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Are You A First-Time Homebuyer?


First-Time Homebuyer Video Resources

First-Time Home Buyer Advice
You can’t know everything there is to know about buying a home, especially when you’re a first-time homebuyer.
How much down payment do I need for a house?
Many first-time homebuyers believe they have to put 20 percent down on a home. But that’s far from true.
Why do people say you need 20% down?
Average down payments are well under 20 percent. So why do so many people say 20 percent down is the minimum.
How to choose a mortgage lender as a first time home buyer
One of the biggest mistakes first-time homebuyers make is not shopping around for a mortgage.
What credit score do you need to buy a house for the first time?
Most loan programs require a credit score of 620 or higher to buy a house for the first time. That includes conventional loans, most VA loans, and USDA loans (which require 640+).
What qualifies you as a first-time buyer?
If you’re buying your first-ever home, you’re a “first-time homebuyer” by default.
Do I need a home inspection?
Some loan types, like the FHA and VA mortgage programs, require a home inspection to make sure the home meets requirements for safety and affordability.
What are points? How do I know if I should buy them or not?
A point is simply 1 percent of the loan amount. If you choose to “buy your rate down,” or pay “discount points,” you will get a lower interest rate.
What is Private Mortgage Insurance (PMI)?
Private Mortgage Insurance (PMI) is an insurance policy that makes homeownership possible for homebuyers who don’t want to make a 20 percent down payment.

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Blog Resources

Two Ways Homebuyers Can Win in Today's Market

If your goal is to purchase a home this year, you might be looking for any advantage you can get in today's sellers' market. While competition is still fierce for homebuyers, there are ways you can win and secure the home of your dreams, even in a ...

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There Won't Be a Wave of Foreclosures in the Housing Market

When mortgage forbearance plans were first announced and the pandemic surged through the country in early 2020, many homeowners were allowed to pause their mortgage payments. Some analysts were concerned that once the forbearance program ended, the ...

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Myth: You Need a 20% Down Payment to Buy A Home

As you set out on your homebuying journey, you likely have a plan in place, and you're working on saving for your purchase. But do you know how much you actually need for your down payment? If you think you have to put 20% down, you may have set ...

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Why Selling Your House with a Real Estate Professional Is Essential

Selling your house is no simple task. And when you sell on your own – known as a FSBO (or For Sale by Owner) – you're responsible for handling some of the more difficult aspects of the process without the expert guidance you need. The ...

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Homebuyers: Be Ready To Act This Winter

To succeed as a buyer in today's market, it's important to understand which market trends will have the greatest impact on your home search. Danielle Hale, Chief Economist at realtor.com, says there are two factors every buyer should keep their ...

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