How much do I need saved to buy my first home?
Beyond your down payment (as low as 0-3.5% depending on loan type), budget 2-5% of the purchase price for closing costs and keep 2-3 months of mortgage payments in reserve after closing.
What credit score do I need?
FHA loans allow scores as low as 580 (or 500 with 10% down); conventional loans typically want 620+. Higher scores unlock better rates at every tier.
Do I have to be a first-time buyer to use an FHA loan?
No — FHA loans are available to any qualifying buyer, not just first-timers. 'First-time buyer' status mainly matters for state/local down payment assistance and certain tax credit programs.
How long does the home buying process take?
From offer acceptance to closing typically takes 30-45 days for most conventional and FHA loans, assuming no major issues with the appraisal, inspection, or underwriting.
This page is for educational purposes and isn't personalized financial or tax advice. Figures, rates, and program details change frequently — confirm current terms directly with lenders, tax professionals, or the IRS before acting.