First-Time Home Buyer: Complete 2026 Guide

Buying your first home is one of the biggest financial decisions of your life. This guide walks you through every step of the process.

Step 1: Check Your Credit Score

You'll need at least a 620 score for most conventional mortgages. A score above 740 gets you the best rates. Check yours for free on Credit Karma or AnnualCreditReport.com.

Step 2: Save for a Down Payment

The standard is 20% to avoid PMI (Private Mortgage Insurance). But FHA loans allow as little as 3.5% down. Use our Savings Goal Calculator to figure out a monthly savings target.

Step 3: Get Pre-Approved

A pre-approval letter shows sellers you're serious and tells you exactly how much you can borrow. Shop at least 3 lenders to compare rates.

Step 4: Calculate Your True Monthly Cost

Your mortgage payment isn't just principal and interest. Add property taxes (~1% of home value annually), homeowner's insurance (~$1,200/year), and HOA fees if applicable.

Calculate Your Mortgage Now

Use our free Mortgage Calculator → to find your estimated monthly payment instantly.