First-Time Homebuyer Guide for Fresno & the Central Valley
Buying your first home is one of the biggest financial decisions you'll make. This guide walks you through every step — from understanding how much you can afford to getting the keys — so you can move forward with confidence.
Step 1: Know how much you can afford
Before house hunting, get clear on your budget. Lenders look at your income, debts, credit, and assets to determine how much you can comfortably borrow. A general guideline is that your total monthly housing payment (principal, interest, taxes, and insurance) should be manageable within your overall budget. Use our mortgage calculator to estimate payments, then get pre-qualified for a personalized number.
Step 2: Check your credit
Your credit score affects which loan programs you qualify for and the interest rate you receive. Conventional loans typically require a score of 620 or higher, while FHA loans often allow scores as low as 580. Pull your credit reports, check for errors, and avoid opening new credit accounts or making large purchases before closing.
Step 3: Save for your down payment and closing costs
You don't need 20% down. FHA loans require as little as 3.5% and some conventional programs allow 3%. VA and USDA loans can offer 0% down for eligible borrowers. Down payment assistance programs can help cover both your down payment and closing costs, which typically run 2–5% of the loan amount.
Step 4: Get pre-qualified, then pre-approved
Pre-qualification gives you an estimate based on information you provide. Pre-approval is stronger — it's based on verified documents like W-2s, pay stubs, and a credit check — and it signals to sellers that you're a serious, qualified buyer. In a competitive market like Fresno, pre-approval strengthens your offer.
Step 5: Shop, make an offer, and close
Once pre-approved, work with a real estate agent to find homes in your budget. When you make an offer and it's accepted, your lender orders an appraisal and finalizes underwriting. On average the process takes 30–45 days from application to closing, sometimes faster when your documents are ready.
Frequently Asked Questions
How much down payment do first-time buyers need in Fresno?
It can be as little as 3% on a conventional loan or 3.5% on an FHA loan. VA and USDA loans may require 0% down for eligible borrowers, and down payment assistance can further reduce your out-of-pocket cost.
Should I get pre-qualified or pre-approved?
Start with pre-qualification to understand your budget, then pursue pre-approval before making offers. Pre-approval verifies your documents and makes your offer much stronger to sellers.
Ready to take the next step?
Get pre-qualified with Marcus Cavazos — no obligation, personalized to your situation.