How can I get a loan as a first time home buyer?

Buying a home with no down payment and part-time income is challenging, but it’s not impossible if you take the right steps and set realistic expectations. You should contact a local real estate agent in your area to see if they have special programs for your county and connect you to their trusted lender to get you pre-approved. If you have someone who can co-sign with you then this could help you with your approval as well.

Are you purchasing the property as investment property? If so, I would definitely not recommend a condo as your first purchase as the HOA fees will monumentally eat into your profit margins, and you will be in a financial predicament if there are any significant increases. Keith Jean-Pierre Managing Principal The Dapper Agents Operations In: NY, NJ, FL & CA

First off, I respect the hustle. You're out here researching and asking the right questions, and that puts you ahead of most people. Let me be straight with you though, because I'd rather give you honest information than tell you what sounds good. Your situation has some real challenges, but there are paths forward if you're willing to put in the work first. The biggest hurdle right now isn't the down payment, it's the income. Lenders need to see that your income can support a monthly mortgage payment, and part-time income on its own is going to make qualifying difficult, especially in Westchester County where prices are high. Before you can buy, you need to get your income situation to a place where a lender will say yes. On the down payment, there are legitimate zero and low down payment options. FHA loans require as little as 3.5 percent down. USDA loans require zero down but are limited to eligible rural areas, and most of Westchester won't qualify. If you're a veteran or active military, VA loans require zero down. New York also has first-time buyer assistance programs through SONYMA, the State of New York Mortgage Agency, that offer down payment assistance, reduced rates, and programs specifically for lower-income buyers. Check their website at hcr.ny.gov for current programs. On buying a property to rent out while you live in it, that's house hacking and it's actually a smart strategy. If you buy a two-unit property and live in one unit, the rental income from the other unit can help you qualify for the loan. FHA allows you to buy up to a four-unit property as your primary residence with 3.5 percent down, and the projected rental income from the other units counts toward your qualifying income. That could be a game changer for your situation. Here's what I'd focus on right now. Get your income up. Whether that means going full-time, picking up a second part-time job, or finding a higher-paying position, lenders need to see stable sufficient income, ideally for at least two years. Pull your credit reports at annualcreditreport.com and see where you stand. If your score needs work, start cleaning it up now because that takes time. Connect with a HUD-approved housing counselor in your area. They're free, they know every down payment assistance program available in New York, and they'll help you build a realistic plan to get from where you are to where you want to be. You can find one at hud.gov. This isn't going to happen tomorrow, but if you start building toward it now, you could be in a position to buy in one to two years. The fact that you're already doing the research says a lot.

You are asking the right questions and the fact that you are thinking about renting part of it shows solid financial thinking. Here is where to start. New York State has strong first time buyer programs through SONYMA, the State of New York Mortgage Agency. They offer low interest rate mortgages and down payment assistance specifically for first time buyers. Westchester County also has its own homebuyer assistance program that can help with down payment and closing costs. Go to sonyma.org and contact the Westchester County Office of Economic Development to see exactly what you qualify for based on your income. The honest conversation on income is important. Lenders look at your debt to income ratio and part time income needs to be documented consistently, usually two years of tax returns showing it. If your income is limited right now, the down payment assistance programs above can help reduce how much you need to borrow, which makes qualifying easier. A HUD approved housing counselor in Westchester can review your full picture at no cost and tell you exactly what steps to take next. Call 800-569-4287 to find one near you. That is your best first step before talking to any lender.

First, I want to say — you’re not alone. Many first-time buyers start exactly where you are. Buying without a down payment is challenging, but there are programs that may help, including: • FHA loans (lower down payment requirements) • First-time buyer assistance programs • Down payment assistance grants • State or county-specific programs in New York However, buying with no savings at all can be difficult, especially in Westchester County where prices are higher. You’ll likely need: • Stable income history • Acceptable credit score • Some savings for closing costs If your long-term goal is to purchase and later rent it out, we’d also want to review financing guidelines carefully, since many first-time buyer programs require owner occupancy. The best first step would be speaking with a local lender who can evaluate your income and credit and outline realistic options. From there, you can build a clear action plan — even if it takes time. If you'd like help u

You’re not alone in feeling this way and the good news is there are paths forward but we need to be very real about how to get you there step by step. First, the honest truth (so you don’t waste time): Buying with no down payment + part-time income + planning to rent it out immediately is going to be very difficult right now especially in Westchester County. Most loan programs require: • Stable, provable income • Some form of down payment (even if small) • The home to be your primary residence (not an immediate rental) But that does NOT mean it’s out of reach. It just means we need the right strategy. Here are realistic paths that can work: 1. First-time buyer programs (this is your best starting point) Look into: • State of New York Mortgage Agency programs They offer: • Low down payment options • Down payment assistance • Lower interest rates Some programs can get you in with as little as 3% down and assistance can help cover part of that. 2. FHA loans (very common for first-time buyers) • Lower credit score requirements • Down payments as low as 3.5% • More flexible with income But you still need: • Consistent income (usually 2-year history) • Proof you can afford the monthly payment 3. Down payment assistance programs There are grants and programs that can help with: • Down payment • Closing costs These are often income-based, which may actually work in your favor. About your idea to rent it out right away: Most loans require you to live in the home for at least 1 year before renting it out. However, a smart workaround some buyers use: • Buy a place where you can live in part of it (like a 2-bedroom and rent a room) This helps offset your payment legally. What you should focus on right now: 1. Talk to a lender (this is step #1, not last) Ask: • What loan programs do I qualify for today? • What do I need to improve to qualify? 2. Work on these key areas: • Credit score • Consistent income (this is big) • Saving even a small amount 3. Get a clear plan, not just hope A good lender will give you a roadmap like: “You’re 6–12 months away if you do X, Y, Z.” Important mindset shift: This may not be an immediate move but it can absolutely be a short-term goal with a clear plan. You don’t need a miracle you need the right strategy, guidance, and steps in the right order. Good luck to you !