Illustrative photograph of a couple carrying a box toward their home

Build the foundation before the search

Review your reports, keep current bills on track, and list your regular obligations. Organize income documentation and account statements. A lender will consider more than your credit score, and requirements vary by loan program.

Save for more than a down payment

Budget for closing costs, moving, insurance, taxes, maintenance, and reserves. Avoid assuming the largest loan offered is the most comfortable payment. Consider changes in income and ownership expenses.

Find qualified housing guidance

A HUD-participating housing counselor can help explain homebuying preparation and options. Ask the agency about available services and any fees before enrolling. Mile Forward doesn't determine mortgage eligibility.

Find housing counseling resources ↗
Read more: CFPB homebuying resources ↗
Content reviewed October 25, 2026. Check the source for current details.

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Practice: distinguish a purchase fund from an ownership budget

A household has a down payment saved but has not budgeted for taxes, insurance, moving, or repairs. Treating the down payment as the whole cost can leave it short after closing. List one-time purchase expenses separately from recurring ownership costs and reserves.

Your next action

Organize income documents, recurring obligations, savings sources, and questions for a participating housing counselor. Avoid moving money or opening accounts solely to chase a promised score boost.

Check your understanding: Does being prepared guarantee a mortgage approval?

No. Program rules, property details, underwriting, and the household’s full circumstances matter.

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