15 guides
First home guides
Plain-English guides to saving for and buying a first home. Loan programs change; check HUD.gov and your lender. We don't earn commissions or sell leads.
Getting ready
Rent or buy, the real cost, credit and debt.
- Rent or buy?
It depends on time, costs and your plans.
- The true cost of owning
More than the mortgage payment.
- Your credit and your rate
A better score can mean a lower rate.
- Debt-to-income ratio
Lenders look at it closely.
The down payment
How much, where to keep it, assistance and PMI.
- How much should you put down?
20% isn't the only option.
- Where to keep your down payment
Safe, separate and earning a little.
- Down payment assistance
Grants and second loans for buyers.
- Mortgage insurance, explained
What it is, and how it ends.
The process
Preapproval, closing costs, the Loan Estimate and counseling.
- Prequalification vs. preapproval
Preapproval carries more weight.
- Closing costs
Often a few percent of the price.
- The Loan Estimate and Closing Disclosure
Two forms to compare and check.
- Homebuyer education and counseling
Free or low-cost help from HUD-approved agencies.
Protect yourself
Inspection, closing wire fraud and a repair fund.
- The home inspection
Worth every dollar.
- Closing wire fraud
Always call to confirm wiring instructions.
- Start a home maintenance fund
Repairs are part of owning.