First-Time Homebuyer Program

As a first-time homebuyer, you’re eligible for special perks through our First-Time Homebuyer Program!

Up to $1,000 off closing costs^*
As little as 3% down
Free pre-approval
Local servicing
Low rates

How does the home buying process work?

Go from house hunter to homeowner! We’ll have your back every step of the way.

Step 1
Get Pre-approved

Pre-approval Document Checklist:
- W-2 Statements from the past two years
- Asset Documents -- most recent two months’ statements (checking, savings, investment account information, documentation for 401(k) loans)
- Current mortgage statement, tax bill, homeowners insurance, and HOA dues (if applicable) for any properties owned
After applying online or scheduling an appointment, one of our loan officers will help you determine the right home loan that fits your financial situation.

It's important to understand the difference between a pre-qualification letter and a Landmark pre-approval. A pre-approval (also known as a conditional approval) is an estimate of how much money you might be able to borrow based on information you’ve provided. On the other hand, a Landmark pre-approval is a thorough review of your finances. It provides a more accurate estimate of how much money you can borrow by examining your financial situation in detail.
Step 2
Find Your Home

Once you have your Landmark financing in place, it’s time to contact a real estate agent. A real estate agent will help you find homes within your pre-approved amount. As a first-time homebuyer, having an agent who can guide you and answer your questions can be invaluable.

Real estate agents provide a variety of services for first-time homebuyers, such as:
- Showing homes: Agents show homes to buyers and answer questions about the homes.
- Negotiating offers: Real estate agents negotiate offers on behalf of their clients, working to get the best possible price for you.
- Preparing paperwork: Agents take care of all the paperwork needed to close a loan, like the purchase agreement and deed.
If you don't have a real estate agent, your Landmark loan officer can recommend some local agents to you.
Step 3

Make an Offer

To make an offer on a house, you'll work with your real estate agent to negotiate the price and terms. Your real estate agent will write up an offer letter and sales contract and present it to the seller's agent. Once the seller says "yes," you’ll provide Landmark with a copy of the sales contract and your application will be complete. Landmark will order an appraisal, title policy, and other customary documentation, and you will need to provide evidence of homeowners insurance.
Step 4

Close on Your Loan

Let’s make this official! It's time to sign the paperwork to transfer ownership of your first home from the seller to you. You'll get the keys to your new home.

Helpful Mortgage Resources

A couple, sitting on a couch, signs a contract on their first home purchase with a Mortgage Loan Officer.

*Who qualifies for our First-Time Homebuyer Program?

To qualify for the first-time homebuyer credit and get up to $1,000 off closing costs, you need to meet these requirements:

All borrowers occupying the home must not have owned a home in the last three years.
This program is only available for fixed-rate mortgage loans.
Please note that our First-Time Homebuyer program cannot be combined with other offers.

If you have any questions or need additional information, please don't hesitate to contact us. We're here to assist you in your first home buying journey.

First-Time Homebuyer Calculators

New parents strategize a home purchase, exploring various options to ensure a secure future for their family's journey ahead.

Rent vs. Buy Calculator

Use our Rent vs. Buy Calculator to help compare the costs of renting and buying a home over time.

Compare Options

Landmark members, a couple, use the mortgage loan calculator on their computer.

How Much House Can I Afford Calculator

Estimate how much you can budget for a house based on your income and debt.

Estimate Your Budget

Helpful First-Time Homebuyer Tools

View all Fixed Rate Mortgage Rates

Fixed Mortgage Loan Rates

15 Year Fixed
- 7.041%
  
  _APR
Fixed Mortgage Loan Rates

30 Year Fixed
- 7.230%
  
  _APR

First-Time Homebuyer FAQs

Yes! As a first-time homebuyer, you qualify for special perks like $1,000 off closing costs and being able to put as little as 3% down. Learn more about our First-Time Homebuyer Program or contact a Landmark Mortgage Loan Officer.
Yes, we recommend that you get pre-approved for a mortgage before beginning your home search. A pre-approval will provide you with more specific information about the amount that you qualify to borrow. The seller and real estate agents involved in the transaction may require a pre-approval letter at the time you make an offer. Please contact a Landmark Mortgage Loan Officer to learn more or if you're ready to get pre-approved.
Yes, you must provide proof of one year full Homeowners Insurance coverage at the time of closing. You can fax us your proof of your insurance. After the loan is closed, Homeowners Insurance is verified annually with the insurance company.
Getting pre-approved for a mortgage is the first step in the home buying process. It shows sellers that you are serious about buying a home and will give you an idea of how much you can afford to borrow.

Here are the steps on how to get pre-approved for a mortgage:
- Be prepared to answer questions. Your Loan Officer will ask you about your financial situation and your goals for the loan. Be prepared to answer questions about your employment history, income, debts and assets. Having income and asset documentation available to you when you fill out the application will help you answer these questions.
- Ask questions. Don't be afraid to ask your loan officer questions about the home buying process or the different types of loans available.
Once you have gathered your financial information, you can start the pre-approval process by either contacting a Mortgage Loan Officer or applying online.
Interest rates fluctuate daily, so the rates available when you apply for a mortgage loan may be different than the rates available when you decide to lock your interest rate. By locking the rate, you protect your selected rate for a period of time and it will not be affected by market fluctuation.
Once you have gathered your financial information, you can start the pre-approval process by either contacting a mortgage loan officer or applying online.
The term closing costs encompasses all the taxes and fees associated with finalizing a mortgage.
Discount Points are finance charges paid by the borrower at the beginning of a loan in addition to monthly interest. Occasionally members choose to pay Discount Points as a way to reduce the rate. Each point is 1% of the mortgage amount.
Early disclosures refer to documents given to members within 3 business days of applying for a real estate loan. These documents disclose the term, costs, and other important information involved in processing the loan.
If you are approaching the rate lock expiration date, please contact your Mortgage Loan Officer or call 262-796-4500 for more information.
Private Mortgage Insurance (PMI) is insurance purchased by a borrower to cover the lender's risk of loss. PMI is generally required by lenders when the down payment is less than 20% of the purchase price. At Landmark, we do offer products that do not require private mortgage insurance, with loans as little as 10% down. Please contact a Mortgage Loan Officer to learn more.
The minimum credit score for a mortgage loan is different for each lender and loan type.

However, in general, you will need a credit score of at least 620 to qualify for a Conventional loan. Even if your credit score is below 620, you might still qualify for an FHA loan with a minimum requirement of 580.

It is important to note that your credit score, also known as your credit rating, is not the only factor Landmark will consider when you apply for a home loan. We'll also look at your debt-to-income ratio, your employment history and your income.

Public credit score tools (like Credit Karma, Experian, and My FICO) are typically free to use and available online. They use a variety of scoring models, including FICO and VantageScore. The scores you see from these tools are often called "educational scores" or "vantage scores" because they're not the same scores that lenders use to make lending decisions. Mortgage lender credit scores are the scores lenders, like Landmark, use to make lending decisions. They are typically based on the FICO scoring model but use a different version of the model than the one that you see from public tools.

Public credit scores and mortgage lender credit scores can vary significantly. For instance, your public credit score might be 720, but your mortgage lender score could be 680. That's why it's crucial to seek guidance from a Landmark Mortgage Loan Officer who can help you navigate the home buying process.

Buying a home is a big step, but it's easier if you understand your credit rating and the home buying process. If you have additional questions about your credit rating and your individual situation, contact us.
The rate lock period on a mortgage loan application refers to the duration during which the borrower's interest rate is guaranteed to remain unchanged. This means that once the rate is locked, regardless of any fluctuations in market rates, the borrower's interest rate will stay the same throughout the application process. Borrowers can lock the loan rate at any point in the process, with the lock period being determined at the time of locking. This gives borrowers with the security of knowing their interest rate won't change, offering financial predictability during the mortgage process. If you have additional questions, please contact a Mortgage Loan Officer or if you're ready to begin your homebuying journey,

01 / 03

APR = Annual Percentage Rate

20 - To calculate estimated monthly payment, multiply the payment amount shown by the mortgage amount in thousands. For example, 30-year 7.000% loan for $150,000 would be: 150 X $6.65= $997.50 per month. Actual payments will be higher with taxes, property insurance and, if applicable, private mortgage insurance.

First-Time Homebuyer Program