Assess finances, set a budget, include all costs: mortgage, taxes, insurance, closing, maintenance, utilities, and moving.
Lenders consider income, debt-to-income ratio (max ~43%), credit score, assets, and down payment for loan approval.
Down payments can be as low as 3.00%; $25,500 on $850K home vs. $170,000 for 20% down.
Explore programs: FHA (3.5% down), VA (0% down), USDA (0% down), H.E.R.O. Loan (0% down, no PMI for CA law enforcement).
Compare mortgage quotes within 30–45 days to minimize credit impact; credit unions offer guidance and flexible loan options.
Top First-Time Homebuyer Tips
