Check your readiness
Answer a few honest questions about your finances, life stability, and homebuying knowledge. Takes about two minutes — nothing is saved or sent anywhere unless you choose to.
Your homebuyer timeline
Often
Buyers in similar positions often spend this long preparing before they begin shopping. This is an educational estimate, not a guarantee — your timeline may vary based on your circumstances, local market, and financing.
Action readiness covers the concrete steps already taken — pre-approval, knowing your budget, and understanding closing costs — separate from your finances or general knowledge. Strong finances alone don't mean you're ready to act.
Your buyer profile
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Being ready isn't one number. Lenders look at credit, income, debts and savings, but a purchase that's approvable isn't always comfortable. This assessment scores three areas — financial, life and knowledge readiness — and turns your answers into a stage on the homebuyer roadmap with next steps.
The core lender factors: a credit score of at least 580 to 620 depending on the loan, a debt-to-income ratio below about 43%, money for a down payment (as little as 0% to 3.5% on some loans) plus closing costs, and an emergency fund that's still there after you close.
Buying makes the most financial sense if you'll stay at least five years, because buying and selling costs take time to recover. Stable income — usually two years in the same line of work — also matters to lenders. If a move or big life change is likely soon, compare renting vs buying first.
Knowing the process — pre-approval, inspections, contingencies, closing costs — helps you avoid common first-time buyer mistakes and negotiate with confidence.
You're generally ready when your credit qualifies for the loan you want, your total debts stay under about 43% of gross income with the new payment, you have the down payment and closing costs saved, and you'll still have emergency savings afterward.
About 620 for a conventional loan and 580 for FHA with 3.5% down. VA and USDA have no official minimum, though most lenders look for 580 to 640.
Enough for your down payment, closing costs of about 2% to 5% of the price, and an emergency fund of three to six months of expenses.