Start by sharing what matters most to you
Your personalized next steps:
Affordability calculator
Estimate what fits your budget and what you could qualify for.
Mortgage calculator
Estimate your monthly payment based on your budget.
Compare loan options
Explore loans side by side to see what works for you.
Repair your credit
Learn how to improve your credit with simple, actionable steps.
Buying with poor credit
Learn about your options and move forward, regardless of your credit.
Your guide to buying a house
Learn the steps to buy a home, from financing to closing.
Understanding preapproval
Learn why preapproval matters and how it supports your homebuying goals.
Budgeting for home
Learn how to plan for upfront costs, monthly payments, and what you can afford.
Down payment assistance
Learn how assistance can help cover upfront costs.
How lenders view your credit
Learn how your credit score affects loan approval.
FHA Loan
Explore a loan option with flexible credit and debt requirements. Buy a home with as little as 3.5% down.
Inspections and Appraisals
Learn how these steps protect your investment and impact your home’s value.
First-time buyer resources
Explore how to make home buying easier and more affordable.
Down payment calculator
Estimate how much cash you need to buy the home you have in mind.
Check today's rate
See today’s rate and get your custom rate in minutes.
First-home mistakes
Learn common first-time buyer mistakes like skipping preapproval.
Start my approval
Get started on your approval and explore personalized options.
Talk to us
Chat with a home loan expert to discuss your options.
Your journey to home begins right here
First steps for first-time buyers
Know your budget
Get ready to shop
Find the perfect match
Get clear on financial basics
Upfront costs
Plan for at least 3% down and 2–6% of the loan amount in closing costs. Larger down payments usually lower your rate and monthly payment.
Credit profile
A 620+ credit score unlocks more mortgage options. Check out our tips for keeping your score strong.
Debt-to-income
Keep your debt-to-income ratio at 36% or less for better mortgage approval odds.
Your path to homeownership
Get prequalified
Apply
Underwriting
Get your keys
Explore today's Rocket Mortgage rates
Monthly payment examples below are for a loan amount of $350k ($1,100k on Jumbo). Taxes and insurance not included within the estimate; actual payment amount will be greater.
Rates are current as of 4:09 AM UTC on January 8, 2026
Crunch the numbers
Compare your loan options
Best for
Income cap
Min. down payment
Mortgage insurance
Min. credit score
Link to loan type
30-year fixed
Best for
Lower payments and a fixed rate
Income cap
No
Min. down payment
3%
Mortgage insurance
Yes
Min. credit score
620
Best for
Those wanting a low down payment
Income cap
Yes
Min. down payment
1%
Mortgage insurance
Yes
Min. credit score
620
Best for
First-time buyers with low credit or savings
Income cap
No
Min. down payment
3.5%
Mortgage insurance
Yes
Min. credit score
580
ONE+ by Rocket Mortgage®
Best for
Lower payments and a fixed rate
Income cap
No
Min. down payment
3%
Mortgage insurance
Yes
Min. credit score
620
Best for
Those wanting a low down payment
Income cap
Yes
Min. down payment
1%
Mortgage insurance
Yes
Min. credit score
620
Best for
First-time buyers with low credit or savings
Income cap
No
Min. down payment
3.5%
Mortgage insurance
Yes
Min. credit score
580
FHA loan
Best for
Lower payments and a fixed rate
Income cap
No
Min. down payment
3%
Mortgage insurance
Yes
Min. credit score
620
Best for
Those wanting a low down payment
Income cap
Yes
Min. down payment
1%
Mortgage insurance
Yes
Min. credit score
620
Best for
First-time buyers with low credit or savings
Income cap
No
Min. down payment
3.5%
Mortgage insurance
Yes
Min. credit score
580
First-time buyer programs
Programs that put cash back in your corner, make buying less stressful.
Grants
Free funds you don’t repay. Covers part of your first-time buyer costs.
Down payment assistance
Help with down payments or closing costs to buy with less stress.
State-specific programs
Special funds or loan options may be available where you live.
Career-specific programs
Jobs like teachers or first responders may qualify for discounts.
Smart tips to help you own sooner
Pay down debt
Save what you can
The more you save upfront, the more flexibility you’ll have when you buy.
Consider a co-signer
Scan code to download app and start budgeting today
Resources we picked just for you
10-minute read
First-Time home buyer checklist
Loan resources
Know your options: A clear look at mortgage loan types
7-minute read
Fixed-rate mortgage benefits and options
9-minute read
A guide to first-time home buyer programs, loans and grants
10-minute read
First-Time home buyer checklist
Loan resources
Know your options: A clear look at mortgage loan types
7-minute read
Fixed-rate mortgage benefits and options
9-minute read
A guide to first-time home buyer programs, loans and grants
Hear from first-time buyers who chose Rocket Mortgage
Great company, great team, their program for first time home buyers should be applauded, they make it easier if you don’t have a lot of money to put down on a home as a first time home buyer, it really works, but you have to have your ducks in a row (pay bills, have a decent credit score, have at least some money saved up (so they can see if you have cash reserves))
Azzedine A.
As a first-time homebuyer with zero experience in real estate, I initially started the process with my local credit union. Unfortunately, I wasn’t satisfied with the rates or the level of service I received After speaking with some friends and family members, they strongly encouraged me to shop around—and specifically recommended Rocket Mortgage. I’m so thankful I took their advice...
Hassan
I would 10/10 recommend rocket mortgage to anyone looking to purchase a home they helped get us to closing in a month to the day of the excepted offer!!! Being a first time homebuyer I had no clue what to do and rocket walked me through every step of the way.
Ryan W.
Overall an easy going experience. First time homebuyer and was rather nervous going into it. Rocket mortgage helps you along every step of the way. Highly recommend!
Stephan
How do I qualify as a first-time home buyer?
If you haven’t owned a home in 3 years, you may qualify as a first-time home buyer. That means access to down payment assistance, grants, and affordable home loan programs based on your income, credit, and location. Our experts help you find the best options when you apply.
Read more about first-time home buyer programs, loans and grants.What are closing costs?
Closing costs are fees you pay when finalizing your mortgage loan—typically 3% to 6% of your home price. For first-time home buyers, these costs vary by loan type and location. Common closing costs include:
- Home appraisal
- Application fee
- FHA mortgage insurance
- Homeowners insurance
- Escrow funds
How much do I need for a down payment?
Most first-time home buyers put about 5% down. With Rocket Mortgage®, qualified buyers may need only 1%–3% down—and VA loans may require no down payment.
There are also down payment assistance programs for first-time buyers, though some may need a minimum credit score.
If you put less than 20% down on a conventional loan, you’ll likely pay private mortgage insurance (PMI), which adds to your monthly cost.
Is it better to rent or buy right now?
It depends on your goals. Here’s what to consider:
How long you’ll stay: Buying builds equity if you plan to stay several years. Renting may fit if you need flexibility.Upfront costs: Renting often requires only a deposit. Buying means down payment + closing costs.
Housing market: Compare rent vs home prices in your area before deciding.
Maintenance: Owners cover repairs; renters rely on a landlord.
Lifestyle: Owning gives freedom to customize and keep pets. Renting may limit both.
Use a rent vs buy calculator or talk with a Home Loan Expert to see what’s right for you.
What’s the right home loan for me?
The best home loan depends on your:
- Income, credit, and debt
- Type of home you’re buying
- Down payment amount
Our Home Loan Experts can match you with the best first-time buyer mortgage options for your budget.
Learn more about home buying
