A first-time buyer's guide to mortgages.
Buying your first home is one of the most consequential financial decisions you'll make. This guide walks you through the sequence — from understanding what you can afford to closing day.
Direct answer
First-time buyers typically start with pre-qualification, review budget and credit, then choose a loan program that fits their down payment and long-term plans.
Key takeaways
- 01
Start with affordability and pre-qualification before touring homes.
- 02
Down payment programs and FHA loans can reduce upfront cash requirements.
- 03
Closing costs, insurance, and taxes belong in your monthly budget.
How do I know if I'm ready?
Stable income, manageable debt, and enough saved for a down payment plus reserves are the core signals. A pre-qualification conversation surfaces gaps quickly.
What are my loan options?
First-time buyers commonly consider Conventional, FHA, VA, or USDA loans depending on eligibility, down payment, and property type.
What comes next?
After pre-qualification, tour homes within your budget, make an offer, order inspection and appraisal, then move to underwriting and closing.
Related calculators
Related loan programs
Frequently asked
How much should I save before buying?
Plan for a down payment, closing costs (commonly 2–5% of the purchase price), and a few months of reserves beyond that.
Do I need 20% down?
No. Many programs allow 3–5% down. Putting less than 20% down on a conventional loan usually adds mortgage insurance until you reach 20% equity.
Does pre-qualification affect my credit?
Vabasso's readiness assessment is a soft inquiry and does not affect your credit score.
How long does buying take?
From offer accepted to closing is commonly 30–45 days, though timelines vary.
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Ready when you are.
Turn what you've learned into action with a Vabasso mortgage expert.