Buying your first house is a multi-step process that requires balancing your personal "affordability number" with the technical requirements of lenders. This guide breaks down the journey from financial preparation to receiving your keys. Phase 1: Financial Preparation
While 20% is the "gold standard" to avoid private mortgage insurance (PMI), many programs like FHA loans allow as little as 3.5% down. buying your first house for dummies
Most lenders require a minimum score of 620 for approval. You can check your score for free at AnnualCreditReport.com. Save for Upfront Costs: Buying your first house is a multi-step process
Budget an additional 2% to 6% of the home's purchase price for various fees. buying your first house for dummies