First-Time Homebuyer. Get Started Today.
We help first-time buyers navigate the mortgage process with personalized support, trusted advice, and affordable solutions.
Years of Experience
Brand Trusted by Millions
Secure Financial Strength
How We Support First-Time Homebuyers
At Mutual of Omaha Mortgage, we know that buying your first home is a big milestone — and we’re here to make sure you don’t have to figure it out alone. Our team provides expert guidance, easy-to-understand loan options, and ongoing support so you feel confident, informed, and ready to take the next step.
What You Can Expect from Us
Clear Advice at Every Step: We walk you through the mortgage process, explaining what to expect and how to prepare.
Loan Options That Fit You: We help you compare FHA, Conventional, USDA, and other loan types to find the best fit.
Access to Assistance Programs: We connect you with down payment assistance or special programs that may reduce upfront costs.
Pre-Approval Support: We help you strengthen your offer with a pre-approval, giving you a clearer sense of your buying power.
Who We Help
Renters ready to buy their first home
Buyers with moderate savings or lower credit
Families looking for affordable, flexible loan solutions
How It Works
- Talk with Us About Your Goals: We listen to your homeownership dreams and help you understand what’s possible.
- Get Matched with the Right Loan: Our team compares your options and tailors a loan recommendation to your needs and budget.
- Take the First Step: Complete the short form to start your journey — it’s quick, secure, and designed to help you move forward with confidence.
About Mutual of Omaha Mortgage
The Mutual of Omaha Insurance Company has been helping customers since 1909. Inspired by hometown values and committed to being responsible and caring for each other, we exist for the benefit of our customers.
As a full-service mortgage lender, we have the solution for nearly every mortgage need. Our portfolio of home financing options include: fixed and adjustable rate loans, FHA, VA, USDA, jumbo loans, and refinancing programs. Along with our products, we offer competitive rates, a streamlined process and local underwriting and processing support —all focused on helping serve the needs of customers.
- A wide range of home refinancing
- Timely, accurate loan status updates
- Competitive rates and fees
- A+ rating with Better Business Bureau
Frequently Asked Questions
Buying a house for the first time starts with gaining a solid understanding of the process. Transitioning from renting to owning is achievable with the help of experienced and professional partners. First-time homebuyers should begin should connect with a loan officer early in process to discuss their income, assets and home buying goals. For first-time home buyers, getting pre-approved is a recommended first step in the home buying process. By providing personal and financial details during pre-approval, buyers can gain a clear understanding of how much they can afford. This allows them to focus on homes within their budget, making their search more efficient and informed.
There are several common first-time home buyer programs that offer financial assistance and favorable terms to help make homeownership more accessible. Here are some widely available options:
- FHA Loans (Federal Housing Administration): Backed by the government, FHA loans are designed for buyers with lower credit scores and smaller down payments
- Benefits:
- As little as 3.5% down payment
- Lower credit score requirements (often starting around 580)
- More lenient debt-to-income ratio guidelines
- Benefits:
- VA Loans (Veterans Affairs): VA loans are available to eligible veterans, active-duty service members, and some members of the National Guard and Reserves.
- Benefits:
- No down payment required
- No private mortgage insurance (PMI)
- Competitive interest rates
- Lenient credit requirements
- Benefits:
- USDA Loans (United States Department of Agriculture): Designed for rural and suburban home buyers, USDA loans provide 100% financing for eligible buyers in designated rural areas
- Benefits:
- No down payment required
- Low mortgage insurance premiums
- Competitive interest rates
- Benefits:
- Conventional 97 Loan Program : This program allows buyers to make a down payment as low as 3% on a conventional loan, typically for those with higher credit scores.
- Benefits:
- Low down payment
- More flexibility in property types
- No upfront mortgage insurance premiums (unlike FHA loans)
- Benefits:
- HomeReady and Home Possible Loans : Offered by Fannie Mae (HomeReady) and Freddie Mac (Home Possible), these programs are geared toward low- and moderate-income buyers.
- Benefits:
- Down payments as low as 3%
- Reduced mortgage insurance costs
- Flexibility in income sources (including rental or boarder income)
- Benefits:
- State and Local First-Time Buyer Programs : Many states, cities, and local governments offer down payment assistance, low-interest loans, and other incentives for first-time home buyers.
- Benefits:
- Grants, forgivable loans, or deferred-payment loans to help with down payments and closing costs.
- Specific eligibility requirements, often based on income, location, or profession.
- Benefits:
Before starting the home buying and mortgage application process, first time home buyers should keep in mind these helpful tips. First, check your credit score, improving your credit score before applying for a mortgage can help you to qualify for a lower interest rate and could help you increase overall affordability. Next, consider fixed-rate and adjustable-rate loans and compare different terms based on your financial goals. Third, obtain a pre-approval from a licensed loan originator before house hunting; this can make sellers see you as a more attractive buyer. Lastly, once your mortgage application is submitted, avoid buying furniture on credit or using credit cards to make other large purchases; this could negatively affect your credit score which could jeopardize your loan in its final stages.
Qualifying factors for first time home buyers will vary based on the mortgage program and lender they choose. Usually at minimum, first time home buyers need to provide proof of reliable income. In addition, depending on the loan program, first time home buyers should also have at least a fair or good FICO score typically 580 or higher and a debt-to-income (DTI) ratio that conforms to certain mortgage underwriting guidelines. An experienced loan officer can help you learn your DTI. Although there are low and no-down payment options for many first-time home buyer mortgage programs, first time buyers should prepare to save some funds toward a down payment, closing costs, taxes and moving costs.
There are many down payment options available for first time home buyers. First time home buyers are not required to make a 20% down payment on a home, unless they choose to do so. In fact, many homeowners are approved for mortgages with down payments below 10%. There are many first-time home buyer mortgage programs that offer a minimum down payment as low as 3.5%. There are also low and no down payment mortgage loan options available for first time home buyers. Some of the loan programs that offer these attractive down payment requirements are FHA loans, USDA loan, VA loans and specific conventional loan programs from Fannie Mae and Freddie Mac.
Just a Minute Could Unlock Your Options
Answer a few quick questions and see how Mutual of Omaha Mortgage can help you buy your first home. No commitment.
