TL;DR
In 2026, the median US home price is $412,000 (NAR). Sounds intimidating, but first-time buyers have access to programs that require as little as 3-3.5% down. That's $12,000-14,000 — achievable with planning.
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Buying Your First Home: The Process Isn't as Scary as It Seems
In 2026, the median US home price is $412,000 (NAR). Sounds intimidating, but first-time buyers have access to programs that require as little as 3-3.5% down. That's $12,000-14,000 — achievable with planning.
Mortgage Types for First-Time Buyers
| Loan Type | Down Payment | Credit Score | Best For |
|---|
| Conventional | 3-20% | 620+ | Good credit, 10%+ down |
| FHA | 3.5% | 580+ | Lower credit, first-time buyers |
| VA | 0% | No minimum | Veterans and active military |
| USDA | 0% | 640+ | Rural areas, income limits |
Total Costs: Down Payment + Closing + Hidden Fees
| Cost | Amount | When Due |
|---|
| Down payment | 3-20% of price | At closing |
| Closing costs | 2-5% of price ($8K-20K) | At closing |
| Home inspection | $300-500 | Before closing |
| Appraisal | $300-600 | During process |
| Moving costs | $1,000-5,000 | After closing |
| Emergency fund | 1-3% of home value/year | Ongoing |
Timeline: From Decision to Keys
| Step | Timeline |
|---|
| Save for down payment + build credit | 6-24 months |
| Get pre-approved | 1-3 days |
| House hunting | 1-6 months |
| Make offer + negotiate | 1-2 weeks |
| Under contract (inspection, appraisal) | 30-45 days |
| Close + get keys | 1 day |
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