The Complete First-Time Homebuyer Guide
Everything you need to know about buying your first home.Step 1: Check Your Financial Readiness
Check your credit score (aim for 620+ minimum, 740+ for best rates), calculate your DTI ratio (under 43%), and determine your down payment. Most first-time buyer programs require 3-3.5% down.
Step 2: Get Pre-Approved
A pre-approval letter shows sellers you’re serious. The lender reviews your income, assets, debts, and credit to determine how much you can borrow. Pre-approval typically lasts 60-90 days.
Step 3: Find Your Home
Work with a buyer’s agent. Make a list of must-haves vs nice-to-haves. Attend open houses, get comparative market analyses, and be prepared to act quickly.
First-Time Buyer Programs
FHA loans (3.5% down), VA loans (0% down for veterans), USDA loans (0% down in rural areas), state housing finance agency programs, and down payment assistance grants.
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Frequently Asked Questions
How much do I need for a down payment?
As little as 3% for conventional, 3.5% for FHA, or 0% for VA and USDA loans.
What credit score do I need?
580 minimum for FHA (3.5% down), 620 for most conventional loans. 740+ for the best rates.
Ready to Get Started?
Get pre-approved and see your options today.