Your first home starts here

First-Time Buyer?
5-20% Down.

Your conventional benefit is the most powerful home buying tool in America. Zero down payment. No mortgage insurance. Rates from 5.750%. This guide walks you through every step from pre-approval to getting your keys.

Get Pre-Approved (702) 696-9900

YOUR JOURNEY

Pre-Approval to Keys in 5 Steps

Here is exactly what happens when you buy your first home with a conventional loan. No surprises.

Get Pre-Approved ~24 hours

Apply online or call us. We pull your pre-approval letter (pre-approval), check your credit, and issue a pre-approval letter. This tells sellers you are a serious, qualified buyer. No SSN needed for an initial rate quote.

House Hunt 1-4 weeks

Shop for homes within your pre-approved budget. conventional loans work on single-family homes, condos (VA-approved), multi-units (2-4), and manufactured homes. Your agent submits an offer with your pre-approval letter.

Lock Rate + conventional Appraisal Day 1-5

Once your offer is accepted, we lock your rate and order the conventional appraisal. The appraisal ensures the home meets conventional minimum property requirements and is valued fairly.

Underwriting + Clear to Close Day 7-21

Our team reviews your full application. We handle all communication with the lender and keep you updated at every step. You receive a Closing Disclosure 3 days before closing with your final closing costs.

Close + Get Your Keys Day 25-30

Sign your closing documents, the loan funds, and the home is yours. Welcome home, homebuyer. Your 5-20% down conventional purchase is complete.

AVOID THESE

5 Common First-Timer Mistakes

Skipping pre-approval

Sellers ignore offers without one

The Fix

Get pre-approved BEFORE you start looking. It takes 24 hours, costs nothing, and makes your offer 3x more likely to be accepted. Sellers see you as a serious buyer.

Not using your conventional benefit

Paying $14K-$80K unnecessarily

The Fix

Many eligible homebuyers use conventional or conventional because they do not know they qualify for conventional. Always check your eligibility first. conventional saves $283-487/month vs other options.

Only comparing one lender

Missing the best rate by 0.25%+

The Fix

An independent broker like Valley West shops 50+ wholesale lenders for you automatically. You get the lowest rate without calling multiple banks yourself.

DOCUMENTS

What You Need to Apply

Gather these before starting. Having them ready speeds up your pre-approval significantly.

Income & Employment

Last 2 pay stubs

Last 2 years W-2s or tax returns

LES (Leave & Earnings Statement) if active duty

conventional disability award letter (if applicable)

Identity & Assets

Government-issued photo ID

Last 2 months bank statements

income verification (if separated/retired)

Statement of Service (if active duty)

FAQ

First-Time Buyer Questions

With a conventional loan, you need $0 for a down payment. Your main out-of-pocket costs are the earnest money deposit (refundable, typically $1,000-5,000), the conventional appraisal fee ($500-800), and the home inspection ($300-500). Even these can often be covered by seller concessions. Many first-time homebuyers close with less than $2,000 out of pocket.

The conventional has no minimum credit score requirement. Most lenders require 580-620. For the best rates, aim for 680+. If your score is below 620, you may still qualify through manual underwriting, which considers your full financial picture rather than just the credit score number.

Yes. Basic Allowance for Housing (housing budget) counts as income for conventional loan qualification. Many qualified homebuyers use their housing budget to cover most or all of their mortgage payment. Check your housing budget rate here.

The first-time conventional closing costs is 2.15% ($8,600 on a $400K loan). This replaces the PMI that conventional and conventional charge monthly. Even with the fee financed, conventional loans cost $283-487 less per month than alternatives. The closing costs became tax-deductible in 2026. And if you have a 10%+ conventional disability rating, the fee is completely waived.

A typical conventional purchase closes in 25-30 days from accepted offer. Valley West regularly closes in 21 days. The timeline: 1-5 days for rate lock and appraisal order, 7-14 days for processing and underwriting, 3 days for closing disclosure review, then signing day. Having your documents ready upfront speeds everything up.