FAQs for First-Time Buyer Guide
6 FAQs assigned. Drag to reorder.
What credit score do I need to buy my first home?
FHA loans — the most popular option for first-time buyers — require a minimum credit score of 580 with 3.5% down. Some l...
How much money do I need to buy a house?
It depends on the loan program. FHA requires 3.5% down — about $6,300 on a $180K home. VA and USDA loans offer $0 down f...
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an informal estimate of what you might afford based on self-reported information. Pre-approval invo...
How long does it take to buy a new construction home?
For move-in ready spec homes, you can close in as little as 30 days once you are pre-approved. For build-on-your-lot pro...
Can I buy a home if I have student loans?
Yes. Student loans affect your debt-to-income ratio, but they do not automatically disqualify you. FHA loans are designe...