Are You Ready
to Buy a House?
Check off what's already true. Eight factors, weighted by how much lenders and reality actually care about them — instant readiness meter, no sign-up.
Quick answer
Homebuying readiness comes down to a handful of factors lenders actually weigh: down payment, debt-to-income ratio (DTI), credit score, and cash reserves beyond the down payment. Most conventional loans allow a DTI up to roughly 43%, and a 20% down payment avoids private mortgage insurance (PMI) but isn't required — some conventional loans allow as little as 3–5% down.
Closing costs — typically 2–5% of the loan — are due at signing on top of the down payment, and are one of the most commonly underestimated parts of the process.
Last updated 24 August 2026.
The 8-item checklist
Check what's already true — each item shows why it matters either way.
Tap any item to check it off and see why it matters.
Your readiness meter
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Early Stage
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Highest-value gap — start here
I have (or am close to) a 20% down payment saved: 20% down avoids private mortgage insurance (PMI) on a conventional loan — but plenty of buyers put down far less; some conventional loans go as low as 3–5%, just with an added monthly PMI cost until enough equity builds up.
AI mortgage agent
Morgan
Morgan can help you work through your down payment, using your real numbers.
Free to download · iOS & Android · no bank linking required
Frequently asked questions
Do I need 20% down to buy a house?+
No — 20% avoids private mortgage insurance (PMI) on a conventional loan, but many buyers put down far less. Some conventional loans allow as little as 3–5% down, and government-backed loans (FHA, VA, USDA where eligible) have their own lower thresholds — the trade-off is an added monthly PMI or funding-fee cost until enough equity builds up.
What debt-to-income ratio do lenders want?+
Most conventional loans allow total DTI (including the new mortgage) up to roughly 43%, though lenders generally view 36% or lower as a strong position. DTI is calculated as your total monthly debt payments divided by your gross monthly income.
How much are closing costs?+
Typically 2–5% of the loan amount, due at signing on top of the down payment — on a $400,000 loan, that's roughly $8,000–$20,000. It's one of the most commonly underestimated parts of the homebuying process.
Does checking rates from multiple lenders hurt my credit score?+
Not meaningfully. Rate shopping within a short window — typically 14 to 45 days depending on the credit scoring model — is generally counted as a single inquiry rather than several separate ones.
Does this quiz store or share my answers?+
No. Every answer and the result are computed in your browser and never sent anywhere.
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Educational only, not financial or lending advice. Richify holds no AFSL, is not a registered investment adviser or mortgage broker, and this checklist is a self-assessment rather than a pre-qualification.
