Buying your first home on Long Island? Start here.
Between down payment, credit, and a competitive market, a first home purchase can feel overwhelming. Here's a realistic, no-hype look at the loan programs, costs, and steps that actually matter.
- Down payments as low as 3-3.5%
- Gift funds from family are often allowed
- Multiple programs, one point of contact
Talk Through Your Options
No obligation - a local loan officer will walk you through what fits your situation.
You're all set.
A member of the Coltrain team will reach out shortly.
No cost, no obligation. A member of our team will follow up directly.
What actually matters as a first-time buyer
Most first-time buyers overestimate the down payment they need and underestimate how much flexibility exists in loan programs built specifically for them. The right program depends on your credit, your savings, and how you want to structure the purchase.
Low Down Payment Programs
FHA (3.5% down) and conventional (as low as 3% down for qualified buyers) are both realistic options - see the full comparison.
Family Gift Funds
Family can often gift part or all of your down payment - see the rules before assuming it won't work.
Pre-Qualification First
Knowing your real number before you shop saves time and strengthens your offer - see pre-qualified vs. pre-approved.
NY State Assistance Programs
SONYMA (State of New York Mortgage Agency) offers down payment and closing cost assistance for eligible first-time buyers - worth asking about alongside FHA or conventional financing.
From first call to closing
Get Pre-Qualified
A quick conversation establishes a realistic price range before you start touring homes.
Choose Your Program
FHA, conventional, or another fit - your loan officer walks through the tradeoffs for your specific situation.
Make an Offer & Close
Once you're under contract, your loan moves through processing, underwriting, and closing - see the full loan process.
Ready to find out what you qualify for?
First-time buyer FAQs
Do I really need 20% down to buy a home?+
No - that's one of the most persistent myths in home buying. FHA allows 3.5% down, and some conventional programs allow as little as 3% for qualified buyers.
What credit score do I need?+
It depends on the program. FHA is generally more forgiving on credit than conventional. See our guide on getting a mortgage with a 600 credit score.
Should I get pre-qualified or pre-approved first?+
Pre-approval carries more weight with sellers since it involves actual document verification. See the full difference here.
Can family help with my down payment?+
In most cases, yes - both gift funds and a gift of equity (if buying from family) are common and well-supported options.
Related guides
Ready to see what you'd qualify for?
A quick conversation with a local loan officer beats guessing from a rate table.