Ultimate Guide 14 min read Updated 2026-02-01

First-Time Homebuyer Guide 2026

Step-by-step guide for first-time buyers. Down payment programs, what to expect, and common mistakes.

Table of Contents

Buying Timeline

6+ Months Before:

Check credit score
Start saving for down payment
Research neighborhoods

3-6 Months Before:

Get pre-approved
Find a real estate agent
Start viewing homes

1-3 Months Before:

Make offers
Get home inspection
Finalize mortgage

Closing:

Final walkthrough
Sign documents
Get keys!

True Costs of Buying

Upfront Costs

Down payment: 3-20% of price
Closing costs: 2-5% of price
Home inspection: $300-$500
Moving: $1,000-$5,000

Monthly Costs

Mortgage payment
Property taxes
Homeowners insurance
PMI (if <20% down)
HOA fees (if applicable)
Maintenance (1-2% of home value/year)

First-Time Buyer Programs

FHA loans: 3.5% down, easier approval
State programs: Down payment assistance varies by state
USDA loans: 0% down in rural areas
VA loans: 0% down for veterans
Good Neighbor Next Door: 50% off for teachers, firefighters, police

Related Calculators

Home Affordability Calculator

Home Affordability Calculator for educational purposes.

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