Everything you need, in the order you need it
No jargon, no assumptions. What it costs, what it takes to qualify, what happens when — and what nobody tells you until closing week.
Start here: what you actually need
Three things decide whether you can buy and what it costs: your credit, your income relative to your debts, and how much cash you can bring. Everything else is detail.
| Program | Min. down | Typical min. score | Best for |
|---|---|---|---|
| Conventional | 3–5% | 620 | Solid credit, wants MI to eventually drop off |
| FHA | 3.5% | 580 | Thinner credit file or higher debt load |
| VA | 0% | Varies | Veterans, active duty, surviving spouses |
| USDA | 0% | 640 | Eligible rural and many suburban addresses |
Minimums are general guidance, not a guarantee of approval. Program requirements change and individual files vary.
The money you need, honestly
Down payment
The 20% figure is a myth for first-time buyers. Most of the people I close put down between 3% and 5%. On a $500,000 purchase that's $15,000–$25,000, not $100,000.
Closing costs
Budget roughly 2–5% of the purchase price for lender fees, title, escrow, appraisal, and prepaid taxes and insurance. This is the number that surprises people, so plan for it early. Seller credits and lender credits can cover part or sometimes all of it.
Reserves
Some programs want to see a couple months of payments left in the bank after closing. Not all do — but arriving at closing with nothing left is a bad position regardless of what the program requires.
Down payment assistance is real and underused. Many states and counties run grant or second-lien programs for first-time buyers, and some are forgivable after a set number of years. Availability changes constantly. Ask me what's live in your area before you assume you need more savings.
What to do — and not do — before you buy
Do
- Get pre-approved before you tour anything. It sets the budget and makes your offers credible.
- Keep every deposit traceable. Underwriting will ask about unexplained money.
- Keep paystubs, W-2s, and two months of full bank statements handy.
Don't
- Open new credit — a car loan or store card mid-process can sink your approval.
- Change jobs without telling me first. Sometimes it's fine; sometimes it's fatal.
- Move large sums between accounts. Every transfer becomes a document request.
- Close old credit cards. It shortens your history and can drop your score.
What the timeline looks like
Weeks 0–1
Application and pre-approval. Credit, income, and assets reviewed. You get a letter you can write offers with.
Weeks 1–6
House hunting with your agent. Timing here is entirely up to you and the market.
Days 1–21 after offer
Rate lock, appraisal, inspections, underwriting. I chase documents so you don't have to.
Closing week
Final figures three days ahead, final walkthrough, signing, funding, keys.
First-time buyer questions
Am I still a first-time buyer if I owned a home years ago?
Often, yes. Many programs define it as not having owned a primary residence in the past three years. It's worth asking rather than assuming you're disqualified.
What credit score do I need?
FHA can work from 580, conventional generally from 620. But the score sets your pricing, not just your eligibility — and it's frequently fixable. I've had buyers move 40 points in 45 days by correcting a reporting error or paying down one balance. Let me look before you assume you have to wait.
Can my parents help with the down payment?
Yes. Gift funds are allowed on most programs — FHA permits the entire down payment to be gifted. There's a documentation process (a gift letter and a paper trail on the transfer), which I'll walk your family through.
What's PMI and when does it go away?
Private mortgage insurance protects the lender when you put down less than 20%. On conventional loans it can be removed once you reach roughly 20% equity. On FHA loans taken with the minimum down payment, mortgage insurance generally stays for the life of the loan — which is one common reason to refinance out of FHA later.
How much house can I afford?
Lenders look at debt-to-income, but that's a ceiling, not a recommendation. Start with the monthly payment you're comfortable with and work backward — the calculator on this site does exactly that. Then call me at (209) 603-2544 and we'll pressure-test it.
Still have questions? Ask them.
No pressure, no obligation. Most first conversations are 15 minutes and answer everything.