First-time homebuyers

Understand the financing before the home search gets serious.

Your first purchase does not need to begin with an application. Start by understanding the payment, cash requirement, loan structure, and tradeoffs.

Start with the payment

Set a monthly housing target before allowing the maximum approval amount to define the home search.

Conventional, FHA, VA, and other programs can change the required cash, mortgage insurance, and overall payment.

Down payment is only one part of the transaction. Closing costs, prepaid items, reserves, and credits can also matter.

Once the strategy makes sense, the next step is a formal review through the secure mortgage process.