Your agent and lender should be in direct communication to help you win in competitive markets. 7 Tips for First-Time Homebuyers - DFPI

For maximum safety, aim to spend no more than 30% of your gross income on monthly payments, have 30% of the home price in savings (for down payment and reserves), and buy a home priced no more than 3x your annual income.

Beyond the down payment (minimums are typically 3% for conventional and 3.5% for FHA), expect closing costs to range from 1.5% to 5% of the purchase price. 2. Assemble Your Professional Team

Before touring homes, you must prove your "Capacity, Capital, Credit, and Collateral" to lenders.