer loan. Flexible credit requirements, down payments as low as 3.5% for eligible borrowers, and can pair with FHA down payment assistance through Beeline's lender partners.
No down payment required for eligible rural and suburban addresses. Often an affordable path if your address qualifies. Check eligibility before building your search around it.
Conventional loans with as little as 3% down may be available to eligible first-time buyers, and to income-qualified buyers through Fannie Mae HomeReady and Freddie Mac Home Possible. PMI drops off, unlike FHA MIP. Typically available with 620+ credit.
Eligible FHA buyers may be able to use FHA down payment assistance through Beeline's lender partners. It can help cover part of your down payment and closing costs.
Washington & Idaho
FHA DPA
FHA down payment assistance through Beeline's lender partners
A second loan that sits behind your FHA mortgage. It can help cover part of your down payment and closing costs for eligible buyers.
✓Pairs with FHA loans only
✓Comes as a second loan behind your FHA mortgage
✓Repayable and forgivable options may be available
✓Terms and eligibility vary by program
How It Works
Reviewed With Your Loan
Checked as part of your FHA pre-approval
Chris reviews your file, checks whether FHA down payment assistance could fit your purchase, and structures it alongside your FHA loan. Terms and eligibility are confirmed when Beeline reviews your file.
✓Starts with a free consultation
✓Reviewed alongside your FHA loan options
✓Eligibility confirmed during your file review
✓For buyers in the Washington and Idaho markets Beeline serves
How It Works
The First-Time Buyer Process
1
Check Your Credit & Budget
Pull your credit report and understand your score. Gather income documents (W-2s, pay stubs, tax returns). Know your monthly debts. This takes 30 minutes and gives you a realistic starting point.
2
Apply for Pre-Approval with Beeline
Submit your application and income docs. Chris reviews your file, identifies which loan programs fit, checks DPA eligibility, and structures your loan around what fits. You get a pre-approval letter showing sellers you're ready.
3
Find Your Home
Work with a real estate agent in your target area. Your pre-approval letter shows the price range you're approved for. Chris is available throughout the search to answer questions about specific properties or loan scenarios.
4
Go Under Contract
Your offer is accepted. The loan process kicks into full gear, appraisal ordered, title opened, underwriting begins. Beeline manages the timeline and keeps you informed of what's needed and when.
5
Clear to Close & Sign
Underwriting approves your file. You receive your Closing Disclosure showing final numbers 3 business days before closing. You sign at a title company, bring your down payment and closing costs, and get your keys.
Common Questions
First-Time Buyer FAQ
FHA loans allow credit scores as low as 580 (with 3.5% down) or even 500 (with 10% down). USDA loans typically require 640+ for automated approval. VA loans have no VA-mandated minimum, though most lenders want 580+. Conventional loans need 620+ with better rates above 740. If your score is below 580, it's worth spending 3-6 months improving credit before applying, the difference in rate and program availability is meaningful.
It depends on the loan type. Eligible USDA and VA buyers could put as little as 0% down, so the main out-of-pocket is closing costs (2-4% of the loan), which sellers can sometimes cover partially. FHA can go as low as 3.5% down plus closing costs. As an illustrative example only, not a quote: on a $300,000 home, 3.5% down works out to roughly $10,500 (about 3.5% of the price) plus $6,000-$9,000 in closing costs. For eligible FHA buyers, FHA down payment assistance through Beeline's lender partners could help cover part of this. Ask a loan officer to model the total cash needed for your specific target price.
Pre-qualification is an informal estimate based on self-reported information, sellers and agents don't take it seriously. Pre-approval involves submitting actual documents (income, assets, credit) that are reviewed and verified against the lender's guidelines. A Beeline pre-approval carries more weight with sellers than a pre-qualification and puts you in a stronger position when making an offer. Final loan approval is made by the lender's underwriting and is subject to conditions.
Yes. Having no prior mortgage history is not a disqualifier, lenders evaluate your overall credit profile, not just mortgage history. Rent payment history can sometimes be used as an alternative tradeline. FHA, USDA, and VA loans are all open to borrowers without prior home ownership. The key factors are credit score, stable income, and debt-to-income ratio.
No. Licensing determines which states a mortgage company can work in, not geography within those states. Beeline is licensed in Washington and Idaho and can help with loans in Spokane, Coeur d'Alene, Post Falls, Tri-Cities, or any other city in those states. The entire process runs digitally, so you can work with Beeline from anywhere in those two states.
Down payment assistance (DPA) can help cover part of your down payment and closing costs. The assistance Beeline can offer is FHA down payment assistance through its lender partners, so it pairs with FHA loans only. It's a second loan that sits behind your FHA mortgage, and repayable and forgivable options may be available. Terms and eligibility vary by program and are confirmed when Beeline reviews your file. Ask Chris whether it could fit your purchase in Spokane, Coeur d'Alene, or anywhere else Beeline serves.
It depends on your credit score and down payment. FHA is typically better for scores below 680 or when you need the flexibility of a higher DTI. Conventional can be more affordable long-term if your score is above 720 and you can put 10-20% down, since PMI drops off at 20% equity while FHA MIP stays for the life of the loan with under 10% down. Beeline runs both scenarios side by side so you see the real monthly cost difference.
From accepted offer to close typically takes 25-45 days. FHA and conventional purchases run 30-40 days. VA loans take 30-45 days due to the VA appraisal process. USDA can take 35-50 days because files go through a USDA state office review. Your timeline is also affected by how quickly you submit documents and how active the market is in your target area.
Closing costs are fees paid at settlement, typically 2-4% of the loan amount. They include lender fees, title insurance, escrow, appraisal, and prepaid items like property taxes and homeowner's insurance. In Washington and Idaho, sellers sometimes agree to contribute toward closing costs as part of the negotiation. Down payment assistance programs can also cover closing costs in some cases.
Yes. Student loan payments count toward your debt-to-income ratio but don't automatically disqualify you. FHA and VA programs can qualify buyers with DTIs up to 50-57% in some cases. If your loans are in income-based repayment, lenders use different calculations for the monthly payment amount. Many buyers with significant student debt qualify once the full picture is reviewed.
One application. Chris reviews the loan programs you may qualify for, checks whether FHA down payment assistance through our lender partners could fit, and structures your loan so you deal with the people handling it.