First Time Home Buyer Guide 2026 — Everything You Need to Know

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First Time Home Buyer Guide 2026 — Everything You Need to Know

By WealthChecker Team  |  Real Estate  |  9 min read

Buying your first home is the largest financial decision most people make. With median home prices around $400,000 nationally, preparation is everything!

Are You Ready? 5 Checkpoints

1. Credit Score: Minimum 620 for conventional, 580 for FHA. Best rates start at 740+.

2. Debt-to-Income: All monthly debts divided by gross income should be under 43%.

3. Down Payment: 20% avoids PMI. FHA allows 3.5% with 580+ score.

4. Emergency Fund: Keep 3-6 months AFTER closing. Homeownership has surprise costs!

5. Job Stability: Most lenders want 2+ years of employment history.

Loan Types Compared

LoanMin DownMin CreditBest For
Conventional3-20%620Strong credit buyers
FHA3.5%580First timers, lower credit
VA0%No minVeterans and military
USDA0%640Rural area buyers
Down Payment Assistance: Most states offer first-time buyer programs. Check your state housing finance agency — many buyers leave free money on the table!

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