43. What Are the Requirements to Buy a House in 2026? A First-Time Homebuyer's Checklist

If you've been wondering whether you're actually in a position to buy a house, this episode will make it clear. There are four main things lenders look at when you apply for a mortgage (your savings, your income, your debt-to-income ratio, and your credit score) and most first-time homebuyers overestimate how much they need for each one. Stacie walks through the real numbers for a conventional loan, including where your down payment and closing costs can come from, what lenders consider "consistent income," and the credit score thresholds that affect your interest rate. **Ready to take the first step of finding your first home?** Connect with a FAME agent in your area (it's free!) **WHAT YOU'LL LEARN TODAY:** - The minimum down payment for a conventional loan as a first-time buyer, and how closing costs add to what you'll need saved - How seller's assists work and when you might be able to negotiate closing costs into the purchase price - Four places your down payment can come from, and the documentation lenders require for each - What "consistent income" actually means to a lender, whether you're salaried, hourly, commission-based, or self-employed - How your debt-to-income ratio determines your price range and why lenders care about your monthly payments more than your total balances - The credit score you need for a conventional loan, the score that unlocks the best interest rate, and what happens if yours falls short - The documents lenders ask for during pre-approval, and what they're actually verifying with each one **RESOURCES MENTIONED:** - Connect with a FAME agent in your area (free) - Free homebuying masterclass - Closing costs calculator (Fannie Mae) - Episode 2: Don't Buy a House Until You Know About These Red Flags with Home Inspector Vince Tecce - Episode 19: Is an FHA Loan Right for You? What First-Time Buyers Need to Know - Episode 33: How to Set a Realistic Budget for Your First Home (Without Going House Poor) - Episode 34: How Much of Your Income Should You Spend on a House? Budgeting Formulas for First-Time Buyers **CONNECT WITH ME:** - Follow me on Instagram - Visit my website **CHAPTERS:** - 00:00 — What are the actual requirements to buy a house in 2026? - 00:50 — Conventional loans: 3% minimum down payment for first-time buyers - 02:15 — Closing costs, seller's assists, and the real minimum you need saved - 03:44 — Four places your down payment and closing costs can come from - 05:16 — What lenders mean by "consistent income" (salaried, hourly, self-employed) - 06:28 — Debt-to-income ratio: the number that determines your price range - 08:08 — Credit score requirements and the threshold for the best interest rate - 08:45 — The documents lenders need during pre-approval - 09:26 — Your next steps if you meet the requirements