First-Time Homebuyer Questions Everyone Is Searching Online

(Answered by a Mortgage Expert - The Loan Whisperer)

If you’re a first-time homebuyer, you probably have the same questions thousands of buyers search every day:

• How much house can I afford?

• What credit score do I need?

• How much money do I need to buy a house?

• Should I get pre-approved first?

The good news: buying your first home is more achievable than most people think — especially when you understand the process ahead of time.

Here are the most searched first-time homebuyer questions and what they really mean for you.

What Credit Score Do I Need to Buy a House?

Many buyers believe they need perfect credit to buy a home. That’s a myth.

Typical minimum credit score ranges:

• FHA loan credit score: around 580+

• Conventional loan credit score: around 620+

• Down payment assistance programs: often 620–640+ (depending on what state you are buying in)

More important than your score alone is how your credit cards and balances are structured. Small adjustments can sometimes increase your buying power significantly.

How Much Down Payment Do First-Time Homebuyers Need?

You do NOT need 20% down to buy a home.

Many first-time buyers qualify for:

• FHA loans with 3.5% down

• Conventional loans with 3% down

• Down payment assistance programs that help cover costs

In many cases, buyers purchase with far less savings than they expected.

How Much House Can I Afford as a First-Time Homebuyer?

This is the most searched homebuying question online.

Mortgage lenders determine affordability based on:

• Your income

• Monthly debts

• Credit profile

• Down payment amount

• Property taxes and insurance

Most buyers qualify for a home payment between 25%–33% of their gross monthly income, but the real answer comes from a mortgage pre-approval.

How Long Does the First-Time Homebuyer Process Take?

Most home purchases close within 30–45 days after a contract is signed, but preparation time varies.

Some buyers are ready immediately. Others may take a few months to improve credit, savings, documentation or to find the house they want to buy.

Should I Get Pre-Approved Before Looking at Homes?

Yes — getting pre-approved is one of the smartest first steps for a first-time buyer.

A mortgage pre-approval:

• Shows sellers you’re serious

• Prevents you from shopping outside your budget

• Makes your offer stronger

• Speeds up the closing process