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If you hope to buy a home in 2027, start by checking your finances, building a realistic cash plan, and estimating the full monthly cost of ownership—not just the down payment. You do not need to predict next year’s mortgage rates or home prices today. You do need enough time to strengthen your credit habits, protect savings, and compare loan and assistance options when your plans become specific.
Start with a financial readiness check
Buying readiness is broader than having a down payment. The Consumer Financial Protection Bureau (CFPB) advises buyers to consider whether their income is regular and reliable, long-term debts are manageable, and savings can cover the mortgage, taxes, insurance, closing, moving, repairs, and improvements. Its homebuying preparation checklist is a useful starting point.
Make a baseline budget
Write down monthly take-home income, recurring bills, debt payments, and current savings. Track spending long enough to see what you could realistically set aside each month without missing other goals. Include an estimated housing payment in the budget, but do not treat a lender’s maximum approval as proof that the payment will be comfortable for you.
Build credit steadily
The CFPB says there are no secrets or shortcuts to building a strong credit score. Its guidance is to pay bills on time, avoid using nearly all available credit on cards, be cautious about closing long-standing accounts with an on-time history, and apply only for credit you need. Some loans may require a minimum score of 620 unless the borrower has a large down payment, but that is not a universal underwriting rule or an approval guarantee.
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As of the CFPB guidance accessed in 2026, consumers could obtain six free credit reports every 12 months from Equifax through the end of 2026, in addition to one per year from each of the three nationwide credit reporting companies. That six-report arrangement is time-limited; verify current access terms rather than assuming it continues in 2027.
Work out how much cash you can safely use
Begin with a plausible price range for the areas where you might buy, then separate the money available for the purchase from savings needed for other priorities. Cash in a home may not be readily accessible later, so avoid treating every dollar in savings as available for closing.
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Budget for closing costs apart from the down payment
The CFPB says typical closing costs are 2% to 5% of the purchase price, excluding the down payment. This is an estimate, not a personal quote: actual costs vary with location, home price, lender, loan type, and other details. Refine the estimate with lender information as you get closer to buying. The CFPB’s preparation guide explains the costs to plan for.
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The CFPB describes three to six months of expenses as a useful emergency-savings cushion, not an underwriting requirement. Also set aside money for moving, repairs, improvements, and furnishings. After allowing for these items and estimated closing costs, the remaining amount is a more realistic maximum down-payment pool.
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Do not assume you must put 20% down
A 20% down payment is not universally required. CFPB guidance describes some conventional options with down payments as low as 3% and FHA options as low as 3.5%; eligibility varies, and these examples are not an offer or assurance that you will qualify. Many situations require at least 3%, while many loan types or lenders require 5% or more.
A lower down payment can leave more savings available, but may bring mortgage insurance or other increased costs. Compare the upfront cash, monthly payment, fees, eligibility rules, and total cost over time rather than choosing an option based on its minimum down payment alone.
Estimate the full monthly cost of owning a home
When comparing homes, look beyond principal and interest. The CFPB’s monthly payment guidance includes:
- Principal and interest on the mortgage
- Property taxes
- Mortgage insurance, if required
- Homeowners insurance and any supplementary coverage
- Homeowners association (HOA) fees, if applicable
Repairs, maintenance, and move-in expenses also affect affordability, even though they are not part of the mortgage payment. Insurance deserves specific attention when evaluating a property: standard homeowners insurance generally does not cover flood damage, and homes in a FEMA-designated Special Flood Hazard Area are likely to require flood coverage. Check local hazards and insurance costs for a specific property.
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Compare loans and assistance when your plans take shape
As you narrow down a location and price range, request official loan offers from multiple lenders. Compare the full terms—not just a headline interest rate—including the loan type, down payment, fees, mortgage insurance, and other costs. The CFPB organizes its homebuying tools around preparation, loan choices, comparing offers, and closing through its Owning a Home resource.
A HUD-certified housing counselor can help explain options. State and local programs may also offer help to eligible buyers, but availability and rules vary by place and time. Check program requirements directly, including location and property restrictions, eligibility, and whether assistance has repayment or occupancy conditions. Recheck program terms, loan rules, and insurance costs near the time you plan to buy; current guidance cannot establish what rates, prices, or assistance will be available in 2027.
Prepare for the final steps before closing
When you have a home under contract, follow HUD’s homebuying overview: arrange a home inspection, shop for homeowners insurance, and read documents before signing. The CFPB’s closing checklist recommends getting documents in advance, comparing Loan Estimate costs with the Closing Disclosure, asking about unclear fees, and confirming the home’s condition and agreed repairs.
For covered mortgage loans, the lender must deliver the Closing Disclosure at least three business days before closing. Use that time to review the final figures and raise questions about differences or charges you do not understand.
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