Author name: HomeLooker Team

A 15-year mortgage saves a lot of interest but has a much higher monthly payment. Most first-time buyers choose a

No. Most first-time buyers put down much less than 20%. Several loan types allow 3.5% down or less, and some

Closing costs usually run 2–5% of your loan. See what’s included, when you’ll get your Loan Estimate and Closing Disclosure, and how to lower them.

Private mortgage insurance (PMI) is the extra monthly fee on a conventional loan when you put down less than 20%.

You need at least a 620 credit score for most conventional loans and 580 for an FHA loan with 3.5%

Most first-time buyers need much more cash than the down payment alone. On a $300,000 home with 5% down, plan

FHA loans let you buy with 3.5% down and a credit score as low as 580. Conventional loans start at

Buying usually beats renting only if you stay long enough. With rates around 7.4% (Freddie Mac, mid-October 2026), buying a

On a $70,000 salary, most first-time buyers can comfortably afford a home priced at roughly $175,000–$200,000. The exact number depends