Buyer Guide
First-Time Home Buyer Guide
Buying your first home is one of the biggest financial decisions you'll make. This guide walks you through every step — with free calculators at each stage so you go in with clear numbers, not guesses.
The 7 Steps to Buying Your First Home
Check Your Finances
Review your credit score, calculate your debt-to-income ratio, and determine how much you can afford. Most lenders require a DTI below 43% and a minimum credit score of 620.
DTI Calculator →Save for a Down Payment
Conventional loans require 3–20% down. FHA loans allow as low as 3.5% with a 580+ credit score. Don't forget closing costs — typically 2–5% of the purchase price.
Down Payment Savings Calculator →Get Pre-Approved
A pre-approval letter shows sellers you're serious and sets your realistic price ceiling. Use our prequalification calculator to estimate what you may qualify for before talking to a lender.
Mortgage Prequalification Calculator →Understand Your Loan Options
Compare FHA vs conventional loans, fixed vs adjustable rates, and 15 vs 30-year terms. Each has different costs, requirements, and long-term implications.
FHA vs Conventional Calculator →Calculate True Monthly Costs
Your mortgage payment is just the start. Factor in property taxes, homeowner's insurance, PMI (if down payment < 20%), and HOA fees.
Mortgage Calculator →Budget for Closing Costs
Closing costs include lender fees, title insurance, appraisal, prepaid taxes, and more. Budget 2–5% of the purchase price on top of your down payment.
Closing Costs Calculator →Plan for Ongoing Maintenance
New homeowners are often surprised by maintenance costs. Budget 1–2% of home value per year for repairs, replacements, and upkeep.
Home Maintenance Budget Calculator →Typical First-Time Buyer Costs at a Glance
| Cost Item | Typical Range | When Due |
|---|---|---|
| Down payment (3.5% FHA) | 3.5% of purchase price | Closing |
| Down payment (conventional) | 3–20% of purchase price | Closing |
| Closing costs | 2–5% of purchase price | Closing |
| Home inspection | $300–$600 | During contract |
| Appraisal fee | $400–$700 | During underwriting |
| Moving costs | $1,000–$5,000+ | Move-in |
| Initial maintenance reserve | 1–2% of home value/yr | Ongoing |
| PMI (if < 20% down) | 0.5–1.5% of loan/yr | Monthly until 20% equity |