First-time buyer basics
Short, straight answers to the questions every first-time buyer asks — then dive into the full guide when you're ready.
How much house can I afford?
How to figure out how much house you can afford as a first-time buyer — the 28/36 rule, take-home vs. gross income, and how debts and your down payment change the answer.
How much down payment do you need?
You don't need 20% down. What down payment first-time buyers actually make, the trade-offs of putting less down, and how PMI and loan type factor in.
Closing costs explained
What closing costs are, the typical 2%–5% range for buyers, an itemized breakdown of the fees, and how they differ from your down payment.
FHA vs. conventional loans
The real differences between FHA and conventional loans — credit score, down payment, and mortgage insurance — and how to choose as a first-time buyer.
What is PMI (private mortgage insurance)?
What private mortgage insurance is, why lenders require it under 20% down, roughly what it costs, and how to cancel it once you build equity.
What credit score do you need to buy a house?
The minimum credit scores for FHA, conventional, and VA loans — and why your score matters far beyond approval: it sets your interest rate.
Ready for the whole process? Read the first-time home buyer guide →