Dreaming of owning your first home but feeling overwhelmed by the financial steps? You’re not alone. In 2026, navigating the housing market requires smart financial moves. First-time buyers made up only 24% of home sales between July 2023 and June 2024, the lowest reported since 19811. But even in a competitive market, homeownership may be within reach—with the right support.
With over 70 years of experience, Lennar is committed to providing a smoother and more rewarding homebuying journey. Let’s explore the essential financial tips you need to navigate the process with complete confidence.
1. Get Your Finances Home-Ready
Before you start house hunting, you need a crystal-clear understanding of your financial landscape. This means thoroughly examining your income, expenses and savings. Dedicate some time to comb through all your accounts, considering every financial obligation and future goals.
2. Find the Right Mortgage for You
Choosing the right mortgage is a crucial step. Take time to familiarize yourself with the various types available, such as fixed-rate and adjustable-rate options. First-time homebuyers can take advantage of government-backed mortgages like FHA loans, which offer reduced credit and down payment requirements2.
Understanding the unique pros and cons of each will empower you to make an informed decision that perfectly aligns with your long-term financial goals.
3. Smart Savings for Your Down Payment
Your journey to homeownership begins with a strong down payment. You don’t have to do it all at once; every dollar saved, no matter how small, builds momentum.
To put this into perspective, the National Association of Realtors indicates that the median down payment for first-time homebuyers is 9% of the home’s purchase price3. With an early start and clear savings target, you can stay focused and make sure you are ready when you step into your dream home.
4. Get Pre-Qualified, Gain an Edge
Nothing shows that a buyer means business more than a pre–qualification. Armed with a pre-qualification from a trusted mortgage source, you’ll gain insight into your true buying power. This important document provides a competitive edge, allowing you to focus on homes that perfectly fit your budget.
Our affiliate, Lennar Mortgage, LLC, can knowingly guide you through this essential process to ensure you get the most out of your homebuying experience. We are there for you every step of the way.
5. Define Your Home Budget & Must-Haves
With your pre-qualification in hand, you’re ready to establish a realistic home budget. This clarity means you can focus on what you really want in your new home.
Take some time to develop a definitive list of your “must-have” features. By strategically prioritizing your essential needs and wants, you ensure your new home not only fits comfortably within your financial means but also genuinely checks all your most important boxes.
6. Don’t Forget Closing Costs
You’ve found your perfect home and are nearing the finish line—congratulations! But before you get the keys, you need to account for closing costs. Paid at the closing table, these essential fees typically range from 2% to 5% of the home’s purchase price, covering items like attorney fees, title insurance and property taxes4.
By budgeting for these expenses upfront, you ensure a truly smooth transaction and prevent any last-minute financial surprises, allowing you to move into your new home with complete peace of mind.
Financial readiness is key for a successful first-time homebuying experience. Follow these steps to make informed decisions, avoid common pitfalls and ensure a smooth, confident journey to your new home.
Make this new year the one you find your perfect home. Visit a premier Lennar community and see what’s waiting for you.
Information provided above is provided “as is,” and is for general guidance only and it does not constitute the provision of financing advice. Lennar makes no guarantees of its accuracy or completeness.
*Requesting a loan prequalification and making a loan application do not constitute a loan approval or otherwise indicate that a consumer has or will qualify for a loan from Lennar Mortgage, LLC or any other lender. Prequalifying with Lennar Mortgage, LLC is voluntary and is not required in order to obtain a loan from Lennar Mortgage, LLC and/or purchase a home from Lennar Corporation or any of its affiliated homebuilders. Prequalification does not (a) constitute a loan approval or indicate that you have or will qualify for a loan from Lennar Mortgage or any other lender; or (b) guarantee you will qualify to purchase a Lennar home. Financing is available through seller’s affiliate Lennar Mortgage, LLC but use of Lennar Mortgage, LLC is not required to purchase a home (See Affiliated Business Arrangement Disclosure). Lennar Mortgage, LLC – NMLS # 1058. www.nmlsconsumeraccess.org. AL: Consumer Credit License 23057; AZ: Mortgage Banker License # 0904844; AR: 717 Main Street, Suite 200-300, North Little Rock, AR, 501-301-4229; CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. RMLA # 4130443; CO: Cindy Faulkner, NMLS # 257681, 720-574-9226; DE: Licensed Lender # 7606; FL: Mortgage Lender/Servicer License # MLD549; GA: Branch NMLS# 315634, Branch License # 53893, 11560 Great Oaks Way, Suite 100-A, Alpharetta, GA 30022, “Georgia Residential Mortgage Licensee”; ID: Mortgage Broker/Lender License # MBL-2080001058; IL: Illinois Residential Mortgage Licensee, www.nmlsconsumeraccess.org, MB0002095-002, 1700 East Golf Road, Suite 100, Schaumburg, IL 60173. For questions related to state law, contact the Division of Mortgage Banking, 100 West Randolph St., 9th Floor, Chicago, IL 60601. Toll Free (888) 473-4858 / TTY (866) 325-4949. For licensing information, go to: www.nmlsconsumeraccess.org.; KS: Kansas licensed mortgage company. State License # MC.0025572; MD: Mortgage Lender License # 1058; MA: Mortgage Lender & Broker License # MC1058; NV: Mortgage Company License # 1055; 6385 S. Rainbow Blvd, Suite 300A, Las Vegas, NV 89118, 702-868-3952; NJ: Licensed by the New Jersey Department of Banking and Insurance. 2465 Kuser Road, 3rd Floor, Hamilton, NJ 08690, 609-245-2240. First and second mortgage financing; NY: Licensed Mortgage Banker – NYS Department of Financial Services, LMBC 110865, 1285 Drummers Lane, Suite 100A, Wayne, PA 19087; NC: NC Morrisville Branch NLMS # 69333; Charlotte Sales Center Branch NMLS # 1726680; AZ Sales Center Branch NMLS #: 1726672; St. Petersburg, FL Branch NMLS #2207; Miami Branch FL NLMS # 871989; Charleston SC Branch NMLS 313773; Columbia SC NMLS # 2570324; Greenville SC NMLS 2306440; Myrtle Beach SC Branch NMLS # 104168; Chantilly Branch VA NMLS #33407; Williamsburg Branch VA NMLS # 301621; OR: 17801 S.E. 6th Way, Suite 100A, Vancouver, WA 98683; PA: Licensed by the Pennsylvania Department of Banking and Securities pursuant to the Mortgage Act. Wayne Branch NMLS # 133968; AZ Sales Center Branch NMLS # 1726672; Millsboro DE Branch NMLS # 1962921; St. Petersburg, FL NMLS #22071; Columbia MD NMLS # 134117; Hamilton NJ NMLS # 929524; Charlotte NC Sales Center Branch NMLS # 1726680; SC: Charleston Branch NMLS # 313773; Columbia Branch NMLS #2570324; Greenville Branch NMLS # 2306440, Hardeeville Branch NMLS #2321187, Myrtle Beach NMLS #104168; AZ Sales Center Branch NMLS #: 1726672; Roseville CA Branch NMLS 1873433; St. Petersburg, FL Branch NMLS #22071; Ft. Myers NMLS # 1693248; Jacksonville NMLS #990771; Orlando FL NMLS # 978236; Charlotte NC Sales Center Branch NMLS # 1726680; Morrisville NC NMLS # 69333; Franklin TN NMLS # 1255963; Chantilly VA NMLS # 33407; TX: www.lennarmortgage.com. 7 TAC §81.200(c) – “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.; UT: DFI Residential First Mortgage License # UDFI-RFMN2015; DRE Mortgage Entity License #8070821; VA: Licensed by the “Virginia State Corporation Commission,” (www.nmlsconsumeraccess.org); WA: Consumer Loan License # CL-1058.
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Sources:
2 https://www.nerdwallet.com/mortgages/learn/fha-loan
3 https://www.visualcapitalist.com/sp/ter01-the-rising-age-of-first-time-home-buyers/
