First-Time Home Buyer:
Frequently Asked Questions

There's no single number that applies to every buyer. FHA loans generally allow lower scores than conventional loans, and VA loans don't set a minimum through the VA itself, though lenders apply their own overlays.

If your score isn't where you want it yet, that's a solvable problem, not a disqualifying one, and I'd rather connect you with a lender to build a plan than guess at a number here.

Affordability comes down to your income, debt, down payment, and the loan program you use — a lender can give you an exact number through pre-approval, and that number is often different (usually more conservative) than what an online calculator suggests once your real budget and comfort level are factored in.

I always encourage buyers to think about what payment feels comfortable, not just what they technically qualify for.

Yes. The Washington State Housing Finance Commission (WSHFC) offers down payment assistance programs for eligible first-time buyers, often paired with favorable first mortgage terms. There are income and purchase price limits that vary by county and program.

Beyond your down payment, plan for closing costs (typically 2-4% of the purchase price), an earnest money deposit, inspection fees, and a cash cushion for move-in and unexpected repairs. The exact number depends on your loan program — some, like VA and certain down payment assistance options, significantly reduce the cash you need up front.

I'll help you build a realistic savings target before you start looking, not after.

It depends on your service history, credit, down payment savings, and the property you're after. VA loans (for eligible veterans and active-duty service members — relevant to a lot of buyers relocating from or near Joint Base Lewis-McChord) allow 0% down with no monthly mortgage insurance. FHA works well for buyers with limited savings or lower credit scores. USDA can offer 0% down in eligible rural areas. Conventional loans often make sense once you have stronger credit and a larger down payment.

This is exactly the kind of decision I'd rather map out with you and a lender than answer generically.

VA loans allow eligible veterans and active-duty service members to buy with 0% down and no monthly private mortgage insurance, which is a real advantage in this market. You'll need a Certificate of Eligibility from the VA, and the home has to meet VA minimum property requirements, which can matter if you're looking at older housing stock.

Don't open new credit accounts, finance a car, make large undocumented deposits into your bank account, or change jobs if you can avoid it. Lenders re-check your credit and financial picture close to closing, and a change that seems small to you can delay or derail your loan approval.

How fast things move once an offer is accepted, and how many small decisions come up in a short window — inspection response deadlines, loan paperwork, insurance shopping. The other common surprise is competition: well-priced homes in good condition can move quickly in this market, which is why pre-approval and a clear sense of what you want matter so much before you start touring.

I try to prepare every first-time buyer for this ahead of time so nothing feels rushed.