First-Time Homebuyer
Your First Home Purchase Made Simple
Get Prequalified

Built For First Time Homebuyers

Whether you're just starting to research how the mortgage process works or you're ready to get prequalified and start touring homes, Blue Water Mortgage brings decades of collective lending experience to help navigate all of your financing options. 
  • Purchasing your first home, whether it’s a condo, single-family or multi-family property
  •  Evaluating affordability, including FHA vs. conventional loan options, and other low down payment opportunities
  • Navigating existing debt, such as student loans
  • Researching how the process works or preparing to take the next step and get prequalified
  • Exploring first-time homebuyer loans, grants and other buyer-specific programs to lower your upfront costs
  • Finding an experienced loan officer who’s helped first-time homebuyers navigate the buying process

Key Questions, Clear Answers

How many years of income do I need to show if I’m a self employed borrower?

Reading Time: < 1 minute

A sizable down payment isn’t always required when it comes to buying your first home. Depending on your credit, income, the property type and loan program utilized, many first time buyers actually qualify for a low down payment mortgage.

How do I know what I can afford?

Reading Time: < 1 minute

Getting prequalified is a smart first step to knowing how much house you can afford. It helps you understand your realistic price range, estimated monthly payment and which loan options may fit your exact needs.

Can I buy a house with student loan debt?

Reading Time: < 1 minute

Yes, loan officers factor any student loan payments into your overall financial picture the same as any other debt. Many first time buyers with student debt still qualify comfortably.

How much are closing costs?

Reading Time: < 1 minute

Closing costs typically run 2% to 5% of your loan amount, covering things like the appraisal, title insurance and lender fees. Since Blue Water is licensed across several states, a loan officer can give you a more specific estimate based on where you’re buying.

What questions should I be asking to get started?

Reading Time: < 1 minute

Start by asking about your loan options, how much you may qualify for, what documents you’ll need, what your monthly payments could look like and what to expect throughout the process. A good loan officer will explain everything clearly and help you weigh your options and tradeoffs, no matter where you’re starting from.

Loan Programs To Consider as a First Time Buyer

Conventional Loan

Best For: Buyers with solid credit and stable income.
Highlights:
  • A common choice for many buyers
  • Can work well for borrowers with stronger financial profiles, including those exploring a 3% down conventional loan
  • May offer attractive long-term value, including the ability to remove mortgage insurance once you build enough equityA common choice for many buyers

FHA Loan

Best For: Buyers who want more flexibility around credit and down payment.
Highlights:
  • A common choice for many buyers
  • Can work well for borrowers with stronger financial profiles, including those exploring a 3% down conventional loan
  • May offer attractive long-term value, including the ability to remove mortgage insurance once you build enough equityA common choice for many buyers

State Programs

Best For: Buyers looking for state-specific assistance or entry-friendly programs
Highlights:
  • Made more affordable through first time homebuyer grants and other first time homebuyer programs
  • May help offset upfront costs such as your down payment or closing costs
  • Worth reviewing early in the process, since availability and eligibility vary by state

USDA Loan

Best For: Buyers purchasing in eligible rural and suburban areas who want to minimize upfront cash needs
Highlights:
  • Designed to improve access to homeownership in eligible rural and suburban areas
  • Helpful for qualified buyers with limited savings for upfront costs
  • Program fit depends on location and borrower criteria
Experience Matters
Between finding the perfect property, negotiating, scheduling inspections, applying for a home loan, meeting closing dates, etc., buying a home can be overwhelming. Blue Water Mortgage Corporation’s years of mortgage industry experience can make your experience better by alleviating the stress of the home buying process.
No Surprises
No Surprises
With over 150 years of collective experience, our mortgage brokers have seen it all. This level of expertise enables us to anticipate and quickly resolve any issues that might arise and close on time, every time.
Personalized Services
Personalized Services
Buying a home is one of the biggest purchases you’ll make in your entire life. That’s why our brokers are available via phone 24/7 to address any concerns or answer any questions you might have about the mortgage process.
Competitive Rates
Competitive Rates
Blue Water is locally owned, so we aren’t beholden to banks. That means we’re able to offer a more diverse portfolio of mortgage products tailored to your specific needs, as well as more competitive rates and lower closing costs.
Meet Our Dedicated Team
Rated five stars by our amazing customers.

We had a fantastic experience with Blue Water Mortgage. We were referred to them by two of our friends, we would definitely r…

Ashley Acksel

Roger worked with me on an extremely complicated deal, and his knowledge, persistence and excellence helped to pull everythin…

Adam Merrill

We had a very quick home search process Kristina and Paula made it happen for us! Kristina was in constant communication to k…

The Baileys

Excellent experience. Roger and his team work unbelievably hard to get the job done. Always available and happy to explain/ad…

Silas Laycock

Blue Water Mortgage is fantastic! We just recently refinanced with them again, and it was smooth sailing. We contacted them a…

Sarah Natt

They were wonderful to work with. I highly recommend them. Not only were they able to get me the best/lowest rate easily but …

Nathaniel Toutenel

Working with Blue Water Mortgage Corp was a great experience. My wife and I could not be happier with the process. We felt li…

Richard Genest

Blue Water made the entire process a breeze. They were extremely responsive, knowledgeable and approachable with all of our q…

Abbie Hafensteiner

I don’t have the words to express just how fantastic Jason Caruso is over at Blue Water. I was absolutely blown away by…

Joe Randazzo

Hiccups are always to be expected with an FHA and a first time home buyer. I would recommend the organization and effort with…

Daniel Vermeersch

Blue Water Mortgage was recommended to us by our realtor and we are so glad she did! This is our third time buying a home and…

Diane Oxton

My husband and I recently went through Blue Water Mortgage as first time home buyers with the assistance of Derek and Jay, wh…

Erin Patnode

I have worked with at least a dozen loan officers at different mortgage companies over the past several decades and Lee is by…

Jeff Burbine

We have worked with Blue Water Mortgage group several times over the years, they helped with our home purchase, sale and refi…

Angie Hoxie

My experience with Blue Water Mortgage was wonderful. As a first time home buyer, I had many questions and concerns. Laura pa…

Ali Quinton

Start the Process Today

Talk to a loan officer and take the guesswork out of buying your first home.

Get Prequalified