Hub ยท First-Time Buyers
Buying your first home? Start here, with confidence.
First-time buyers benefit from clear explanations of financing, inspections, escrow, and closing costs. This hub covers the essentials, and Hector will walk you through the rest, one step at a time, in English or Spanish.
Am I ready?
The readiness checklist every first-time buyer should run.
You don't need perfect credit or a huge down payment to buy a home. You need a plan. Here's what that plan looks like.
Full buying guide- A steady income and manageable monthly debt
- A credit score you know and can improve if needed
- Savings for a down payment, from 0% with a VA loan to 3% to 20% with other loans
- A realistic budget that includes taxes, insurance, and maintenance
- A pre-approval letter from a lender you trust
- A clear list of must-haves, nice-to-haves, and deal-breakers
Plain English
The terms lenders and agents throw around, decoded.
Pre-approval
A lender's written commitment to lend you a specific amount, based on your credit and income.
Down payment
The portion of the purchase price you pay upfront. Conventional loans can start at 3%; FHA at 3.5%; VA at 0% for eligible veterans.
Escrow
A neutral third party that holds funds and documents while the sale is completed.
Contingency
A condition that must be met for the sale to proceed, such as a passing inspection or appraisal.
Closing costs
Fees for title, escrow, loan origination, and more, typically 2% to 5% of the purchase price.
Appraisal
A professional estimate of the home's value, required by your lender.
Common questions
The questions every first-time buyer asks.
Can I buy a house in California with bad credit?
It's harder, but not impossible. FHA loans accept lower credit scores than conventional loans, and a year of on-time payments can meaningfully improve your options. A lender can tell you exactly where you stand and what to work on.
Can I buy a house with only 3% down?
Yes. Most conventional loans allow 3% down for qualified buyers, FHA loans allow 3.5%, and VA loans allow 0% for eligible veterans. Down payment assistance programs may also be available.
How do I know if I'm financially ready to buy a home?
You're ready when your income comfortably covers the mortgage, taxes, insurance, and maintenance, you have savings for the down payment and closing costs, and your credit is in good shape. A pre-approval turns 'I think so' into 'I know.'
What if I buy a house and can't afford the payments?
That's why the pre-approval and budget steps come first. Buy within your approved amount, keep an emergency fund, and choose a payment that leaves room for life's surprises.
Kind regards, Hector
Feeling unready? That's exactly when to call.
Hector has guided first-time buyers across the San Gabriel Valley for more than 30 years. A conversation costs nothing and answers everything.