Guide To Buying Your First Home May 2026

: Determine a manageable monthly payment rather than just the maximum amount a bank will approve YouTube . Generally, housing costs should be roughly 25%–30% of your gross income Fannie Mae .

: While a 20% down payment avoids private mortgage insurance (PMI), many programs allow as little as 3% or 3.5% down TruStage, Travelers Insurance . 2. Loan Pre-approval & Professionals guide to buying your first home

If you want to dive deeper into a specific part of the process, tell me: : Determine a manageable monthly payment rather than

Underestimating hidden costs like maintenance, property taxes, and moving expenses TruStage. : A pre-approval letter from a lender specifies

: Create a "wish list" (e.g., location, bedrooms, commute time) but be prepared to compromise on some "wants" for your first home TruStage.

: A pre-approval letter from a lender specifies how much you can spend and shows sellers you are a serious buyer Own Up .