For Buyers / First-Time Buyers

First-Time Home Buyer Guide & Calculator

Buying your first home comes down to a few decisions: which loan program, how much down, and what you can comfortably afford. Here is the plain-English path, with a calculator to run your numbers.

Loan programs for first-time buyers

• FHA: 3.5% down, flexible credit.
• Conventional 97: as little as 3% down with PMI that drops off.
• VA: zero down for eligible veterans, no monthly mortgage insurance.
• USDA: zero down in eligible areas.

How much do you need up front

Cash to close is your down payment plus closing costs, often around 3% of the price. Down payment assistance and seller credits can lower it. The calculator estimates your cash to close instantly.

Get approval-ready

Lenders look at credit, income, debt-to-income, and reserves. Paying down cards and avoiding new debt before applying helps. A pre-approval tells you your real budget and makes offers stronger.

Read the full guides

Frequently asked questions

What is the lowest down payment for a first-time buyer?

Zero down with VA or USDA if eligible, 3% with Conventional 97, or 3.5% with FHA.

What credit score do I need to buy a house?

FHA can work around 580, conventional usually wants higher. Stronger credit means better pricing.

How much house can I afford?

A common guide is keeping total debt near or under 43% of gross income. Use the calculator to see your debt-to-income and payment.

What are closing costs?

Lender and third-party fees due at closing, often around 3% of the price, sometimes offset by seller credits.