First-Time Homebuyers · Washington State
Buying your first home is a
big deal.
Let's make sure you
understand every step.
I've spent 30 years helping first-time buyers go from "I don't know where to start" to "we closed."
My job isn't to sell you a loan — it's to make sure you know your options,
understand the numbers, and feel confident about one of the biggest decisions of your life.
John P. Cobain · NMLS #374881 · Edge Home Finance · Licensed in Washington State
3%
Down - some conventional loans
3.5%
Down - FHA loan option
$0
Down - with select DPA programs
30+
Years helping first-time buyers
A WORD FROM JOHN
First-time buyers are my favorite people to work with. Here's why.
There's something really meaningful about being part of someone's first home purchase. You haven't been through the process before, so everything is new — and that's exactly where I want to be helpful. Not overwhelming you with information, but walking alongside you and making sure nothing catches you off guard.
My parents were both teachers. My sister is a teacher. I grew up in a household where the whole point was to help people learn and grow — and even though I ended up in mortgage lending instead of a classroom, I've never really left that mindset behind. People call me a "guideline guru," which I appreciate, but what it really means is that I've spent three decades learning every program and option available so I can find the right path for each person I work with.
If you're a first-time buyer, the most important thing I can tell you is this: there are more options available to you than you probably think. Down payment assistance, lower down payment loan programs, credit flexibility — we'll look at all of it together and figure out what makes sense for your situation.
"I want to give you more education and give you options and let you make the decision. That's what this is really about - putting you in a position to build wealth and create something lasting for your family."
- John P. Cobain, Loan Officer · Edge Home Finance
THE BIGGER PICTURE
Homeownership is one of the most reliable ways to build wealth. Let me show you the math.
A lot of first-time buyers come to me thinking they're not ready — that they need to save more, wait longer, or get their credit to a certain place before they can even think about buying. Sometimes that's true. But a lot of the time, people are closer than they realize. And the longer you wait, the longer your money is building someone else's equity instead of your own.
Here's something I share with nearly every first-time buyer I talk to:
Why homeowners build wealth faster
than renters
Most renters don't save the difference between what they'd pay in rent versus a mortgage payment. Which means that gap — often hundreds of dollars a month — just gets spent. Homeowners, on the other hand, build equity with every payment. That equity compounds over time and becomes real, transferable wealth for your family.
40×
The typical homeowner has about 40 times the net worth of a renter, according to Federal Reserve data
Loan programs & assistance
More paths to homeownership than most people realize.
One of the things I'm known for is knowing the programs — all of them. Federal, state, county, city, employer-sponsored. I've spent 30 years staying current on what's available in Washington State so I can match you with the right combination for your situation. Here's a look at what we'll explore together:
CONVENTIONAL
Conventional Loans (3% Down)
Some conventional loan programs allow as little as 3% down for first-time buyers with solid credit — no FHA required. We'll look at whether this fits your profile.
FHA
FHA Loans (3.5% Down)
FHA loans are more flexible on credit and allow a lower down payment. A great option if you're still building your credit history or coming back from a rough patch.
DOWN PAYMENT HELP
Washington State DPA Programs
Washington State has several down payment assistance programs through the Washington State Housing Finance Commission and local agencies. Many buyers don't know these exist — I'll show you what you may qualify for.
RURAL / ZERO DOWN
USDA Loans (Zero Down)
If you're buying in an eligible rural or suburban area of Washington, USDA loans offer zero down payment with competitive rates. More areas qualify than people expect.
GRANTS & GIFTS
Grant & Forgivable Loan Programs
Some assistance programs don't need to be repaid at all — they're structured as grants or forgivable loans that disappear after you've lived in the home a few years.
SPECIAL AUDIENCES
Programs for Teachers & First Responders
There are specific programs designed for educators and first responders — communities I have a special connection to and want to serve well. Let's find out what you qualify for.
HOW IT WORKS
What to expect when we work together.
I tell every first-time buyer the same thing at the start: you're never going to feel like you don't know what's going on. Here's the process, step by step:
1. We start with a conversation — before any paperwork
Tell me where you are, what you're hoping to do, and what concerns you most. I'll explain the difference between prequalification and preapproval, what each one means, and what makes sense as a first step for your situation.
2. We look at your full financial picture
Credit, income, savings, employment history — we go through it together. Not to judge, but to understand what we're working with and identify any opportunities to strengthen your position before we go to a lender.
3. I identify every program you may qualify for
This is where the "guideline guru" part comes in. I'll match your situation against the programs available in Washington State — federal, state, and local — and show you what's realistic and what isn't.
4. We look at your options side by side
I'll give you enough options to feel empowered — but not so many that you feel overwhelmed. That's a balance I've learned to get right over 30 years. You'll see the real numbers: monthly payment, total cost, long-term impact.
1. We start with a conversation — before any paperwork
Tell me where you are, what you're hoping to do, and what concerns you most. I'll explain the difference between prequalification and preapproval, what each one means, and what makes sense as a first step for your situation.
5. You make the decision — I support it
I don't push. I inform and guide, and then you decide. Once you've chosen a direction, I move fast — most applications are reviewed within a few hours — and I keep both you and your realtor updated every step of the way to closing.
Who I love working with
You don't have to have it all figured out to get started.
Some of the best clients I've worked with came to me thinking they weren't ready. Here are some of the situations I work
through every day:
Limited savings for a down payment
Down payment
assistance exists for a reason — and there's
more of it in Washington State than most people realize.
Credit that's a work in progress
I'll review your credit with you and identify what can be improved and how quickly. Sometimes a small tweak changes everything
Self-employed or variable income
This takes more documentation, but it's very doable. I've navigated plenty of complex income situations over the years.
Tired of renting but not sure where to start
That feeling is usually the right signal. Let's find out if you're closer to ready than you think — with no pressure either way.
Common questions
Things first-time buyers
ask me most
What's the difference between prequalification and preapproval — and which do I need?
Prequalification is a quick, informal estimate based on information you provide. Preapproval involves a full credit pull and document review — it's what sellers and realtors actually take seriously. I'll explain both and help you decide where to start before you fill out a single form.
How much do I actually need for a down payment?
Less than most people think. Depending on the loan program and whether you qualify for down payment assistance, it could be 3%, 3.5%, or in some cases nothing at all. We'll figure out what applies to your situation specifically.
My credit isn't perfect. Can I still buy a home?
Possibly, yes. FHA loans and some other programs have more flexibility than conventional loans. And sometimes a few targeted moves — paying down a specific balance, disputing an error — can move your score enough to open new options. I'll look at your credit with you and tell you honestly what we're working with.
How do down payment assistance programs actually work?
They vary — some are second loans at low or zero interest, some are grants that don't need to be repaid, and some are forgivable after a few years of living in the home. I'll walk you through exactly how each one that applies to you works before you commit to anything.
Why should I use a mortgage broker instead of going to my bank?
Your bank offers one set of products. As a broker, I have access to multiple lenders and can shop for the best combination of rate and terms on your behalf. A quarter of a point lower on your interest rate can save you thousands over the life of the loan — and that compounds quickly on a 30-year mortgage.
Do you serve all of Washington State?
Yes — I'm licensed throughout Washington and work with buyers in the greater Tacoma and Lakewood area, Spokane, and everywhere in between. Wherever you're buying, we can work together.
Ready to find out where you
actually stand?
Let's have an honest conversation about your situation - no pressure, no jargon. Just a real look at your options and what it would actually take to get you into a home.
John P. Cobain · NMLS #374881 · Edge Home Finance · Washington State Licensed Mortgage Broker
Edge Home Finance · John P. Cobain · NMLS #374881 · This is not a commitment to lend. All loans subject to underwriting approval. Equal Housing Lender. USDA loan eligibility subject to property location and income requirements determined by USDA Rural Development.
