While 20% is the gold standard to avoid private mortgage insurance (PMI), many first-time programs allow as little as 3% or 3.5% down.
Set aside an extra 2% to 5% of the home’s purchase price for taxes, lender fees, and title insurance. 2. Get Pre-Approved steps to buying home for first time
When you find "the one," your agent will help you determine a fair offer price based on "comps" (what similar homes nearby sold for recently). You’ll submit an offer with an —a small sum that shows you’re acting in good faith. Be prepared for a counter-offer or a bidding war. 6. Inspection and Appraisal While 20% is the gold standard to avoid
Hire a pro to check for hidden issues like mold, outdated wiring, or foundation cracks. If they find big problems, you can ask the seller to fix them or lower the price. Get Pre-Approved When you find "the one," your