Your path to the front door, one step at a time.

Before you look at a single loan, understand how a lender looks at you. Four things decide what you can borrow and what it costs — and they move together. Weakness in one shifts the others: thinner credit asks for more money down, and less money down asks for stronger credit. Know your four and you already know which loans are on the table.

A self-check, not an underwriting decision — a real review looks at documents, not estimates. Education only.

Same destination, different rules. Every one of these gets you the money to buy a home — what changes is who qualifies, what you bring to the table, and what it costs you for the life of the loan. Your four C’s from step 1 decide which of these are actually available to you.

• Conforming Fannie / Freddie, banks, credit unions
  Down: As low as 3% Credit: Good credit

  The most common loan and generally the lowest rates. Some banks and credit unions run modified versions — as low as 1% down, with no PMI.

• FHA Government-backed
  Down: 3.5% Credit: Accepts lower credit

  The government effectively cosigns for you. The trade: lifetime MIP, a permanent added cost. More inspection requirements can deter sellers. Primary residence only, with loan-size limits.

• USDA Rural development
  Down: 0% Credit: Moderate

  Nothing down and no PMI — but only in government-designated rural areas, and income limits apply.

• VA Military service
  Down: 0% Credit: Flexible

  Nothing down, no PMI, and the best terms on this list. Active military, veterans, and surviving spouses only.

• Non-QM Portfolio lenders
  Down: Varies Credit: Most flexible

  More forgiving on credit and on how you document income — self-employment, for instance. Higher rates, rarely advertised, and it takes knowing which lender to call.

Rules and limits change, and every lender applies them a little differently. This is the shape of the landscape, not a quote.

The number one reason people don’t buy is believing they haven’t saved enough. But thousands of down payment assistance programs exist — federal, state, county, even through employers — as grants that are never repaid, forgivable loans, or deferred loans. Most buyers have never heard of them. Neither have plenty of loan officers. Capital, the third C, does not have to come only from your savings.

Eligibility varies by income, location, first-time-buyer status, and loan type — the finder asks the questions that narrow it down. More background in our guide to assistance programs.

Almost everyone shops a mortgage by comparing interest rates. It is the wrong number. What decides whether a loan is good is the cash you hand over at close, the payment you live with, and what the whole thing costs you over the years you actually keep it.

Federal law is on your side here: every lender must give you a Loan Estimate, on the same form, in the same order. That is your shopping tool. Compare the same loan type across lenders — never mix types in one comparison — and pull the quotes on the same day, because rates move daily.

Sketch assumptions: ~4% of price for closing costs and prepaid escrows, insurance $1,400/yr, PMI 0.6% of the loan until you hit 20% equity, seller’s capped tax ~1.2% and your uncapped bill ~2.1% of price. Totals are in today’s dollars — taxes and insurance do drift up over 30 years. Your real Loan Estimates replace every one of these.

Two numbers decide whether a house works: what you need to bring to the closing table, and what you owe every month afterward. The first is your down payment plus closing costs plus prepaid escrows and insurance. The second is principal, interest, taxes, insurance, and PMI if you have it.

And the trap nobody warns you about: the tax figure on the listing is the seller’s bill. In Michigan it has been capped for as long as they owned the home, and it resets to full market value after you buy. Your year-two payment will very likely be higher than your year one. We project your bill, not theirs.

Sketch assumptions: ~2.1% effective property tax on YOUR price (post-transfer), $1,400/yr insurance, 1%/yr maintenance, PMI 0.6% of the loan while under 20% equity, and ~4% of price for closing costs and prepaid escrows.

Use it on homes you are actually looking at, not hypotheticals — and compare up to three at the same price before you make an offer.

Here is every stage between deciding to buy and holding the keys — and what actually goes wrong at each one. Nothing on this list should be a surprise when it arrives.

1. 01
   Pre-approval

   The starting gate. Get this before you shop, not after you fall in love with a house — it decides what you can offer and how seriously you are taken.

2. 02
   Underwriting, round one

   A light review that confirms you qualify. Quick, and not the one that bites.

3. 03
   Making your offer

   Price, earnest money, and seller concessions — asking the seller to help pay your closing costs. Most buyers never know to ask.

4. 04
   Offer accepted

   The clock starts. Every date in the contract is now a real deadline.

5. 05
   Inspection

   Your protection. Knowing which findings are routine and which ones should change your deal is the whole skill here.

6. 06
   Appraisal

   The lender's protection. If the home appraises under your offer, you cover the gap, renegotiate, or walk — decide which before it happens.

7. 07
   Underwriting, round two

   The full review. This is where deals still fall apart, weeks in.

8. 08
   Clear to close

   Final approach. Read your Closing Disclosure against your original Loan Estimate, line by line — this is the comparison that catches problems.

9. 09
   Closing day

   Know what to bring, what to verify, and what should not have changed since the disclosure.

The sooner you know your position, the stronger every offer you make. Closing is landing the plane — it takes a whole team to get you there.

Closing is not the finish line, and the questions that come after it are the ones nobody prepares you for. Marry the home, date the rate — the house is a long-term decision, the rate is not permanent.

Most buyers walk into this process overwhelmed and get sold to. You’re walking in informed — bring this plan to the conversation.