First-Time Homebuyer in Louisiana
What you should know about down payments, loan programs, and how to avoid common first-time buyer mistakes.
What First-Time Buyers Should Know
Buying your first home in Louisiana — whether in Shreveport, Bossier City, or elsewhere — doesn't have to mean a huge down payment. Wondering how much house you can afford? Our affordability guide walks through income, debts, DTI, and Louisiana-specific costs. Many programs are built for first-time buyers: FHA (3.5% down, flexible credit), conventional (as low as 3% down for qualified buyers), USDA (zero down in eligible rural areas), and VA (zero down for eligible veterans and service members). Your credit, income, and where you want to buy will determine which option fits. We'll walk you through the process from pre-qualification to closing so you know what to expect. For a full list of programs, see our loan options page.
Down Payment Options
You have more options than you might think. VA and USDA can offer zero down for eligible borrowers. FHA allows 3.5% down with credit scores as low as 580 in many cases. Conventional programs can go as low as 3% down for qualified first-time buyers. Down payment can come from savings, gifts from family (with proper documentation), or down payment assistance programs. We'll show you how much you need for each program and what your monthly payment would look like. For details by program: FHA, conventional, USDA, and VA loans.
Loan Programs Available
In Louisiana, first-time buyers commonly use FHA (low down, flexible credit), conventional (3% down programs, good for stronger credit), USDA (zero down in eligible rural/suburban areas, income limits apply), and VA (zero down for eligible military and veterans). Each has different credit, income, and property requirements. We'll compare them based on your credit score, income, and target area so you know which program to pursue — and we can run pre-qualification so you're ready when you find the right home.
FHA vs Conventional
FHA is often the best fit for first-time buyers with lower credit (580+) or limited down payment — 3.5% down, but you'll pay mortgage insurance (MIP) for the life of the loan in most cases. Conventional can be better if you have good credit (620+) and can put 5–20% down; you may avoid PMI with 20% down or remove it once you reach 80% loan-to-value. We'll run both side by side for your situation. For a deeper comparison: FHA loans in Shreveport and Bossier City and conventional loans in Shreveport and Bossier City.
First-Time Buyer Mistakes to Avoid
A few common missteps can cost you time or money:
- Skipping pre-qualification. Get pre-qualified before you shop so you know your budget and show sellers you're serious.
- Opening new credit or making big purchases before closing. Lenders re-check credit and debt before closing; new accounts or car loans can hurt your approval.
- Ignoring total monthly cost. Look at principal, interest, taxes, insurance, and (if applicable) mortgage insurance — not just the loan payment.
- Choosing a program without comparing. FHA might be easier to qualify for, but conventional could cost less over time. We'll compare.
- Not asking questions. First-time buying is a big step. Ask about fees, timeline, and what you need to bring to closing — we're here to explain.
We'll guide you through each step and help you avoid these pitfalls. Schedule a consultation when you're ready to get started.
First-time buyer in Shreveport, Bossier City, or anywhere in Louisiana? Explore loan options or book a free strategy session and we'll find the right program for you.
Ready to Buy Your First Home?
Kara will walk you through programs, down payment, and what to expect — so you're confident from pre-qualification to closing.
30 minutes. In person, by phone, or on Zoom. No obligation.