First-Time Home Buyer Guide — Steps, Down Payment Options, and Loan Programs for 2026
Buying your first home is one of the biggest financial decisions you will ever make, and the process can feel overwhelming without a clear roadmap. In 2026, first-time buyers face a market where the 30-year fixed mortgage rate averages 5.98% and the median US home price sits around $400,000 — but several government-backed programs and down payment assistance options can make homeownership more accessible than many realize. Whether you are renting and wondering when to make the leap, or you have already started saving for a down payment, understanding the full home buying process from pre-approval to closing day will save you money and stress. This guide walks through every step, explains the loan programs available to first-time buyers, and helps you determine how much house you can actually afford.