Faq First Home Buyers May 2026

Total monthly debt payments should ideally be under 43% of your gross income.

While 20% avoids Private Mortgage Insurance (PMI), many programs allow as little as 3% (Conventional) or 3.5% (FHA). faq first home buyers

Most lenders require a minimum of 620 , but scores above 700 secure much better interest rates. Total monthly debt payments should ideally be under

Budget 2–5% of the purchase price for closing costs (taxes, legal fees, appraisals). 🏛️ 2026 Grants & Assistance Programs faq first home buyers