Your first home. Your next step.
Buying your first home is mostly a matter of doing the right things in the right order. Nobody is born knowing how this works, so here it is from the beginning.
Who it is for
- Anyone who has never owned a home
- Renters wondering whether buying is within reach
- People who have been told they need a large down payment and want to check whether that is true for them
What you will need
- Photo ID for each borrower
- Recent pay stubs and the last two years of W-2s, or tax returns if you are self-employed
- Recent statements for the accounts holding your down payment and reserves
- Permission to check your credit
Good to know
- Start with a pre-approval, before you tour homes. It tells you what you can spend and shows sellers you are serious.
- Your budget is about the monthly payment you are comfortable with, not only the most a lender will approve.
- Plan for closing costs and moving costs in addition to the down payment.
- Down payment help is offered through our lending partners. Availability, eligibility and requirements vary by program.
Common questions
How much do I need to have saved?
It depends on the loan type and the home price. Some loans ask for less up front than people expect, and assistance programs may help. A pre-approval gives you a real number for your situation.
What credit score do I need?
It varies by loan program and lender. If your credit needs work, knowing where you stand lets you make a plan.
Should I get pre-approved before finding an agent?
It helps. Knowing your price range first means you and your agent only look at homes that fit.
How long does it take to buy a home?
After your offer is accepted, the loan process typically takes a few weeks. The house hunt before that takes as long as it takes.