First-time buyer readiness score

Answer a few questions. Get a score and your next steps.

1. The home you want
Down payment
2. Savings
Emergency fund, apart from that
3. Credit
Credit score
4. Income and debt
Time at your job or line of work
5. Getting ready
Talked to a lender?
Know where you want to live?
Working with an agent?
Your readiness score
62/ 100Almost
Est. payment $2,663/mo on a $350,000 home · cash needed $28,000
  • Savings89
  • Credit85
  • Income & debt35
  • Stability78
  • Preparedness12
Est. payment
$2,663
Cash needed
$28,000
Debt-to-income
44%
Your next steps
  1. 1Save about $3,000 more for the down payment and closing costs, or look at homes near $310,000. Ask about down payment assistance.
  2. 2Your debts plus the new payment would be 44% of income. Pay down debt or aim lower. Many lenders cap near 43% to 50%.
  3. 3Build a cushion of 3 months of costs (about $9,789) on top of your down payment.
  4. 4Get pre-approved by a lender. It sets your real budget and makes offers stronger.
  5. 5Pick 2 or 3 areas. Drive them at different times and check commute and schools.
  6. 6Meet with an agent to plan your search and learn how offers work in your market.
  7. 7Gather documents: 2 years of tax returns and W-2s, 2 months of bank statements and recent pay stubs.

Your name, photo and phone number go on it.

Questions

Is this a pre-approval?+

No. A lender pre-approval is the real test. This shows where a buyer stands first.