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First-time home buyer guide
For many assistance programs, you count as a first-time buyer if you have not owned a primary home in the past three years. Here is the path from first question to closing.
- Check your credit at AnnualCreditReport.com and fix errors.
- Know your budget: monthly income, debts and how much cash you have for down payment, closing costs and reserves.
- Choose a loan path: FHA, conventional, VA if you served, or USDA in eligible rural areas.
- Look for assistance: many states, counties and cities run down payment and closing cost programs. Rules and funding change often.
- Get pre-approved before you shop seriously.
- Compare Loan Estimates from more than one lender.
- Make an offer, inspect, appraise and close.
Planning to buy in the next year? Our sister site First Time Buyer Central has a free first-home checklist.
Common questions
How much do I need saved?
It depends on the loan, the price and your area. Plan for the down payment, closing costs and a cash cushion. A lender can give you real numbers.
Ready to compare options?
It takes about 2 minutes and does not affect your credit.