Most conventional loans require a minimum score of , while some FHA loans allow scores as low as 500–580 . You can access free reports from AnnualCreditReport.com . Determine Your Budget (The 28/36 Rule) :
: Experts recommend keeping 3 to 6 months of living expenses in reserve for unexpected repairs. Critical Follow-up Steps first step to buying a home for the first time
Lenders use your credit score to determine your mortgage approval and interest rate. Most conventional loans require a minimum score of
Total debt payments (including the new mortgage) should ideally stay under of your gross income, known as your Debt-to-Income (DTI) ratio. Evaluate Your Savings : first step to buying a home for the first time