Most Renters Are Closer Than They Think

Many renters ask the same question:

“Am I actually ready to buy a home?”

They assume they need:

• Perfect credit
  

• A huge down payment
  

• Zero debt
  

• A long job history
  
  

But today’s home buying programs are designed for real people, not perfect people.
Most first-time buyers discover they’re closer to buying than they ever imagined.

This simple checklist will help you understand exactly where you stand—and what steps to take next.

The Simple Home Buyer Readiness Checklist

Below are the 7 questions every first-time buyer should ask.
If you can check off even a few, you’re much closer to homeownership than you think.

1. Do You Know Your Current Credit Score?

You don’t need a 700+ score.

Real minimums for 2025:

• FHA: 580
  

• VA: 580–600
  

• USDA: 620
  

• Conventional: 620
  
  

  

If you know your approximate score—even if it’s not where you want it yet—you’re already ahead of most renters.

2. Have You Been Paying Rent or Bills on Time?

Lenders love payment consistency, even if your score isn’t perfect.

If you can say yes to the following:

• Paid rent on time for 12 months
  

• No recent 30-day late payments
  

• Stable monthly bills
  

…this is a huge green flag.

3. Do You Have Some Money Saved? (Even a Small Amount)

You do not need $20,000 saved.

Many first-time buyers purchase homes with:

• $1,000–$3,000 in savings
  
  

• Or even $0 using grants and assistance programs
  
  

If you have any cushion at all, combined with DPA programs, you may be ready sooner than you think.

4. Do You Know What Price Range You Can Afford?

You don’t need an exact number—just a sense of:

• Your monthly income
  

• Your monthly debts
  

• Your comfort zone
  
  

Most renters discover their mortgage payment is the same or lower than what they’re currently paying in rent.

A lender or calculator can help you determine a realistic price range.

5. Is Your Income Stable or Growing?

This does not mean:

• You must be salaried
  

• You must have the same job for years
  

• You can’t be self-employed
  
  

Lenders simply want to see:

• Steady income
  

• Predictable hours or contract work
  

• Consistency over the last 1–2 years
  
  

  

If your income is stable, that’s a huge readiness indicator.

6. Are You Open to Using Down Payment Assistance?

There are 2,500+ programs nationwide offering:

• Down payment help
  

• Closing cost grants
  

• Forgivable loans
  

• Zero-down options
  
  

Many buyers who thought they “weren’t ready” instantly qualify once they check their available programs.

👉 You can see all programs available to you at NoDownPayment.app.

If you're willing to use assistance, you’re more ready than most renters.

7. Have You Spoken with a Lender Yet?

This might be the biggest question of all.

Most buyers think they should wait until they're “ready,” but getting pre-qualified is how you get ready.

When you speak with a lender, you get:

• An exact timeline for approval
  

• A personalized readiness plan
  

• Your price range
  

• A list of what to fix (if anything)
  

• Confidence
  
  

Even if you're not ready today, you’ll know exactly what to do next.

The First-Time Buyer “Readiness Score”

Count how many questions you answered YES to:

✔ 1–2 YES answers

You’re beginning your journey—great time to learn your credit score and explore programs.

✔ 3–4 YES answers

You’re closer than you think. A lender review or DPA check will likely show you’re nearly ready.

✔ 5–7 YES answers

You are ready now or only one small step away. Many buyers in this range can purchase within 30–90 days.

The Truth: Most Renters Are More Ready Than They Realize

You don’t need to be perfect.
You don’t need to have it all figured out.
You don’t need to wait years.

You just need:

• A starting point
  

• Clear next steps
  

• The right programs
  

• The right guidance
  
  

And you’re already doing that by reading this checklist.

Next Step: Check Your Assistance Programs

The fastest way to know if you’re ready is to see the grants and programs available in your area.

👉 Visit NoDownPayment.app
Check your DPA options in 60 seconds—free, easy, and personalized.