Homebuyer Q&A

Whether you’re buying your first home or the first home in a longtime, it’s an exciting milestone, but it can also feel overwhelming. To help you navigate the process, here’s a Q&A that covers some of the most common questions first-time or first-time in a long-time homebuyers have:

What are the first steps in buying a home?

The first step is to get pre-approved for a mortgage. This helps you understand how much you can afford to borrow, sets a realistic price range for your home search, and shows sellers you’re a serious buyer. After pre-approval, you can start shopping for homes, working with a real estate agent to find the right fit for your needs.

How much do I need for a down payment?

The down payment can vary depending on the type of loan. For USDA, VA or FHA loans with Down Payment Assistance, you can potentially buy a home with zero down. For a conventional loan, the down payment is often 5-20% of the home’s purchase price. However, there are programs like FHA loans (which require as little as 3.5% down) and even conventional loans that allow for as low as 3% down for first-time buyers. There are also programs like HomeReady or Home Possible that offer lower down payment options. It's important to look into programs that may be available to you.