How Do I Know If I’m Ready to Buy a Home?
- By Jim Blackburn
- on
- 100 first time home buyer FAQs
1. You Have a Steady Income and Stable Employment
Before anything else, lenders want to know you can consistently make your mortgage payments. If you’ve been employed for at least two years in the same field and your income is predictable, that’s a green flag.
Consistent paychecks = predictable monthly payments Stable job history = stronger mortgage application Financial routine = confidence in budgeting
If you feel secure in your income and know what to expect each month, you’re off to a great start.
Ready to see what you can afford with your current income? Calculate your Conventional Purchase Loan Payment now to understand what monthly payment fits comfortably within your budget based on your income.
2. You’ve Saved for a Down Payment—and the Unexpected
Yes, you’ll need a down payment (anywhere from 3% to 20% depending on the loan), but that’s not all.
You’ll also need:
- Closing costs (typically 2–5% of the home’s price)
- Emergency savings (because water heaters don’t give warnings!)
- Funds for moving, furnishings, or first-year repairs
If you’ve got some money stashed away and know how to live below your means, you’re ready to take on the financial side of owning a home.
Not sure you have enough saved for a traditional down payment? Calculate your FHA Purchase Loan Payment now to see how 3.5% down makes homeownership accessible while you build your emergency fund.
If you’re a veteran, you might be more ready than you think. Calculate your VA Purchase Loan Payment now to explore zero down payment options that let you preserve your savings for closing costs and emergencies.
3. You’re Ready for Responsibility—Not Just Keys
Homeownership isn’t just about having a place to call your own—it also comes with maintenance, taxes, and long-term planning. Are you:
Ready to handle minor repairs (or budget for help)?
Aware of property tax timelines and HOA dues?
Focused on long-term financial growth, not just short-term comfort?
If that all feels exciting (not scary), you’re likely ready for the next big chapter.
Still not sure if you’re ready? Take the Discovery Quiz to get personalized insights about your homebuying readiness and which loan programs match your current financial situation.
Unsure If You’re Ready?
At Stairway Mortgage, we believe buying a home is about more than qualifying—it’s about becoming the best version of you in the process.
📘 Download our homebuyer guides with readiness checklists.
📊 Check Current Rates to see what’s available.
🧮 Run the numbers with our FHA Purchase Calculator.
Ready to Take Your First Step?
Skip the guesswork. Take our quick Discovery Quiz to uncover your top financial priorities, so we can guide you toward the wealth-building strategies that fit your life.
- Takes just 5 minutes
- Tailored results based on your answers
- No credit check required
Need a Pre-Approval Letter—Fast?
Buying a home soon? Complete our short form and we’ll connect you with the best loan options for your target property and financial situation—fast.
- Only 2 minutes to complete
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