Buying Your First Home: Tips on What Really Matters from an Experienced Loan Officer

Most first-time buyers start the homebuying process with more misinformation than missing money. I have been a loan officer for 29 years and working with new homebuyers and helping them qualify for a mortgage is my favorite part of the job. I teach about 40 first-time homebuyer classes each year in the Seattle area, and many of the questions and concerns I hear are about buying a home are the same.

The 2 Biggest Fears First-Time Homebuyers Have:

1. They don’t know where to start
2. They're afraid of being told “no”

Here’s the truth: it's not a “no”, it’s a “when and how”.

Being an educated buyer matters. Understanding your real options puts you in control, and that is why education is at the core of my work. Although AI tools can offer good information about the homebuying process, a Loan Officer is able to give you a personalized assessment of your situation. My job, as a Loan Officer, is to help you understand the steps, create a strategy, and guide you toward homeownership. That is why asking for help from a professional matters.

3 Common Homebuying Myths in Today’s Market:

I talk with buyers every day who assume they are “not ready yet” because of things they’ve heard over the years. Let’s clear up a few of the most common myths I see holding people back from buying a home in today’s market.

Myth #1: You Need 20% Down to Buy a Home

Fact: There are multiple down payment assistance programs available to buyers, and in some cases, down payments can be as low as 0%. Most of the buyers I work with here in Washington State purchase homes with less than 20% down. For example, FHA and conventional loans often allow lower down payments, and VA loans offer 0% down for eligible veterans.

Myth #2: Mortgage Insurance Is a Bad Thing

Fact: Mortgage insurance, often called PMI on conventional loans, is required on some loans when a buyer puts less than 20% down. I have seen PMI help buyers move forward sooner and, in some cases, save more money overall than waiting to put more money down upfront.

Myth #3: My Student Loans Automatically Disqualify Me

Fact: I work with plenty of buyers who ask whether student loans affect mortgage approval. Loan Officers do not automatically deny someone for having student loans. In fact, many of the homebuyers I work with have student loans and still qualify for a mortgage. It is important to remember that there are programs and options out there that can help.

The Most Important Advice for First-Time Homebuyers:

Schedule a free homebuyer planning session and attend a first-time homebuyer class.

You don’t need to do this alone. Buying your first home is a big step, but with the right planning and guidance, it can be achievable.