What To Do When Buying Your First House May 2026

: Experts at Bankrate advise against draining your savings for a down payment; you need a "cash cushion" for unexpected repairs like a broken furnace. 2. Assemble Your Team and Get Approved

Sellers often won't consider an offer unless you have professional backing and proof of funds. what to do when buying your first house

: Start collecting your last two years of tax returns, W-2s, and recent bank statements. 3. The Search and Offer Phase : Experts at Bankrate advise against draining your

: Use the 28/36 rule —housing costs shouldn't exceed 28% of your gross monthly income, and total debt shouldn't exceed 36%. : Start collecting your last two years of

: Lenders use this to set your interest rate. A higher score (740+) typically secures the best rates.

Before looking at listings, you must understand your borrowing power and clean up your credit.