FIRST-TIME HOMEBUYERS IN SAN ANTONIO & TEXAS
Buying Your First Home Starts Here
Buying your first home can feel like a lot—budgets, down payments, credit, and a process no one taught you. The Stump Team helps first-time homebuyers across San Antonio and Texas understand their options and move through the homebuying process one clear step at a time.
Not sure where to start? Tell us about your goals and we'll help you explore your options.
Ready to move forward? Complete your secure Cardinal Financial mortgage application.
Buying Your First Home Doesn't Have To Be Overwhelming
Most first-time buyers feel unsure about where to even begin. That's completely normal. Here's a simple breakdown of what the journey actually looks like — so you know what to expect at every turn.
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Understanding Your Budget
Estimate a comfortable monthly housing payment before you start shopping.
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Exploring Home Loan Options
Compare FHA, conventional, VA, and other mortgage options that may fit your goals.
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Getting Financially Prepared
Understand how credit, savings, income, debts, and documentation may affect your home financing options.
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Finding the Right Home
Shop within a comfortable range once you have a clearer picture of your budget and financing.
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Preparing for Closing
Understand what to expect from contract through final loan approval and closing.
Guiding families home with The Stump Team
The Path To Homeownership
Six Simple Steps From Curious To Keys
Buying your first home becomes easier to understand when you know what comes next. The Stump Team helps first-time homebuyers navigate each stage, from exploring a comfortable budget through financing, closing, and getting the keys.
01
Explore Your Budget
Start by exploring a comfortable monthly housing payment and the upfront costs that may come with buying a home.
02
Pre-Qualification or Pre-Approval
Depending on where you are in your home search, we'll help you determine whether a pre-qualification or pre-approval is the right next step.
03
Find Your Home
Shop within a comfortable range and work with your real estate agent to find a home that fits your needs and goals.
04
Make An Offer
When you're ready to make an offer, we'll coordinate with you and your real estate agent on the financing details needed to support it.
05
Complete Your Loan
Once you're under contract, your loan moves through processing and underwriting as the remaining documentation, property, and loan requirements are reviewed.
06
Closing Day
Review and sign your final documents, complete the closing process, and get the keys to your new home.
Down Payment Assistance
You May Be Closer Than You Think
You don't necessarily need a 20% down payment to buy your first home. Some home loan programs offer lower down payment options, and eligible homebuyers may also have access to down payment assistance programs that can help reduce upfront homebuying costs.
The Stump Team can help first-time homebuyers explore available down payment and home financing options based on their goals, financial situation, and applicable program requirements.
Learn how down payment assistance works, who may be eligible, and what options may be available.
Loan Options Explained
Common Loan Programs For First-Time Buyers
First-time homebuyers may have several mortgage options to consider. The right program depends on factors such as your financial profile, down payment, military eligibility, property, location, and homebuying goals.
FHA Loans
FHA loans offer flexible qualification guidelines and lower down payment options that may make them worth exploring for eligible first-time homebuyers. Mortgage insurance and other FHA requirements apply.
Conventional Loans
Conventional loans offer a variety of financing options for first-time homebuyers. Depending on the program and borrower qualifications, lower down payment options may be available, and private mortgage insurance may apply.
VA Home Loans
VA home loans are available to eligible Veterans, active-duty service members, and certain qualifying surviving spouses. Eligible borrowers may have access to a no-down-payment option and other VA home loan benefits.
USDA Home Loans
USDA home loans may offer a no-down-payment option for qualified homebuyers purchasing an eligible primary residence in an approved rural or suburban area. Household income, property location, and other program requirements apply.
Still deciding which loan program fits your situation? We're here to help you compare your options—or, if you're ready, you can start your application now.
Not sure where to start? Tell us about your goals and we'll help you explore your options.
Ready to move forward? Complete your secure Cardinal Financial mortgage application.
Helpful Tools
Explore the Numbers Before You Decide
Use these mortgage tools to explore home affordability, estimated monthly payments, and the potential costs of renting versus buying before you take your next step.
The information and results provided by these calculators are for illustrative purposes only. These self-help tools are for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual and financial circumstances. We recommend you consult a financial advisor to discuss your home financing goals.
BEFORE YOU START HOUSE HUNTING
Your First-Time Homebuyer Checklist
A little preparation can make the homebuying process easier to understand. Before you start searching for your first home, these five steps can help you get organized and understand what comes next.
Review Your Budget
Think about a comfortable monthly housing payment and the upfront costs of buying a home, including your down payment, closing costs, and other expenses.
Gather Your Financial Documents
Start organizing recent income, asset, employment, and identification documents that may be needed as you move through the mortgage process.
Understand Your Credit
Know where your credit stands and discuss whether there are any items worth addressing before moving forward with a more detailed financial review.
Explore Pre-Qualification or Pre-Approval
The Stump Team can help you determine which step makes sense based on where you are in your home search and how prepared you are to make an offer.
Connect With a Real Estate Agent
Once you have a clearer understanding of your budget and financing position, a real estate agent can help you begin searching for homes that fit your needs.
You Don't Have to Have it all Figured Out Before You Start
The Stump Team can help first-time homebuyers understand their financing options, prepare for the mortgage process, and identify the next step based on where they are today.
Buying in San Antonio or the surrounding area? Explore local considerations including housing costs, property taxes, escrow, insurance, financing options, and helpful property research resources in our San Antonio Homebuyer Guide →
Avoid These Along The Way
Common First-Time Buyer Mistakes
Some financial decisions made before or during the mortgage process can affect your financing options. Knowing what to watch for can help you avoid unnecessary surprises as you prepare to buy your first home.
Waiting Too Long to Explore Financing
Understanding your budget and financing options early can help you shop within a comfortable range and determine whether pre-qualification or pre-approval makes sense.
Changing Jobs During the Mortgage Process
A change in employment or income may affect your mortgage application. Talk with your loan team before making a significant employment change so you can understand how it could affect your financing.
Opening New Credit Accounts
New credit cards, auto loans, or other accounts may affect your credit profile and monthly debt obligations. Consider checking with your loan team before taking on new credit during the mortgage process.
Making Large Purchases
Large purchases can change your available funds or monthly debt obligations. Before making a major purchase while your mortgage is in process, ask how it could affect your financing.
Assuming You Don't Have Assistance Options
Some eligible homebuyers may have access to down payment assistance or other financing options that can help with upfront costs. Ask what programs may be available before assuming you have to do everything on your own.
Before You Make a Big Financial Change, Ask
The Stump Team can help you understand how changes to employment, credit, debt, or available funds may affect your mortgage process before you make a decision.
Email Our Team →Frequently Asked Questions
First-Time Buyer FAQ
Do I really need 20% down to buy a home?
No. A 20% down payment is not required for every home loan.
Different mortgage programs have different down payment requirements, and some offer low or no down payment options for eligible borrowers. Down payment assistance may also be available to qualified homebuyers depending on the program and applicable requirements.
What credit score do I need to buy my first home?
There isn't one credit score required for every home loan.
Credit requirements vary by mortgage program and are only one part of your overall financial profile. Income, debts, available funds, property details, and other eligibility factors may also be considered.
The Stump Team can help you understand which mortgage options may be worth exploring based on your situation.
How much will I need for closing costs?
Closing costs vary based on your loan, property, purchase transaction, and other factors.
They can include items such as loan-related fees, title services, appraisal costs, prepaid taxes and insurance, and other expenses associated with completing your home purchase.
Depending on your situation and applicable program requirements, seller contributions, down payment assistance, or other options may help with certain eligible costs.
What's the difference between pre-qualification and pre-approval?
A pre-qualification is an early estimate based primarily on the financial information you provide. It can help you understand a general homebuying budget and explore your options.
A pre-approval goes further. You'll provide supporting financial documents, and your information is reviewed more thoroughly, including underwriting. If eligible, you'll receive a pre-approval letter that can help demonstrate to a seller that your financing has already undergone a more detailed review.
Neither requires you to purchase a home or obligates you to close a loan. The Stump Team can help you determine which option makes sense based on where you are in your home search.
Can I buy a home if I still have student loans?
Yes. Having student loan debt does not automatically prevent you from buying a home.
Student loan payments may be considered as part of your overall monthly debt obligations and debt-to-income ratio. How they affect your mortgage options depends on your financial profile and the requirements of the loan program you're considering.
How long does the homebuying process take?
There isn't one timeline that applies to every home purchase.
Timing can depend on how long it takes to find a home, your contract, financing, appraisal, property details, documentation, underwriting, and other requirements. The Stump Team will help you understand what comes next and keep you informed throughout the mortgage process.
What documents will I need for a mortgage?
The documents needed can vary based on your income, employment, assets, loan program, and financial situation.
You may be asked for items such as identification, recent income documentation, bank or asset statements, tax documents when applicable, and other information needed to verify your financial profile. We'll let you know what's needed for your specific situation.
Is it better to buy a home now or keep renting?
There isn't a one-size-fits-all answer.
The decision can depend on your budget, financial goals, expected time in the home, available savings, local housing costs, and other personal considerations.
Our Rent vs. Buy tool can help you explore estimated costs, and The Stump Team can help you understand the home financing side of the decision.
READY FOR YOUR NEXT STEP?
Your First Home Starts With a Conversation
You don't have to have everything figured out before you begin. The Stump Team helps first-time homebuyers understand their financing options, prepare for the mortgage process, and determine the next step based on where they are today.
Not sure where to start? Tell us about your goals and we'll help you explore your options.
Ready to move forward? Complete your secure Cardinal Financial mortgage application.
