It just needs the right guide. This is your complete, jargon-free roadmap to homeownership — the steps, the numbers, the loan options, and the tools to figure out exactly what you can afford. Built for first-time buyers by Ashland Alitz.
Every first-time buyer's situation is a little different. Watch how the right guidance turns "I'm not sure I can do this" into a set of keys.
It feels like a lot until you see it laid out. Here's the whole journey, in order — and you don't take a single step alone.
Before you tour a single home, we review your income, credit, and savings to tell you a real price range — and give you a letter that makes sellers take you seriously. It's free and there's no obligation.
Knowing what you can borrow isn't the same as what you'll be comfortable paying. We'll land on a monthly payment that fits your real life, including taxes, insurance, and savings goals.
A great real estate agent is your partner in the search. We can connect you with trusted agents, and once you find "the one," your pre-approval lets you move fast with a confident offer.
Your agent and I work together so your offer is strong and realistic. When it's accepted, you go "under contract" and the clock starts on your path to closing.
We verify your details, order an appraisal to confirm the home's value, and the underwriter reviews everything. I keep you updated at every step so there are no surprises.
Once underwriting signs off, you're cleared to close. You'll get a Closing Disclosure showing your exact numbers at least three days before the big day.
You sign, you fund, and the home is officially yours. Most purchases go from accepted offer to keys in about 30–45 days. Welcome home.
I'm still here. Questions about your first payment, refinancing later, or buying again down the road — you have a guide for life, not just for one transaction.
Move the sliders and watch everything update instantly. These are for learning and planning — your real numbers come from a quick conversation, with no cost or commitment.
This estimate includes principal, interest, an allowance for property taxes and insurance, and mortgage insurance if your down payment is under 20%. It assumes a 30-year fixed loan. Your real number depends on your full financial picture — let's find it together.
Putting less than 20% down adds mortgage insurance, which can usually be removed once you build 20% equity. Estimates use typical insurance costs and a 0.55% annual PMI rate.
Renting offers flexibility; buying builds equity and locks your housing cost. This simplified model assumes modest 3%/yr home appreciation and that rent rises about 3%/yr. It doesn't capture every cost or tax effect — it's a thinking tool, not advice.
Don't let the down payment goal stop you from starting the conversation — down payment assistance and low-down programs mean many buyers need far less than they think. Ask me what you'd actually need.
It's the #1 reason first-time buyers wait years longer than they need to. Many of our buyers put down 3–5%, and some qualify for 0% down. Waiting to save 20% can cost more in rent and rising prices than you'd ever save.
There's no one "best" loan — there's the best loan for you. Here are the main paths first-time buyers take. We'll match you to the right one.
The go-to for many first-time buyers with decent credit. Low down payment, and the mortgage insurance drops off once you reach 20% equity.
Backed by the government and more forgiving on credit. A strong option if your score or savings are still growing.
For eligible veterans, active-duty service members, and some spouses. One of the best loans available — no down payment and no monthly mortgage insurance.
For homes in eligible rural and many suburban areas, with income limits. Zero down payment for buyers who qualify.
Conventional programs designed for moderate-income buyers, with reduced mortgage insurance and credit for things like roommate or rental income.
State and local programs that help cover your down payment and closing costs — sometimes thousands of dollars. Often pairs with the loans above.
Your credit score helps set your interest rate, which shapes your monthly payment for years. You don't need perfect credit — but a little planning goes a long way. Here's the rough landscape:
Not where you want to be yet? That's normal, and fixable. I can review your credit and give you specific, realistic steps to raise it before you apply.
Beyond your down payment, closing costs are the one-time fees to finalize the loan and purchase — typically 2%–5% of the price. On a $300,000 home, that's roughly $6,000–$15,000. Common pieces:
Good news: closing costs can sometimes be reduced with seller credits, lender credits, or assistance programs. We'll look for every option you qualify for.
Having these ready makes everything faster. This list saves automatically while you're here.
The questions we hear most. Don't see yours? That's exactly what a free call is for.
Less than most people think. Many first-time buyers put down 3% to 5%, and some loan programs allow 0% down. You'll also want money for closing costs (typically 2%–5% of the price) and a small cushion for moving and minor repairs. Down payment assistance programs can cover part or all of the down payment and closing costs for buyers who qualify.
No — that's the most common myth in home buying. Conventional loans can go as low as 3% down, FHA loans 3.5%, and VA and USDA loans 0% down for those who qualify. Putting less than 20% down usually means paying mortgage insurance, which can be removed later as you build equity.
Many programs accept scores in the low-to-mid 600s, and FHA loans can go lower. A higher score generally earns a lower interest rate. If your score isn't where you want it yet, I can give you a specific plan to improve it before you apply.
Pre-qualification is a quick estimate based on information you share. Pre-approval is a stronger, documented review of your credit, income, and assets that tells you a specific price range and shows sellers you're a serious, ready buyer. In a competitive market, a pre-approval letter matters.
From pre-approval to keys, many purchases take 30 to 45 days once you're under contract. Getting pre-approved and gathering documents ahead of time makes the whole process faster and far less stressful.
Closing costs are the fees to finalize your loan and purchase, usually 2%–5% of the home price. They include the appraisal, title, taxes, and lender fees. Buyers typically pay them, but they can sometimes be reduced through seller credits, lender credits, or assistance programs.
Private mortgage insurance (PMI) protects the lender and is usually required on conventional loans when you put less than 20% down. It's added to your monthly payment and can typically be removed once you reach about 20% equity. It's not the same as homeowners insurance, which protects you and your home.
A typical payment has four parts, often called PITI: principal, interest, property taxes, and homeowners insurance. If you put less than 20% down you may also have mortgage insurance, and some homes have HOA dues. The payment calculator above breaks all of this down for you.
It depends on how long you plan to stay, your local prices and rents, and your finances. Buying builds equity over time and locks in your housing cost, while renting offers flexibility. The rent-vs-buy tool above gives you a side-by-side comparison to think it through.
Generally: recent pay stubs, W-2s or 1099s, two years of tax returns, recent bank and asset statements, and a photo ID. Self-employed buyers may need extra documentation. The checklist above covers it — having these ready speeds everything up.
Down payment assistance (DPA) programs offer grants or low- or no-interest loans to help cover your down payment and sometimes closing costs. Eligibility is often based on income, location, and being a first-time buyer. I can check which programs you qualify for in your area.
A quick reference so none of the words on your loan documents are a surprise.
Ashland is a Branch Sales Manager and Loan Officer with Fairway Independent Mortgage Corporation, based in the Minneapolis–Eden Prairie area. She built her career on a simple idea: buying a home should feel empowering, not intimidating — especially the first time.
In 2024 alone, her branch helped more than 900 families reach homeownership, and Ashland was named a HousingWire Rising Star for her work and leadership. She leads a team of loan officers and is known across Fairway's network for an approach grounded in generosity, patience, and genuinely teaching people — not rushing them.
For a first-time buyer, that means a guide who explains every step in plain language, answers the "silly" questions without judgment, and helps you make a confident decision that fits your real life.
The first step costs nothing and commits you to nothing — it just tells you where you stand and what's possible. Most first-time buyers are pleasantly surprised by what they hear.
