First-Time Homebuyer Resource Center
Buying your first home can feel complicated. This resource center is designed to help you understand the process, explore your options, estimate your buying power, and know what to expect from start to finish.
Start Here
Learn the basic steps of buying a home, from preparing your finances to getting the keys.
How Much Can I Afford?
Explore monthly payments, buying power, down payment options, taxes, insurance and other costs.
Loan & Down Payment Options
Learn about common mortgage programs and options that may help reduce the cash needed to buy.
Questions & Mortgage Myths
Get straightforward answers to common mortgage questions and first-time buyer misconceptions.
The Homebuying Process: 6 Steps
Here is a simple overview of what typically happens from the time you decide to buy until you receive the keys.
Get Financially Prepared
Review your income, monthly debts, savings and credit. This helps you understand what payment may fit your budget and what funds you may need for the purchase.
Get Pre-Approved
A mortgage pre-approval helps determine a potential price range and shows sellers that you have taken steps toward securing financing.
Shop for Your Home
Work with a real estate professional to find homes that fit your needs, location preferences and budget.
Make an Offer
When you find the right home, your real estate agent can help you prepare an offer and negotiate the purchase terms with the seller.
Appraisal & Underwriting
The lender reviews the loan documentation and property information. An appraisal may also be completed to provide an opinion of the property’s value.
Close & Get the Keys
Review your final closing documents, complete the required signing and funds for closing, and once the transaction is completed, you become the homeowner.
How Much Money Do I Need to Buy a Home?
Your down payment is only one part of the money you may need. Here are the main costs first-time buyers should plan for.
Down Payment
You may not need 20% down. Depending on the loan program and your qualifications, lower down payment options may be available.
Closing Costs
Closing costs can include lender fees, title services, appraisal costs and other expenses connected with completing the mortgage and purchase.
Prepaid Costs & Escrows
You may need funds for items such as homeowners insurance, property taxes, prepaid interest and initial escrow deposits.
Earnest Money
Earnest money is a deposit made after an offer is accepted. It generally shows the seller that you are serious about purchasing the home.
The Important Part
The amount of cash you need can vary significantly based on the home price, loan program, seller concessions, available assistance programs and your individual mortgage scenario. A mortgage review can help you understand the numbers before you begin shopping.
What Loan Options Might Be Available?
Different mortgage programs are designed for different situations. The right option depends on factors such as credit, income, down payment, property type and eligibility.
Conventional Loans
Conventional financing can offer flexible options for qualified buyers, including lower down payment choices in some situations.
FHA Loans
FHA financing may be an option for buyers who prefer a lower down payment or need more flexibility with certain qualification requirements.
VA Loans
Eligible veterans, active-duty service members and certain surviving spouses may qualify for VA financing, which can offer significant benefits.
USDA Loans
USDA financing may be available for eligible buyers purchasing qualifying homes in eligible rural and suburban areas.
Down Payment Assistance
Some buyers may qualify for programs that help with down payment or closing costs. Availability and requirements vary by program and location.
Loan programs are subject to eligibility requirements and may change. Not all borrowers or properties will qualify for every program.
Learn More Before You Buy
Explore helpful mortgage articles, quick explanations, and common homebuying questions so you can make decisions with more confidence.
Mortgage Articles
Read helpful guides covering credit, down payments, loan programs, refinancing, buying a home and more.
Browse ArticlesMortgage Myth Monday
Watch short, straightforward videos that break down common mortgage myths, first-time buyer questions, credit misconceptions, down payment myths and more.
Watch Mortgage Myth MondayUse the Mortgage Tools
Estimate payments, buying power, refinance savings, and compare renting with homeownership.
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Let’s turn what you’ve learned into a personalized path based on your goals, budget, and mortgage options.