Nobody Told Me This Before Buying my first home.
Buying your first home feels like everyone else got a handbook you never received. Here it is.
The 3 things every first-time buyer should know before house hunting.
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The 3 Things
You don't need 20% down.
The 20% rule is one of the most expensive myths in real estate. Conventional loans start as low as 3% down, FHA loans at 3.5%, and VA and USDA loans can require nothing down at all. On a $300,000 home, that's the difference between saving $60,000 and saving $9,000.
Yes, putting less down may mean mortgage insurance — but that's often a few hundred dollars a month, not a reason to wait five more years while prices climb.
Median first-time buyer down payment: ~8%Perfect credit isn't required.
You don't need an 800 score to get approved. Many conventional loans work with scores in the mid-600s, and FHA programs can go lower. A higher score earns a better rate — but "not perfect" and "not qualified" are two very different things.
The smarter move is finding out where you stand now, so you know whether to buy today or spend 90 days boosting your score first. Either way, you need the number before you can make the plan.
Many buyers qualify with scores in the 620–680 rangeWaiting may cost more than you think.
"I'll wait until rates drop" sounds safe — but while you wait, prices keep rising and you keep paying rent that builds someone else's equity. If home values rise even 4% in a year, the "perfect timing" you waited for just got more expensive than the rate you avoided.
And here's the part nobody mentions: you can refinance a rate later. You can't refinance the price you paid.
Marry the house. Date the rate.Find Out What You Could Afford
Three quick numbers. Get an instant estimate of your home-buying budget — before you ever talk to a lender.
Estimate only. Based on a 30-year fixed loan at an assumed 6.75% rate, standard 28/36 debt-to-income guidelines, and typical taxes & insurance. Not a loan offer or pre-approval. Your actual numbers will vary — the free guide shows you how to find out for sure.