Want the full version to read at your own pace? Download The First-Time Homebuyer's Field Guide (PDF), a plain-English walkthrough from "can I even do this?" to the keys in your hand. No signup needed to read it.
If buying a home feels confusing, the industry earned that reputation. This page is the short version of the conversation I have with first-time buyers every week. For the long version, the free First-Time Homebuyer's Field Guide on the home page walks through every step in detail.
It is about the payment, not the price
Lenders do not really ask whether you can afford a given sticker price. They ask whether you can comfortably make the monthly payment that home creates. That payment has four parts, and most people only think about the first one:
- Principal, the part that pays down what you borrowed.
- Interest, what the lender charges to lend it.
- Taxes, your property taxes, collected monthly and held for you.
- Insurance, homeowner's insurance and sometimes mortgage insurance.
Together these are called PITI, and it is the number that actually matters. A house that looks affordable on the sticker can carry surprisingly high taxes or insurance, which is why a real payment estimate beats guessing.
You probably do not need 20 percent down
This is the myth that keeps more people renting than almost anything else. Twenty percent is a useful target because it avoids mortgage insurance on a conventional loan, but it is not required to buy. The real 2026 minimums:
| Loan type | Typical minimum down | Worth knowing |
|---|---|---|
| Conventional | As low as 3% | Mortgage insurance applies under 20% but can later drop off. |
| FHA | 3.5% (credit 580+) | Flexible on credit; carries its own mortgage insurance. |
| VA | 0% for those eligible | No monthly mortgage insurance; a one-time funding fee applies. |
Gift funds from family are widely allowed when documented with a simple signed letter, and many state and local programs offer down payment assistance for first-time and lower-income buyers.
Get pre-approved before you shop
A pre-approval is a documented review of your income, credit, and assets that says, in writing, roughly how much you can borrow. It is far stronger than a "pre-qualification," which is just an estimate based on what you say. With one in hand you shop a real budget, sellers take your offer seriously, and any credit or documentation issues surface early, when there is still time to fix them.
A pre-approval does not lock you into working with me or buying anything. It simply tells you where you stand, and most people feel a lot calmer once they have one.
What closing actually costs
Beyond the down payment, closing costs typically run around 2 to 6 percent of the loan amount, covering the real work of verifying and recording the purchase: loan-related fees, third-party services like the appraisal and title work, prepaid taxes and insurance, and recording fees. The good news is they are often negotiable. Sellers can cover part, lenders can offer credits, and assistance programs can help. Early on I give you a clear "cash to close" number so there are no surprises at the table.
The whole path, start to finish
- We talk. A no-pressure conversation about your goals, timeline, and numbers.
- We pre-approve you. A real budget and cash-to-close estimate in writing.
- You shop with confidence. Inside a number you trust, with me a text away.
- You make an offer. Your pre-approval makes it credible.
- We process and underwrite. I keep your file moving and tell you what I need before it becomes urgent.
- You close. You sign, the loan funds, and you get the keys.
Educational information only, not a commitment to lend, an offer to extend credit, or financial advice. As a broker, Evolution Mortgage arranges loans through third-party lenders and does not lend directly. Loan approval is subject to lender credit, income, and property review, and not all applicants qualify. All figures reflect 2026 information believed accurate at the time of writing and are subject to change. VA loan eligibility is determined by the Department of Veterans Affairs. Not affiliated with or endorsed by the VA, FHA, HUD, or any government agency.