Unlock the Door to Your First Home: First-Time Buyer Workshop

No. While a higher credit score helps you get better interest rates, many loan programs accept scores as low as 580-620. There are also strategies to improve your credit before applying for a mortgage.

It depends on the loan type. Some options include: 0% down (VA & USDA loans). 3-3.5% down (FHA & first-time buyer programs). 5% or more down (Conventional loans). There are also down payment assistance programs that may help cover part or all of your costs.

Your payment typically includes four main components: Principal (loan balance) Interest (lender’s fee) Taxes (property taxes) Insurance (homeowners insurance and, in some cases, mortgage insurance) If the home is in a neighborhood with an HOA, there may also be additional fees.

Besides the down payment, buyers should plan for: Closing costs (typically 2-5% of the home price). Home inspection and appraisal fees. Moving costs and initial home maintenance. Some of these costs can be negotiated or covered by assistance programs.

The process usually takes 30-45 days from offer to closing. However, the time spent searching for a home varies depending on market conditions and personal preferences. Getting pre-approved early can help speed up the process.