Homebuying questions.
Real answers.

No. Some mortgage programs allow smaller down payments, and certain eligible buyers may qualify for a no-down-payment option. The amount you need depends on the loan program and your qualifications. (TSAHC)

Before deciding you need years of additional savings, let’s look at your actual options. We’ll compare the down payment, closing costs, monthly payment, and savings you want to keep afterward.

Compare loan programs ↗

Possibly. Credit matters, but it is only one part of the decision; lenders also evaluate income, debts, assets, and the requirements of the loan program. (CFPB)

My approach is to understand where you are before telling you what comes next. If you need time to prepare, the goal is a realistic plan, not judgment or a promise that your score will change overnight.

Download the Credit Preparation Playbook ↗

Look beyond principal and interest. Your housing budget also needs to account for property taxes, homeowners insurance, any required mortgage insurance, and HOA or condo dues; some expenses may be paid separately from the mortgage. (CFPB payment worksheet)

I also recommend planning for utilities, maintenance, and repairs. Our Monthly Payment Worksheet helps you see the full picture instead of focusing on one advertised payment.

Download the Monthly Payment Worksheet ↗

Yes, assistance may be available to eligible buyers. For example, TSAHC offers assistance through participating lenders, with options that include grants and second-lien loans carrying different repayment or forgiveness conditions. (TSAHC)

The important question is not simply, “Can I get assistance?” It is, “What does this assistance cost, what are the conditions, and does it make my overall purchase a better fit?”

Compare loan programs and assistance ↗

Then this is still a good place to start. The American Dream Project exists to help you understand the process before you feel pressured to make a decision.

Use the guides, attend a class, or bring your questions to a conversation. Whether your next step is buying a home or spending more time preparing, I want that decision to come from understanding, not discouragement.

Start with the First-Time Buyer Roadmap ↗

Start with your real life, not the largest amount a lender might approve. A lender’s qualification decision does not account for every personal priority, and only you can decide what you are comfortable paying upfront and each month. (CFPB)

My recommendation is to protect room for savings, family needs, and unexpected expenses. A home should bring stability, not leave you stretched so thin that every surprise becomes a crisis.

Work through the Monthly Payment Worksheet ↗

Possibly. Some assistance programs serve returning buyers as well as first-time buyers; TSAHC specifically offers programs for both, subject to eligibility requirements. (TSAHC)

Do not assume that owning a home in the past automatically rules you out. Let’s check the requirements of the specific program instead of relying on its name or something you heard years ago.

Explore loan programs and assistance ↗

Different lenders use these terms differently, so the label alone does not tell you how thoroughly your finances have been reviewed. A pre-approval is a lender’s tentative willingness to lend, subject to further verification and conditions, not a guaranteed loan offer. (CFPB)

Ask what documents were reviewed, whether credit was checked, and what remains outstanding. I want you to understand what your letter means before you rely on it to make an offer.

Download the Pre-Approval Document Checklist ↗

Self-employment or irregular income can require additional documentation, and the requirements vary by lender and individual situation. (CFPB)

Rather than assuming your income is too complicated, start by explaining how you earn it. We can identify the documents to gather and the questions that need to be answered before discussing which options may fit.

See the Pre-Approval Document Checklist ↗

Common starting documents include identification, recent pay statements, W-2s or other income records, tax returns, bank statements, and information about the source of your down payment. Your lender will confirm which documents apply to your situation and whether anything additional is needed. (CFPB)

Our Pre-Approval Document Checklist gives you a practical starting point. You can still ask questions before your paperwork is complete; when documents are requested, use the lender’s secure delivery process.

Download the document checklist ↗

I recommend comparing both options rather than assuming one is always better. Ask your agent and lender to show you two written scenarios: one with a lower purchase price and one with the proposed seller credit.

Compare the cash needed to close, monthly payment, and savings remaining after the purchase. Before writing the offer, have your lender confirm whether the proposed credit is permitted and how it can be used.

Download the Offer Strategy One-Pager ↗

An option period is a negotiated contract provision that can give a buyer an unrestricted right to terminate within a specified period when the contract’s requirements are met. It is commonly used to inspect the property and consider repair negotiations, but it is not automatic. (Texas Real Estate Commission)

The option fee, delivery requirements, and written notice deadlines matter. Have your agent explain the signed contract and calendar the deadlines rather than assuming you can cancel at any time.

Keep the Offer Strategy One-Pager handy ↗