Your First Home, Step by Step
What to gather, how little you can put down, and where down payment help fits. One page.
Buying your first home takes less money down than most people think. Some loans need nothing down at all.
This first-time home buyer checklist covers the documents to gather, your low and no down payment options, and down payment help. The JD.Mortgage Team at PRMG is a direct lender. 25+ years, 3,100+ closed loans, Scotsman Guide Top Originator 2026. Lending in 49 states. New York excluded.
What Do First-Time Home Buyers Need? The Short Answer
Most first-time buyers need a photo ID, pay stubs covering the last 30 days, 2 years of W-2s and 2 months of bank statements. VA and USDA loans allow $0 down. Conventional allows 3% down for first-time buyers, and FHA allows 3.5% down at a 580 score. Down payment help programs can cover some or all of what is left.
Who Needs What, at a Glance
| Loan | Least you can put down | Good fit for |
|---|---|---|
| VA | $0 | Veterans and service members |
| USDA | $0 | Homes in eligible areas, household income limits |
| FHA | 3.5% at 580 | Credit that is not perfect |
| Conventional | 3% | Good credit, first-time buyers |
| Down payment help | Can cover some or all of it | Buyers short on cash to close |
Your First-Time Buyer Checklist
Everyone
- ☐ Photo ID: driver’s license, state ID or passport
- ☐ Pay stubs covering the last 30 days
- ☐ W-2s from the last 2 years
- ☐ Bank statements: last 2 months, all pages
Self-employed, commission or rental income
- ☐ Tax returns from the last 2 years, all pages and schedules
If you use down payment help
- ☐ A homebuyer education certificate, if the program asks for one. We tell you which class to take.
If it applies to you
- ☐ Divorce decree
- ☐ Child support or alimony orders
- ☐ Bankruptcy papers
- ☐ A signed gift letter, if family is helping with the down payment
Not sure how much you need to bring to closing? Start the application and we will show you the numbers.
Show Me My NumbersDown Payment Help
- Nationwide help: one FHA program covers 3.5% or 5% of the loan, with no income limit and a 580 minimum score. It can be forgiven after 3 years, or paid back over 10 years.
- Colorado help: statewide and local programs, including $12,000 through CHAC. See Colorado down payment assistance.
- Gifts: family can help with the down payment on most loans with a signed gift letter.
How to Apply, Step by Step
Start the application
It takes about 2 minutes. No SSN and no credit pull on the first step.
We compare your options
We line up VA, USDA, FHA, conventional and down payment help for your budget.
Upload your documents
Use the checklist above. We pull credit and verify your job.
Get your pre-approval
You shop with a letter and a clear cash-to-close number.
First-Time Home Buyer FAQ
What documents do first-time home buyers need?
Most first-time buyers need a photo ID, pay stubs covering the last 30 days, 2 years of W-2s and 2 months of bank statements. Self-employed buyers add 2 years of tax returns. If you use down payment help, the program may also ask for a homebuyer education certificate.
How much do I need to put down on my first home?
It depends on the loan. VA and USDA allow $0 down. Conventional allows 3% down for first-time buyers, and FHA allows 3.5% down with a 580 credit score. Down payment help can cover some or all of that amount.
What is down payment assistance?
It is money from a program that helps cover your down payment or closing costs. Some programs are forgiven after a few years. Others are paid back over time. Each program has its own rules for credit score, income and the area where you buy.
Is there down payment help in Colorado?
Yes. There are statewide and local Colorado programs, including $12,000 through CHAC. There is also a nationwide FHA program that covers 3.5% or 5% of the loan with no income limit. We check which ones you qualify for.
Do I need a homebuyer class?
Only for some programs. Many down payment help programs require a homebuyer education class before closing. If yours does, we tell you which class to take and when to finish it.
How long does the first step take?
About 2 minutes. There is no SSN and no credit pull on the first step. After that, we compare your loan and down payment help options and send you the exact documents your file needs.
Related Pages
About the Author
J.D. Peck is an Area Manager and Mortgage Loan Originator (NMLS #314883) with the JD.Mortgage Team at Paramount Residential Mortgage Group, Inc. (NMLS #75243), based in Colorado Springs. 25+ years, 3,100+ closed loans, Scotsman Guide Top Originator 2026. Lending in 49 states. New York excluded.
Last updated: September 25, 2026. Program facts sourced from HUD Handbook 4000.1, the Fannie Mae Selling Guide, USDA HB-1-3555, VA Pamphlet 26-7 and the NHF National FHA DPA guide (08/13/2026).
Start Your First Home
It takes about 2 minutes. We compare every low and no down payment option and show you your cash to close.
What are you looking to do?
No SSN required. No credit pull. Takes about 2 minutes.