If you’re thinking about buying your first home - and you’re not sure where to start - that’s exactly the right place to begin. Greg Aftayev is a producing mortgage strategist at Homestead Financial Mortgage who helps first-time buyers understand their options, their numbers, and their next steps before they ever make an offer. No judgment. No rush. Just a clear plan.
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Content last reviewed: June 2026
Most first-time buyers wait longer than they need to before reaching out to a mortgage professional - because they assume they need to have everything in order first. A perfect credit score. A specific down payment saved. A home already picked out.
None of that is required to have a useful conversation.
A first-time buyer strategy call with Greg is not an application. There is no credit pull, no paperwork, and no commitment. It’s a chance to talk through where you are, what you’re working toward, and what the path might look like - before any of the formal steps begin.
First-time buyers who start with a conversation are more prepared, less stressed, and better positioned than those who start with an application. That’s the difference a plan makes.
You don’t need to have everything figured out to start. You just need to be willing to ask questions. That’s enough.
GAGreg Aftayev
Mortgage Strategist, NMLS #230559
What the first call looks like
First-time buyers come to Greg from very different places. Wherever you’re starting from, there’s a useful conversation to be had.
You don't need to be ready to buy tomorrow to start a conversation. In fact, talking to a mortgage strategist early - before you're deep into the search - is often what makes the process smoother when you are ready. A first call helps you understand your range, your timeline, and what to focus on in the meantime.
The decision to move from renting to owning is one of the most significant financial decisions most people make. Before you start shopping, it helps to understand what homeownership will actually cost - monthly payment, taxes, insurance, and maintenance - and whether the timing makes sense for your financial situation.
This is one of the most common first questions - and one of the most valuable ones to answer before you start looking at homes. Greg walks through your income, your debts, your down payment position, and your monthly comfort level to help you understand what a realistic purchase range looks like for you. In our experience, buyers who establish this range first make cleaner offers and avoid the emotional cost of falling in love with a home that is outside their actual budget.
Credit score is one factor in the mortgage process - not the whole picture. Many first-time buyers are surprised to learn what options may be available at various credit levels, depending on the loan type and their overall financial profile. Greg can help you understand where you stand and what, if anything, would be worth addressing before moving forward.
Down payment is often the biggest question first-time buyers have - and also the one most misunderstood. There are multiple loan options with different down payment requirements. Understanding which programs may apply to your situation can help you decide how much to save and how long to wait.
If an agent is already helping you search, Greg works directly with them to make sure the pre-approval is in place before offers go out, that communication is proactive throughout the transaction, and that nothing on the mortgage side creates surprises for your agent or for you.
If you've already found a property you want to move on - and you don't yet have a pre-approval - this is the most urgent version of the first-time buyer conversation. Greg moves quickly when timing is critical. We have turned pre-approvals around in 24 hours for buyers in this position, and in competitive markets that speed has made the difference between an accepted offer and a missed opportunity.
If a friend, family member, financial planner, or realtor sent you here, they did so because they trust Greg's process and his honesty. The best way to understand why is to have a conversation. There's no pressure, no commitment, and no application required.
Whatever you’re feeling about the mortgage process, these conversations happen every day. None of it is unusual.
Have a concern that isn’t listed here? Bring it to the strategy call. There are no wrong questions.
Four steps. No surprises. Greg personally guides you through every one.
The first call is a 15-minute conversation - no application, no credit pull, no paperwork. Greg asks about your goals, your timeline, your current financial picture, and any questions you have about the process. This conversation shapes everything that follows. Most buyers leave this call more confident than when they started.
Based on the discovery conversation, Greg reviews your financial profile - income, debts, assets, credit range, and down payment position - and presents a realistic picture of your purchase range, loan options, monthly payment scenarios, and what steps are worth taking next.
When you're ready to move forward, Greg guides you through the pre-approval process - collecting documents, reviewing your file, and issuing a pre-approval letter that reflects your actual financial position. A pre-approval letter is the document sellers and their agents expect to see before accepting an offer.
From offer accepted to closing day, Greg stays involved and communicates proactively - with you and with your realtor. Underwriting, appraisal, final approval, and closing disclosure are all stages he walks you through before they happen so nothing is a surprise. At closing, you sign. Then you get your keys.
Many first-time buyers aren’t sure what pre-approval is, what it involves, or why it matters. Here’s a plain-language explanation of everything you need to know.
What Pre-Approval Is
Mortgage pre-approval is a lender’s written review of your income, assets, employment history, and credit profile - a way of confirming that based on the information provided, you may be eligible for financing up to a certain loan amount.
Pre-approval is more thorough than a pre-qualification. It involves actual document collection - pay stubs, W-2s, tax returns, bank statements - and a hard credit inquiry. The result is a written letter stating a conditional loan amount, which sellers and their agents treat as evidence that you are a credible buyer. Most listing agents in the St. Louis market expect a pre-approval letter before accepting an offer.
Pre-approval is not a guarantee of final loan approval. It is subject to full underwriting review, property appraisal, and verification that your financial profile has not materially changed between pre-approval and closing.
It tells you your realistic range
You know what price range makes sense financially before you fall in love with a home that's out of reach.
It makes you a credible buyer
In most markets, sellers and their agents expect to see a pre-approval letter before considering an offer. Without one, many listings won't entertain you.
It speeds up the offer process
When you find the right home, a pre-approval means you can move quickly and confidently rather than scrambling to get financing in order.
Pre-Qualification
Typically a quick, informal estimate based on self-reported information - income, debts, and assets - without a full verification of documents or credit. Pre-qualification carries less weight with sellers.
Pre-Approval
Involves actual document collection and a thorough review of your financial profile. Pre-approval carries significantly more weight with sellers and makes you a credible buyer.
Greg works through a proper pre-approval process - not a preliminary estimate.
Pre-approval is not a commitment to lend. It is not a guarantee that your loan will close. Final approval depends on the property’s appraisal, your financial status remaining stable through closing, and the underwriter’s review of all conditions.
Greg explains what to protect during this period - so that what was true at pre-approval is still true at closing. You won’t be caught off-guard.
There is no single “first-time buyer loan.” Different programs fit different buyers based on income, credit, down payment, and where they’re purchasing. Here is a plain-language overview of the most common options Greg works with.
Conventional loans are not government-backed - they follow guidelines set by Fannie Mae and Freddie Mac. They are available with a range of down payment options and may be a strong fit for first-time buyers with a solid credit profile and stable income.
Subject to qualifying criteria.
FHA loans are insured by the Federal Housing Administration and are among the most common loan types used by first-time buyers. They offer more flexible credit requirements and lower minimum down payment options compared to conventional loans in some cases. FHA loans require mortgage insurance premiums for the life of the loan in certain configurations.
Subject to qualification and program requirements.
FHA loan guidelines: U.S. Department of Housing and Urban Development (HUD)VA loans are available to eligible veterans, active-duty service members, and surviving spouses. They offer significant benefits, including zero down payment options in many cases, no private mortgage insurance, and competitive terms. If you have a military background, this is one of the first programs Greg will review with you.
Subject to VA eligibility criteria and lender qualification requirements.
VA loan program: U.S. Department of Veterans AffairsUSDA loans are backed by the U.S. Department of Agriculture and are available to buyers purchasing in eligible rural and some suburban areas. They offer zero down payment options for qualifying buyers in qualifying locations. Greg can help determine whether a property and borrower profile may meet USDA eligibility requirements.
Subject to geographic eligibility, income limits, and program criteria.
USDA single-family housing programs: U.S. Department of AgricultureDepending on your state, county, and income level, there may be down payment assistance programs available that can reduce the upfront cost of purchasing. These programs vary significantly by location and have specific eligibility requirements. Greg can discuss what programs, if any, may be worth exploring for your situation.
Subject to current program availability and individual qualification.
The FHA 203(k) program allows first-time buyers to purchase a home and finance renovation costs into a single loan - rather than taking out a separate construction or home improvement loan after closing. It is worth considering when a buyer is open to properties that need work, which can sometimes offer a lower entry price in competitive markets. Two versions exist: a Streamlined option for smaller repairs and a Standard option for more extensive renovations.
Subject to FHA program guidelines, property eligibility, and contractor requirements.
FHA 203(k) program details: U.S. Department of Housing and Urban DevelopmentA side-by-side look at the most common programs for first-time buyers. Actual eligibility depends on your full financial profile.
| Program | Min. Down Payment | Min. Credit Score | Key Feature |
|---|---|---|---|
| Conventional | 3% of purchase price | 620+ | PMI removable at 20% equity; no upfront MIP |
| FHA | 3.5% (580+ score); 10% (500-579) | 580+ (or 500+) | Flexible credit; MIP required for life of loan in most cases |
| VA | 0% for eligible veterans | 620+ (lender standard) | No PMI; competitive rates; must have qualifying service |
| USDA | 0% in eligible areas | 620+ (lender standard) | Geographic and income limits apply; rural/suburban properties |
| Down Payment Assistance | Varies by program | Varies by program | State/county grants or second mortgages to reduce upfront cost |
Subject to qualification, creditworthiness, program availability, and current guidelines. Not a rate quote or commitment to lend.
The right loan program depends on your complete financial picture - not the most commonly advertised option.
Most first-time buyers focus on the down payment and overlook the other costs that arrive at closing. Understanding all of them upfront prevents surprises and helps you save with an accurate target in mind.
| Cost Category | Typical Range | Notes |
|---|---|---|
| Down payment (FHA) | 3.5% of purchase price | 3% for conventional; 0% for VA/USDA |
| Closing costs | 2-5% of loan amount | Lender fees, title insurance, recording fees |
| Earnest money deposit | 1-2% of purchase price | Applied toward closing costs at closing |
| Home inspection | $300-600 | Varies by property size and location |
| Appraisal | $400-700 | Required by lender; ordered after contract |
| Prepaid taxes and insurance | 2-6 months upfront | Held in escrow; amount varies by closing date |
Illustrative estimates only. Actual costs vary by loan program, property, transaction, and location. Not a commitment to lend.
The portion of the home price you pay directly at closing. The amount depends on your loan program - some require as little as 3-3.5% down, while VA and USDA loans offer zero-down options for qualifying buyers. Greg reviews which programs may apply to your situation early in the conversation.
Subject to loan program, creditworthiness, and qualification criteria.
Fees paid at closing that cover lender charges, title services, recording fees, and other third-party costs. These typically range from 2-5% of the loan amount, though the actual figure varies by transaction, location, and loan type. Greg provides a detailed Loan Estimate so you know exactly what to expect before you commit.
Estimates only. Actual costs vary by transaction and location.
At closing, lenders typically require upfront payment for a portion of property taxes and homeowners insurance - often several months' worth. These funds are held in an escrow account and used to pay those bills when they come due. The exact amount depends on your closing date and local tax schedule.
Escrow requirements vary by loan program and lender.
A deposit submitted with your purchase offer to show the seller you are a serious buyer. The amount is negotiated and varies by market - typically 1-2% of the purchase price. It is applied toward your down payment or closing costs at closing, so it is not an additional out-of-pocket expense on top of those figures.
Earnest money terms are governed by the purchase contract.
An optional but strongly recommended expense paid to a licensed inspector before closing. Inspections reveal the physical condition of the property and can inform your decision to proceed, negotiate repairs, or walk away. Costs vary by property size and location and are paid directly to the inspector of your choosing.
Greg does not provide inspection services. Buyers select their own licensed inspectors.
Required by the lender to confirm the property's market value supports the loan amount. The appraisal fee is typically paid by the buyer and varies by property type and location. It is ordered after the purchase contract is signed and is a standard part of the mortgage process for virtually all loan types.
Appraisal is ordered by the lender. Results may affect loan approval.
Some loan programs require you to have additional funds available after closing - typically enough to cover one to several months of mortgage payments. This demonstrates financial stability to the lender and is reviewed as part of the overall qualification process. Greg clarifies reserve requirements specific to your loan program upfront.
Reserve requirements vary by loan program and lender guidelines.
From Experience
In our experience working with first-time buyers in the St. Louis area, the most common surprise at closing is not the rate - it is the prepaid taxes and insurance. A buyer who closes in December may owe significantly more at closing than one who closes in June, because the escrow calculation includes months of property taxes already accrued on the local tax schedule. We walk through this distinction at the beginning of every transaction so there are no last-minute shocks.
Greg Aftayev, NMLS #230559 - Owner, Homestead Financial Mortgage
A Note on Estimates
The specific cost amounts for each category will vary based on your loan program, the property, the transaction, and your geographic market. Greg provides personalized estimates so you can plan accurately before making an offer.
You don’t need to gather documents before the first conversation. But when you decide to move forward with pre-approval, here is a general overview of what Greg typically needs to review your file.
No documents are needed before your first conversation with Greg.
The personalized checklist comes after the strategy conversation - once Greg understands your situation and can tailor it to your loan program and employment type.
A Note on Document Requirements
Document requirements vary by loan type, program, and individual situation. Greg will provide a personalized document checklist once your situation has been reviewed in a strategy conversation.
Most mistakes in the mortgage process are not intentional - they happen because buyers didn’t know something was an issue. Greg’s job is to make sure you know these things before they become problems.
Opening a new credit card, financing a car, or co-signing a loan after pre-approval can change your debt-to-income ratio and affect your loan approval. Major new credit activity should be discussed with Greg before it happens - not after.
Lenders verify employment before closing. A job change - even a promotion - can require additional documentation and in some cases affect the loan structure. If you're considering a career change during the homebuying process, talk to Greg first.
Unexplained deposits or transfers in bank accounts raise questions during underwriting. If you receive a gift, sell an asset, or move money between accounts, keep records and let Greg know so those transactions can be properly documented.
In most markets, an offer without a pre-approval letter is not taken seriously. In competitive markets, it is not considered at all. Pre-approval should come before the search - or as early in the search as possible.
Pre-approval tells you how much you may be able to borrow - not necessarily how much you should borrow. The monthly payment at the top of your approved range may not fit your actual budget. Greg helps buyers think about payment comfort, not just loan size.
Rate matters - but so does the total payment, including taxes, insurance, and mortgage insurance if applicable. It also matters whether the lender communicates well, closes on time, and handles problems professionally. Comparing the full picture is more useful than comparing one number.
During the loan process, timely responses to document requests and conditions are important. Delays in responding can push back the closing timeline or create issues with contract deadlines. Greg communicates clearly about what is needed and when - and asks buyers to respond promptly.
There are no bad questions in the mortgage process. If something is unclear - about a document, a fee, a timeline, or a next step - ask immediately. Greg would rather answer a question ten times than have a buyer make a decision based on a misunderstanding.
If you’re working with a real estate agent, that relationship doesn’t change when you work with Greg - it gets stronger. Greg and your agent are working toward the same outcome: a clean, on-time closing that doesn’t create stress for anyone.
Greg provides pre-approval letters quickly, communicates proactively throughout the transaction, and takes closing timelines seriously. He keeps your agent informed on the mortgage side so they can focus on the property, the negotiation, and the contract - without worrying about what’s happening on the financing side.
Many of Greg’s first-time buyer clients come directly through realtor referrals. If an agent sent you here, they did so because they trust the process and the communication. That trust reflects years of working together smoothly.
If you don’t yet have a realtor, Greg is happy to recommend experienced agents in your area who work well with first-time buyers.
Based on how Greg actually works - specifically with first-time buyers, across all markets and situations.
Not an assistant. Not a call center. Greg personally reviews your file, answers your questions, and stays involved from the first conversation to closing day. When you have a question, you reach Greg.
Greg has worked with buyers at every level of financial knowledge and preparedness. He doesn't assume you already know the terminology, the process, or what the numbers mean. Every question is a welcome one - and every answer is given in plain language.
Greg doesn't hand you a pre-approval letter and send you on your way. He walks through what the numbers mean: what your monthly payment will actually look like, what it includes, what it doesn't, and how it may change based on the home you choose.
Greg operates through Homestead Financial Mortgage, which has provided in-house processing, underwriting, and closing capabilities since 1998. That means fewer hand-offs, clearer communication, and more reliable timelines - all things that matter enormously to a first-time buyer.
The strategy call is not a sales call. The pre-approval is not a commitment. Greg's goal is not to close a transaction as fast as possible. It's to help you make a decision that's right for your life - even if that means recommending you wait.
Greg has worked with first-time buyers in competitive markets and slow markets, in high-rate and low-rate environments, and in a wide range of financial situations. That experience means he has seen most situations before - and can give you perspective that goes beyond what's in your file.
Not ready to reach out yet? These guides and checklists are here whenever you are.
A plain-language walkthrough of the first-time homebuying process - from pre-approval to closing day. What to expect at each stage and what to watch for.
Read the GuideYour first home is not your last mortgage decision. This guide covers when refinancing makes sense, what the process looks like, and how to evaluate whether the numbers work in your favor.
Read the GuideEstimate your full monthly payment - principal, interest, taxes, insurance, and PMI - before you start house hunting. No sign-up, no credit pull.
Use the CalculatorGreg's full library of mortgage guides, articles, and homeowner resources - free for buyers and referral partners.
Browse All ResourcesPlain answers to the questions buyers ask most often - before, during, and after the first conversation.
Still have questions? The strategy call is the right place to ask them.
A first-time buyer strategy call with Greg is exactly what it sounds like: a conversation. Fifteen minutes to talk through where you are, what you’re hoping to accomplish, and what the process might look like for you.
You’ll leave the call with a clearer sense of your realistic purchase range, which loan programs may apply to your situation, what steps are worth taking next, and whether the timing is right.
Many of Greg’s first-time buyers come back later when they are ready to refinance or move up to their next home. The relationship starts with a single conversation.
If you’re not sure you’re ready - that’s exactly the right time to call.
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