Best website for buying homes10/8/2023 ![]() In addition to having a down payment, a first-time home buyer will need a decent credit score. Step 2: Check your credit scoreĭid you forget to pay off a couple of credit cards? Unfortunately, it’ll affect your credit score. A mortgage down payment can be as low as 10%, 5%, or even 0% for certain types of mortgages (e.g., VA loans or a USDA loan). Ideally a down payment on a mortgage should be 20% of the home’s price to avoid added fees, but if you don’t have that much of a down payment, don’t worry. However, in order to get a mortgage, you’ll need some sort of down payment. ![]() ![]() Buying a new home (particularly for the first time) requires a mortgage, where a lender fronts you the money and you pay it back over time. One of the most important steps to buying a house for the first time? Figure out your finances.
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