First-time homebuyer guide
Buying your first home in Conway? Start here.
Everything a first-time buyer in Central Arkansas needs to know, in the order you'll need it. No jargon, no pressure, and a local loan originator on the other end of the phone when you have questions.
Seven steps
The path from renting to owning
Follow these in order and the process stays calm. Skip ahead if you've already done a few.
- 01
Figure out your real budget
Skip the guesswork. Lenders look at your gross income, your monthly debts, and your down payment, then apply debt-to-income guidelines. Our affordability calculator does the same math, and a free pre-qualification makes it official so you can shop with confidence.
- 02
Check your credit before anyone else does
Pull your free reports, fix any errors, and avoid new debt in the months before you apply. A 640 score opens the door to Arkansas assistance programs, 620 to conventional loans, and 580 to FHA. Higher scores mean lower rates, so a few months of work can save you thousands.
- 03
Solve the down payment
You almost certainly don't need 20% down. FHA loans start at 3.5%, conventional loans at 3%, and VA and USDA loans at zero. Arkansas's ADFA programs can cover the rest with a second mortgage, and gifts from family are allowed on every program.
- 04
Pick the loan that fits, not the one you're handed
This is where a brokerage earns its keep. We compare FHA, conventional, VA, USDA, and ADFA options across our lender network and show you the monthly payment and total cost of each, side by side, in plain English.
- 05
Gather your documents
Pay stubs, two years of W-2s, bank statements, and a photo ID cover most buyers. Having them ready before you find a house is the single biggest thing you can do to close on time.
- 06
Go house hunting (we'll go mortgage hunting)
With a pre-qualification in hand, sellers take your offer seriously. Once you're under contract we order the appraisal, lock your rate, and keep your file moving toward closing while you plan the move.
- 07
Close and get the keys
Review your Closing Disclosure three days ahead, bring your ID and closing funds, sign, and the home is yours. We'll walk you through exactly what to expect so closing day feels like a celebration, not a test.
Loan programs for first-time buyers
Four loans that make a first home possible
Low or zero down, flexible credit, and rates we shop across lenders.
Run the numbers
Calculators first-time buyers use most
All free, all in your browser, nothing saved.
Avoid these
Six mistakes that delay first-time buyers
We see each of these every year. All of them are avoidable.
- Opening a new credit card or financing furniture before closing
- Changing jobs in the middle of the loan process without telling your lender
- Moving large sums between accounts without a paper trail
- Skipping the home inspection to make an offer look stronger
- Forgetting that taxes, insurance, and HOA dues are part of the monthly payment
- Assuming you need 20% down and waiting years longer than necessary
First-time buyer FAQ
Questions every first-time buyer asks
And the honest answers we give across the desk in Conway.
How much do I need for a down payment on my first home?
Less than you think. FHA loans require 3.5%, some conventional programs 3%, and VA and USDA loans nothing at all. On a $250,000 home in Conway, 3.5% is $8,750, and Arkansas's ADFA Down Payment Assistance can cover up to $15,000 of your down payment and closing costs.
What credit score do I need to buy a house in Arkansas?
FHA loans are available from 580, conventional loans from 620, and ADFA assistance programs from 640. If you're below those numbers today, we'll give you a specific plan to get there. Many buyers are closer than they think.
What's the difference between pre-qualification and pre-approval?
A pre-qualification is a quick estimate based on what you tell us. A pre-approval means we've verified your income, assets, and credit, and it carries real weight with sellers. We offer both at no cost, and we'll recommend which one you need based on how soon you plan to make an offer.
How long does it take to buy a house?
Once you're under contract, most loans close in 30 to 45 days. Getting pre-qualified takes a day or two, and house hunting takes as long as it takes. Having your documents ready is the biggest factor you control.
Are there special programs for first-time buyers in Arkansas?
Yes. ADFA's StartSmart program offers a first mortgage priced below market for first-time buyers (defined as not owning a home in the past three years), and it can be paired with ADFA Down Payment Assistance. See our down payment assistance page for the details.
Should I talk to a lender or a real estate agent first?
A lender. Knowing your budget and having a pre-qualification letter makes your agent's job easier and your offers stronger. If you don't have an agent yet, we work with great ones in Conway and are glad to make an introduction.
Ready to find out what your first home could look like?
A free pre-qualification takes a few minutes and puts a real number on your budget. No credit pull until you're ready.