First-Time Home Buyer Programs

Expert Guidance for Your Very First Home

At Bonelli Financial Group, we specialize in helping first-time buyers navigate the complexities of the mortgage market. Whether you are looking for a starter home in New Mexico, a suburban retreat in South Carolina, or a condo in Florida, we provide the multi-state expertise and fast approvals required to win in today’s market.


We are proud to serve families across AZ, CA, TX, CO, ID, FL, OH, NM, and SC.

Accessible Loan Options for Beginners


Many first-time buyers are surprised to learn that a 20% down payment is not a requirement. We offer several low-down-payment paths to help you get into your home sooner:


  • FHA Loans: Ideal for buyers with limited savings or lower credit scores. Pay as little as 3.5% down.
  • Conventional 97: A special program for first-time buyers requiring only 3% down with a standard conventional mortgage.
  • VA Loans: $0 down payment for Veterans, Active Duty, and eligible spouses—one of the best benefits available.
  • USDA Loans: $0 down payment options for homes in qualifying rural areas of states like New Mexico, South Carolina, and Idaho.


First-time home buyer receiving keys to a new home in Arizona - Bonelli Financial Group

State-Specific Down Payment Assistance (DPA)


Every state has unique programs designed to assist first-time buyers with their down payment and closing costs. As a multi-state lender, we can help you tap into:


  • Arizona: HOME+PLUS and Home in Five Advantage grants.
  • Multi-State Reach: We also provide guidance on localized grants in CA, NM, SC, TX, CO, ID, FL, and OH.



The Bonelli Advantage: Why We’re Different


Buying your first home is a big step, and you need a lender who treats you like a partner, not a file number.


  1. Speed: Our streamlined digital application and expert team mean your pre-approval happens in hours, not days.
  2. Clear Communication: We explain the "why" behind every document, ensuring you feel confident from application to closing.
  3. Credit Coaching: If you aren't ready today, we provide a clear roadmap to help you qualify as soon as possible.
  4. Local Knowledge, National Strength: We combine the personalized service of a local expert with the robust technology of a multi-state firm.


Common Questions for First-Time Buyers


How Much Credit Score Do I Really Need?


Many buyers believe they need a 740+ score to buy a home. While higher scores offer better rates, we have programs available for various credit profiles:

  • FHA Loans: Options available for scores as low as 580.
  • Conventional Loans: Typically require a 620 minimum.
  • VA Loans: Flexible requirements, often looking for a 580-620 range.
  • Credit Improvement: If you are just below the threshold, our team can run a "Credit Simulator" to show you exactly which balances to pay down to boost your score quickly.


What is "Debt-to-Income" (DTI) and Why Does It Matter?


DTI is the percentage of your gross monthly income that goes toward paying debts (including your new mortgage).

  • General Rule: Most programs look for a DTI under 43% to 45%.
  • FHA Flexibility: FHA programs sometimes allow for a DTI up to 50% or higher with compensating factors.
  • Student Loans: We have specific strategies for handling student loan debt to ensure it doesn't stand in the way of your approval.


The Anatomy of a Mortgage Payment


When you receive a quote from Bonelli Financial Group, we break it down so you know exactly where your money is going. Your monthly payment (PITI) consists of:


  1. Principal: The amount going toward paying off your loan balance.
  2. Interest: The cost of borrowing the money.
  3. Taxes: Property taxes held in an escrow account.
  4. Insurance: Homeowners insurance to protect your investment.
  5. PMI: Private Mortgage Insurance (only required if your down payment is less than 20% on a conventional loan).


5 Tips for First-Time Home Buyers


  1. Don’t Open New Credit: Avoid buying a new car or opening credit cards once you start the mortgage process.
  2. Save for Closing Costs: In addition to your down payment, remember that closing costs (taxes, title fees, and insurance) typically range from 2% to 5% of the home's price.
  3. Stay at Your Job: Lenders look for stability. Try to avoid changing career paths or switching from a W2 to a 1099 position during the application phase.
  4. Document Everything: Keep your bank statements and paystubs organized. Digital copies are best for a fast approval.
  5. Get a Home Inspection: While we handle the loan, always ensure you have a professional inspect the property to avoid future "money pits."


Specialized Service Areas


While we are a multi-state lender, we have deep roots in the communities we serve. Whether you are looking in:

  • The Southwest: Arizona and New Mexico's unique desert landscapes.
  • The Southeast: South Carolina and Florida's coastal and suburban markets.
  • The Heartland & Beyond: Serving Texas, Colorado, Idaho, and Ohio.


We understand the local property taxes, insurance requirements, and market trends in your specific zip code.


  • How do I know if I’m ready to buy my first home?

    If you have a steady income, a credit score of at least 580, and some savings for a down payment (or qualify for assistance), you are likely ready to start. The best first step is a Pre-Approval with Bonelli Financial Group. We’ll look at your debt-to-income ratio and credit health to give you a clear "Yes" or a "Not yet, but here is the plan."

  • Can I buy a home with a low credit score?

    Absolutely. While many big banks require a 620 or higher, Bonelli Financial Group offers FHA financing for credit scores as low as 500. If your score is in the 500–579 range, a 10% down payment is typically required by HUD. For scores 580 and above, you may qualify for the 3.5% down payment program. Our team specializes in finding a path home for buyers that other lenders turn away.

  • What is the difference between Pre-Qualified and Pre-Approved?

    Pre-Qualified: A quick estimate of what you might be able to borrow based on unverified info you provide.


    Pre-Approved: A formal letter from Bonelli Financial Group after we’ve reviewed your credit, paystubs, and bank statements. In the competitive markets of AZ, TX, and FL, sellers will not accept an offer without a formal Pre-Approval.

  • Do I really need a 20% down payment?

    No! This is a common myth. Many first-time buyers use FHA (3.5% down) or Conventional 97 (3% down) programs. If you are a Veteran or buying in a rural area (common in parts of NM, SC, and ID), you may qualify for 0% down via VA or USDA loans.

  • What are closing costs, and who pays them?

    Closing costs are the fees associated with processing your loan, title insurance, and government taxes. They typically range from 2% to 5% of the home's purchase price. While the buyer usually pays these, we can often negotiate "Seller Concessions" where the seller pays a portion of these costs for you.

  • Are there programs specifically for first-time buyers in my state?

    Absolutely. We specialize in connecting buyers with state-specific grants. For example:


    AZ & NM: Down payment assistance grants that function as "silent seconds."


    SC: Homeownership vouchers and forgivable loans.


    FL: Programs for frontline workers and first-time residents.

  • Can I use a gift from a family member for my down payment?

    Yes. Most loan programs allow for "Gift Funds." We will provide you with a simple "Gift Letter" form for your family member to sign, and we will document the transfer of funds to satisfy underwriting requirements.

  • How long does the mortgage process take with Bonelli Financial Group?

    We pride ourselves on being Fast. Once you have a signed purchase contract, a typical closing takes between 21 and 30 days. Because we use high-end lending technology, we can often clear conditions and get you to the closing table faster than big-box banks.

  • What happens if interest rates drop after I buy?

    At Bonelli Financial Group, we monitor the markets constantly. If rates drop significantly after your purchase, we can reach out to discuss a Refinance to lower your monthly payment and save you money over the life of the loan.

Don't let the "what ifs" keep you from building equity. Take the first step with the team that prioritizes speed, transparency, and your financial success.


Get your free loan review today  and explore the best options for your first home purchase.

Pro-Tip Sidebar: The "Golden Rule" of Mortgage Approval


⚠️ Protect Your Pre-Approval!

Once you have started your mortgage application with Bonelli Financial Group, your financial profile is "locked in." To ensure a fast and smooth closing, follow these three rules:
  1. No New Debt: Do not finance a new car, furniture, or appliances until after you have the keys in your hand. New credit inquiries or debts can disqualify your loan.
  2. Keep Your Job: Avoid switching from a W2 position to 1099/Contract work or quitting your job during the process.
  3. Document Large Deposits: If you receive gift funds or sell an asset for your down payment, keep every receipt and bank trail.
Have a question about a potential purchase? Call your Bonelli Loan Officer first!