Buying & Qualification Guide
Whether you're a first-time buyer or looking to understand equity requirements, we break down qualifying for a mortgage into clear, manageable steps.
The Home Buying Process
Check Your Credit
Pull your credit report, dispute errors, and understand your score. Aim for 740+ for the best rates.
Get Pre-Approved
Get pre-approved before house hunting. It shows sellers you're serious and tells you your budget.
Explore Loan Programs
FHA, conventional, VA, USDA — and state assistance programs. Each has different requirements and benefits.
Shop for a Home
Work with a buyer's agent. Focus on location, budget, and resale potential — not just aesthetics.
Make an Offer & Negotiate
Your agent will help you craft a competitive offer based on comparable sales.
Close
Complete appraisal, inspection, final underwriting, and sign closing documents. You get the keys!
Loan Options for First-Time Buyers
FHA Loan
Most flexible, allows lower credit
Conventional 97
No upfront MIP, PMI cancellable
VA Loan
Veterans & active military only
USDA Loan
Rural & suburban areas only
In-Depth Guides
Frequently Asked Questions
How much do I need for a down payment?
FHA loans require as little as 3.5% down with a 580+ credit score. Conventional loans allow 3% down for qualified first-time buyers. VA and USDA loans offer 0% down for eligible borrowers. Many state programs offer down payment assistance grants.
What credit score do I need to buy a home?
FHA loans accept scores as low as 500 (with 10% down) or 580 (with 3.5% down). Conventional loans typically require 620+. The higher your score, the better rate you'll qualify for — 740+ gets you the best terms.
What is PMI and can I avoid it?
Private Mortgage Insurance (PMI) is required on conventional loans with less than 20% down. It typically costs 0.5–1.5% of the loan annually. You can avoid it by putting 20% down, using a piggyback loan, or choosing a lender-paid PMI option.
What are closing costs and how much are they?
Closing costs include lender fees, title insurance, appraisal, taxes, and prepaid items. They typically run 2–5% of the purchase price. On a $400,000 home, budget $8,000–$20,000 for closing costs.
Ready to find your first home loan?
Compare lenders and get matched with the right program for you.
Explore First-Time Buyer Loans