Back to GuidesReal Estate
First-Time Homebuyer Guide: Steps, Programs & Mistakes
Complete checklist for first-time buyers — credit, down payment, pre-approval, closing, and first-time buyer programs.
July 9, 20267 min readBy MyWealthForge
Run your own numbers
Free calculators — instant results, no signup required.
Key Takeaways
- 1Get pre-approved before house hunting — know your real budget.
- 2First-time programs: FHA 3.5% down, conventional 3%, VA 0%, USDA 0%.
- 3Budget 2–5% for closing costs on top of down payment.
- 4Do not skip the home inspection.
Buying your first home is the largest purchase most people make. Preparation prevents costly mistakes.
Run rent vs buy with your local numbers first.
Step-by-Step Checklist
1. Check credit score. 2. Save down payment + closing costs. 3. Get pre-approved. 4. Find agent. 5. Make offer. 6. Inspection. 7. Close.
See down payment guide and closing costs.
First-Time Buyer Programs
FHA, HomeReady, Home Possible, state bond programs, and down payment assistance grants.
Compare FHA vs conventional.
Continue Reading
Ready to run your own numbers?
Explore All Calculators