First House — Process Of Buying

: Requires only 3% down for those with solid credit.

How to buy a house: Your step-by-step guide to buying in 2026

: Requires 3.5% down and offers more flexible credit and DTI requirements. process of buying first house

: In markets with more inventory, buyers may have leverage to negotiate for seller concessions , repairs, or interest rate buy-downs. Phase 4: Inspection, Appraisal, and Closing

: Lenders use your credit score to determine your interest rate and eligibility. Conventional loans generally require a 620 minimum, while FHA loans can accept scores as low as 500 with a larger down payment. : Requires only 3% down for those with solid credit

: Unlike a pre-qualification, a full pre-approval involves a hard credit check and verification of income (W-2s, tax returns, pay stubs). This demonstrates to sellers that you are a serious and vetted buyer.

: Offer 0% down for eligible veterans or buyers in designated rural/suburban areas. Phase 3: The Search & Offer Strategy Phase 4: Inspection, Appraisal, and Closing : Lenders

The process of buying a first home is a multi-stage journey that begins with rigorous and ends with a legal closing procedure that typically lasts 30 to 45 days. In 2026, the landscape is increasingly defined by high property values, stable mortgage rates (averaging around 6%), and a record number of assistance programs designed to offset affordability hurdles. Phase 1: Financial Foundation & Eligibility