The down payment required varies by loan type. Conventional loans typically require 5-20%, while FHA loans may accept as little as 3.5%. VA loans often require no down payment for eligible veterans. First-time buyer programs may offer down payment assistance or lower requirements. We recommend saving at least 10% of your target home price to cover both down payment and closing costs.

Minimum credit score requirements vary by loan type: FHA loans may accept scores as low as 580, while conventional loans typically require 620 or higher. However, a higher credit score (700+) can help you secure better interest rates. We recommend checking your credit report at least 6 months before applying for a mortgage to address any issues.

The home buying process typically takes 2-6 months from start to finish. This includes 1-2 months for house hunting, 30-45 days for loan processing and underwriting, and about 30 days for closing. However, timing can vary based on market conditions, loan type, and individual circumstances. We'll help you create a timeline that matches your needs.

Beyond the down payment, prepare for: closing costs (2-5% of loan amount), home inspection ($300-500), appraisal fee ($300-400), property taxes, homeowners insurance, potential HOA fees, moving costs, and initial maintenance/repair funds. We recommend having an additional 1-2% of the home's value saved for these expenses.

While not legally required, having a real estate agent is highly recommended for first-time buyers. A buyer's agent provides crucial guidance, handles negotiations, explains contracts, and helps navigate the complex buying process - all at no cost to you (their commission is typically paid by the seller). They can also provide access to exclusive listings and market insights.

Pre-qualification is an informal estimate of how much you might be able to borrow, based on self-reported information. Pre-approval is a more formal process where a lender verifies your financial information and credit history to provide a specific loan amount. Pre-approval carries more weight with sellers and is often required to make an offer.

Popular options include: FHA loans (lower down payment/credit requirements), conventional loans (often best rates for good credit), VA loans (for veterans, no down payment), and USDA loans (for rural areas). State and local first-time buyer programs may offer additional options. The best choice depends on your financial situation, location, and long-term goals.

A general rule is that your monthly home payment (including property taxes and insurance) shouldn't exceed 28% of your gross monthly income, and total debt payments shouldn't exceed 36%. However, other factors like down payment size, credit score, and local market conditions also affect affordability. We can help you calculate a realistic budget based on your specific situation.