: While 20% is the standard to avoid Private Mortgage Insurance (PMI), many first-time buyers put down as little as 3% to 5% Better Mortgage .
: Maintain an emergency fund of 3 to 6 months of expenses to cover immediate home maintenance or repairs Ramsey Solutions. what to know when buying a home
: Lenders often use the 28/36 rule , where housing costs should not exceed 28% of gross monthly income, and total debt should not exceed 36% Rocket Mortgage . : While 20% is the standard to avoid
: Be prepared to provide pay stubs, W-2s, tax returns, and bank statements for the past two years The Mortgage Reports . : Be prepared to provide pay stubs, W-2s,
: Distinguish between "must-haves" (location, number of bedrooms) and "nice-to-haves" (granite countertops, pool) to avoid emotional overspending NerdWallet.
: Evaluate neighborhood safety, school quality, commute times, and proximity to grocery stores or parks HAR.com .
: Your score directly impacts your interest rate. Check your reports for errors and aim for a score of 620 or higher to qualify for most standard loans Investopedia.