Home Buying Guides
Everything you need to know about buying a home, from calculating affordability to understanding PMI and closing costs.
9 guides available
How Much House Can I Afford?
Calculate your home buying budget based on income, debts, and down payment.
Read Guide Home BuyingFirst-Time Homebuyer Guide 2026
Complete guide covering budgeting, loans, and the buying process for first-time buyers.
Read Guide Home BuyingUnderstanding PMI
What private mortgage insurance is, how much it costs, and 5 strategies to avoid it.
Read Guide Home BuyingHow Much House on $80K Salary?
Real-world home buying budget examples on an $80,000 annual income.
Read Guide Home BuyingDown Payment Guide 2026
Minimum down payments by loan type from 0% (VA) to 20% (conventional).
Read Guide Home BuyingPITI Explained
What makes up your mortgage payment: principal, interest, taxes, and insurance.
Read Guide Home BuyingAPR vs Interest Rate
The difference between APR and interest rate and how to compare loan offers.
Read Guide Home BuyingFHA Loan Requirements 2026
FHA loan requirements: credit scores, down payments, MIP costs, and eligibility.
Read Guide Home BuyingRent vs Buy Decision Guide
Comprehensive guide to deciding whether to rent or buy your next home.
Read GuideUnderstanding the Home Buying Process
How Much Can You Afford?
Lenders typically use the 28/36 rule: no more than 28% of gross income on housing costs and no more than 36% on total debt. Our guides help you calculate these limits for your specific situation.
Down Payment Options
Down payments range from 0% for VA loans to 3.5% for FHA and 5-20% for conventional. A larger down payment means lower monthly payments and can help you avoid PMI.
Understanding Your Mortgage Payment
Your monthly payment includes principal, interest, taxes, and insurance (PITI). Understanding each component helps you budget accurately and compare loan offers effectively.
Comparing Loan Types
Conventional, FHA, VA, and USDA loans each have different requirements and benefits. Choosing the right loan type depends on your credit score, down payment, and financial goals.
Frequently Asked Questions
How much house can I afford on my salary?
A common guideline is that you can afford a home priced at 3 to 4.5 times your annual gross income, depending on your debts and down payment. Use the affordability guide to calculate your specific budget based on the 28/36 rule.
What is PMI and how can I avoid it?
Private mortgage insurance (PMI) is required when your down payment is less than 20% on a conventional loan. It typically costs 0.5% to 1.5% of the loan amount annually. You can avoid it by putting 20% down, using a VA loan, or choosing a lender-paid PMI option.
Should I rent or buy a home?
The decision depends on factors like how long you plan to stay, local rent vs. mortgage costs, your savings, and your financial goals. Generally, buying makes more financial sense if you plan to stay at least 5-7 years. Our rent vs buy guide covers all the factors to consider.