Homebuying IQ
10 quick questions. No pressure — this is just for fun, and to see where you might want to learn more.
Most costly first-time buyer mistakes come from not knowing what you don't know — that 20% down isn't required, that pre-qualification isn't pre-approval, or that new credit during underwriting can derail a loan. This 10-question quiz shows where your knowledge is solid and where to read up before you buy.
After the quiz, you'll get reading suggestions based on the questions you missed. For a fuller picture of whether you're ready, take the readiness assessment.
No. Conventional loans allow as little as 3% down, FHA requires 3.5%, and VA and USDA loans allow 0% for eligible buyers. Less than 20% down on a conventional loan adds PMI.
Pre-qualification is an informal estimate based on what you report. Pre-approval is a conditional commitment after the lender verifies your credit, income and assets.
Yes. New credit during the loan process can lower your score and raise your debt-to-income ratio. Avoid new accounts and big purchases until after closing.