Many first-time buyers believe they need a 20% down payment. While 20% is ideal because it eliminates the need for Private Mortgage Insurance (PMI), many loan programs allow as little as 3% to 5% down.
Do not skip this step! A pre-approval letter shows sellers that you are a serious buyer with actual purchasing power. 1. Gather Your Documentation guide to buying your first house
Long before you start browsing real estate websites, you need to get your financial house in order. This phase determines how much you can afford and what kind of loan terms you will receive. 1. Assess Your Credit Score Many first-time buyers believe they need a 20% down payment