Am I Actually Ready to Buy a Home? A Simple Checklist for First-Time Buyers
Most Renters Are Closer Than They Think
Many renters ask the same question:
“Am I actually ready to buy a home?”
They assume they need:
Perfect credit
A huge down payment
Zero debt
A long job history
But today’s home buying programs are designed for real people, not perfect people.
Most first-time buyers discover they’re closer to buying than they ever imagined.
This simple checklist will help you understand exactly where you stand—and what steps to take next.
The Simple Home Buyer Readiness Checklist
Below are the 7 questions every first-time buyer should ask.
If you can check off even a few, you’re much closer to homeownership than you think.
1. Do You Know Your Current Credit Score?
You don’t need a 700+ score.
Real minimums for 2025:
FHA: 580
VA: 580–600
USDA: 620
Conventional: 620
If you know your approximate score—even if it’s not where you want it yet—you’re already ahead of most renters.
2. Have You Been Paying Rent or Bills on Time?
Lenders love payment consistency, even if your score isn’t perfect.
If you can say yes to the following:
Paid rent on time for 12 months
No recent 30-day late payments
Stable monthly bills
…this is a huge green flag.
3. Do You Have Some Money Saved? (Even a Small Amount)
You do not need $20,000 saved.
Many first-time buyers purchase homes with:
$1,000–$3,000 in savings
Or even $0 using grants and assistance programs
If you have any cushion at all, combined with DPA programs, you may be ready sooner than you think.
4. Do You Know What Price Range You Can Afford?
You don’t need an exact number—just a sense of:
Your monthly income
Your monthly debts
Your comfort zone
Most renters discover their mortgage payment is the same or lower than what they’re currently paying in rent.
A lender or calculator can help you determine a realistic price range.
5. Is Your Income Stable or Growing?
This does not mean:
You must be salaried
You must have the same job for years
You can’t be self-employed
Lenders simply want to see:
Steady income
Predictable hours or contract work
Consistency over the last 1–2 years
If your income is stable, that’s a huge readiness indicator.
6. Are You Open to Using Down Payment Assistance?
There are 2,500+ programs nationwide offering:
Down payment help
Closing cost grants
Forgivable loans
Zero-down options
Many buyers who thought they “weren’t ready” instantly qualify once they check their available programs.
👉 You can see all programs available to you at NoDownPayment.app.
If you're willing to use assistance, you’re more ready than most renters.
7. Have You Spoken with a Lender Yet?
This might be the biggest question of all.
Most buyers think they should wait until they're “ready,” but getting pre-qualified is how you get ready.
When you speak with a lender, you get:
An exact timeline for approval
A personalized readiness plan
Your price range
A list of what to fix (if anything)
Confidence
Even if you're not ready today, you’ll know exactly what to do next.
The First-Time Buyer “Readiness Score”
Count how many questions you answered YES to:
✔ 1–2 YES answers
You’re beginning your journey—great time to learn your credit score and explore programs.
✔ 3–4 YES answers
You’re closer than you think. A lender review or DPA check will likely show you’re nearly ready.
✔ 5–7 YES answers
You are ready now or only one small step away. Many buyers in this range can purchase within 30–90 days.
The Truth: Most Renters Are More Ready Than They Realize
You don’t need to be perfect.
You don’t need to have it all figured out.
You don’t need to wait years.
You just need:
A starting point
Clear next steps
The right programs
The right guidance
And you’re already doing that by reading this checklist.
Next Step: Check Your Assistance Programs
The fastest way to know if you’re ready is to see the grants and programs available in your area.
👉 Visit NoDownPayment.app
Check your DPA options in 60 seconds—free, easy, and personalized.
