First Step To Buying A Home For The First Time Apr 2026

After your initial self-assessment, the process typically proceeds in this order: How to Buy a House: A Step-by-Step Guide

: While 20% is traditional to avoid private mortgage insurance (PMI), many first-time buyers use programs requiring as little as 3% to 3.5% . first step to buying a home for the first time

Most conventional loans require a minimum score of , while some FHA loans allow scores as low as 500–580 . You can access free reports from AnnualCreditReport.com . Determine Your Budget (The 28/36 Rule) : After your initial self-assessment

Total debt payments (including the new mortgage) should ideally stay under of your gross income, known as your Debt-to-Income (DTI) ratio. Evaluate Your Savings : first step to buying a home for the first time