Your First Home: How To Buy a House For First-Time Home Buyers

Stacie Rihl | First-Time Homebuying Expert
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Welcome to Your First Home Podcast - I'm your host and homebuying expert Stacie Rihl and I've spent the last 8 years helping first-time homebuyers like you make their dreams of owning a home reality. Buckle up, because we're about to demystify the process and learn everything we should have been taught in school about the biggest and most exciting purchase you'll ever make. Your first home.

  1. 3d ago

    41. Market Update: Are Home Prices and Mortgage Rates Going to Drop in 2026?

    If you've been watching the housing market and wondering whether you should hold off on buying, you're not alone. Home prices just hit an all-time high, mortgage rates are hovering above 6.5%, and the headlines make it feel like the worst possible time to buy your first home. In this episode, I break down exactly what's happening with home prices and mortgage rates right now, what the data is actually telling us about where things are headed, and why waiting for the "perfect time" could mean waiting forever. Ready to take the first step of finding your first home? Connect with a FAME agent in your area (it's free!) WHAT YOU'LL LEARN TODAY: Why home prices hitting a record high in spring 2026 is actually normal, and what the 2.5% year-over-year increase tells you about market health How housing inventory is shifting differently by region (Northeast and Midwest up, South and West down) and what that means for your local market Why the lock-in effect from pandemic-era interest rates below 3% is still keeping inventory low six years later What the current mortgage rate of 6.52% means compared to this time last year, and why rates probably won't drop anytime soon How inflation, unemployment, and the Federal Reserve's decisions all factor into where mortgage rates are headed Why basing your home buying budget on today's rates and prices (not predictions) is the smartest move you can make right now RESOURCES MENTIONED: Connect with a FAME agent in your area (free) Free homebuying masterclass Redfin Housing Market Data Mortgage News Daily — Current Rates CONNECT WITH ME: Follow me on Instagram Visit my website CHAPTERS: 00:00 — Home prices and interest rates: what's actually happening right now 00:43 — Disclosure: this data reflects conditions as of late June 2026 01:22 — Why home prices peak every spring and what the $408K median means 02:59 — The 2.5% price increase is exactly what was predicted — and it's actually healthy 04:17 — Housing inventory: why it matters and how the lock-in effect is keeping supply low 05:30 — Regional breakdown: inventory rising in the Northeast and Midwest, dropping in the South and West 06:53 — Mortgage rates right now: 6.52% and why that's lower than last year 07:28 — How inflation, employment, and the Fed influence where rates go next 10:30 — The bottom line: rates are likely staying put, and waiting probably won't help 11:23 — How to connect with a FAME agent if you're ready to start the process

    13 min

  2. Jul 1

    40. Buying a House Solo vs With a Partner: What First-Time Homebuyers Need to Know

    If you're buying your first home, one of the earliest decisions you'll face is whether you're doing it alone or with a partner. And if you're buying together, whether being married actually changes anything. It does, more than most people expect. Stacie breaks down how lenders evaluate your income and credit differently depending on whether you apply solo or jointly, the financial risks of buying a house with someone you're not married to, and the legal protections (or lack thereof) that you need to understand before you sign anything. Ready to take the first step of finding your first home? Connect with a FAME agent in your area (it's free!) What you'll learn today: How buying solo changes what you qualify for, and why your income-to-debt ratio matters even more without a second earner Why lenders use the lowest middle credit score when two people apply together, and how that can raise your interest rate The workaround that lets one partner stay off the mortgage but still own the home,  and the financial risk that comes with it What community property states (like Texas, California, and Arizona) mean for married buyers, even if only one spouse is on the mortgage Why buying a house with someone you're not married to is essentially a financial marriage, and what a cohabitation agreement protects you from When it makes more sense to have one person buy and the other pay rent, even if you're in a committed relationship Resources mentioned: Connect with a FAME agent in your area (free) Free homebuying masterclass Episode 3: Can you realistically buy a house solo? With Lily Wyss "How much house can you afford" guide Connect with me: Follow me on Instagram Visit my website CHAPTERS: 00:00 — Solo vs. partner: does it change how you buy a house? 00:50 — Solo female homeownership just hit a record 20 million 01:26 — How lenders evaluate your income when you buy alone 02:53 — How both incomes and both debts get combined when you buy together 03:47 — Why lenders use the lowest middle credit score on a joint application 05:26 — The workaround: one person on the mortgage, both on the deed 06:38 — The financial risk of being on the deed but not the loan 08:49 — What community property states mean for married buyers 09:27 — Buying married vs. not married: same process, very different legal protections 10:42 — Why buying a house together without marriage is a financial commitment you can't easily undo 11:47 — What a cohabitation agreement covers and why you might need one 12:44 — When having one person buy and the other pay rent is actually the smarter move

    14 min

  3. Jun 24

    39. 7 Signs You Should Wait to Buy a House (And What to Do Instead)

    Not every first-time homebuyer who wants to buy should buy right now, and knowing the difference between "not yet" and "let's go" can save you from a really expensive mistake. Stacie walks through seven signs that you should pump the brakes on buying a house, from financial red flags like credit card debt and unstable income to less obvious ones like not knowing your neighborhood well enough or not having a strong reason to own in the first place. And if none of these apply to you? She tells you exactly what to do next. Ready to take the first step of finding your first home? Connect with a FAME agent in your area (it's free!) What you'll learn today: Why not being tied to a specific location is one of the biggest reasons to hold off, and the real cost of buying before you're settled How struggling to save the minimum 3% down payment is a signal about more than just your savings balance What to research about a neighborhood before you even consider making an offer (including the Reddit and Facebook deep dive trick) Why carrying $10,000+ in credit card debt at 25% interest changes the math on homeownership How to think about income stability when you're buying solo vs. buying as a couple The difference between "I can't comfortably afford it" and "I just wish it were cheaper," and why that distinction matters Why "buying is better than renting" isn't actually a good enough reason to buy a house Resources mentioned: Connect with a FAME agent in your area (free) Free homebuying masterclass Episode 33: How To Set a Realistic Budget for Your First Home (Without Going House Poor) Episode 29: Is Buying a House Worth It in 2026? The Truth First-Time Buyers Need to Hear Connect with me: Follow me on Instagram Visit my website CHAPTERS: 00:00 — What are the signs you should actually wait? 01:20 — Sign 1: You're not tied to a specific location yet 02:52 — Sign 2: You're struggling to save the minimum down payment 04:25 — Sign 3: You haven't researched the area you're looking in 07:18 — Sign 4: You have significant credit card debt 08:11 — Sign 5: Your income isn't stable enough yet 09:12 — Sign 6: The monthly payment would put you in financial distress 10:03 — Sign 7: You're buying for the wrong reasons

    14 min

  4. Jun 17

    38. 3 Ways to Negotiate a Lower Interest Rate: How do Buy Downs Work for First-Time Homebuyers?

    Interest rates have been above 6% for most of 2026, and if you're a first-time homebuyer, that number can feel like a dealbreaker. But here's what most people don't realize: almost half of recent buyers locked in rates well below what the market was offering. In this episode, I show you three proven strategies to negotiate a lower mortgage interest rate, including how to shop lenders the right way, what permanent and temporary buy downs actually cost you, and when each one makes sense based on your timeline and financial situation. Ready to take the first step of finding your first home? Connect with a FAME agent in your area (it's free!) What you'll learn today: How to shop lenders within a 14-day window and use competing quotes to negotiate your rate down Why even an eighth of a percent lower on your interest rate can save you tens of thousands over a 30-year mortgage What a permanent buy down (paying points) actually costs and when it makes financial sense The break-even math on a permanent buy down and why it only works if you're staying long-term How a 2-1 temporary buy down works, what it costs upfront, and why most buyers use seller concessions to pay for it The biggest risk of a temporary buy down and how to make sure you can afford the payment when the rate adjusts Resources mentioned: Connect with a FAME agent in your area (free) Free homebuying masterclass Connect with me: Follow me on Instagram Visit my website   CHAPTERS: 00:00 — Interest rates are above 6% — here's how to work the system 01:04 — 45% of buyers got rates under 5% — how they did it 01:46 — Strategy 1: Shop lenders and negotiate your rate directly 03:24 — Strategy 2: Permanent buy downs — paying points for a lower rate 05:08 — The break-even math: when paying points actually saves you money 08:41 — Strategy 3: The 2-1 temporary buy down explained 10:26 — The risks of a temporary buy down 12:44 — How to connect with a FAME agent for free

    14 min

  5. Jun 10

    37. How Much Do You Really Need For a Down Payment As a First-Time Home Buyer? 3-5% Down vs. 20% Down

    You've probably heard that you need 20% down to buy a house. And if you've done the math on what that actually looks like in 2026, it might feel impossible. The truth is, the 20% rule comes from a time when home prices were a fraction of what they are today — and most first-time homebuyers are putting down far less. In this episode, I break down the real pros and cons of a larger versus smaller down payment, explain how mortgage insurance actually works (and what it costs), and walk you through how to decide what the right amount is for your situation. Ready to take the first step of finding your first home? Connect with a FAME agent in your area (it's free!) What you'll learn today: Why the 20% down payment rule is outdated, and the 1980 vs. 2026 math that proves it The three real benefits of putting 20% down (lower payment, negotiating power, and home equity) and who they matter most for Why a small down payment can be a financial risk if you need to sell your home quickly How mortgage insurance (PMI) works, what it actually costs, and when you can cancel it Why putting 10% down instead of 3% can cut your PMI from $350/month to $132/month How to use a mortgage calculator to figure out what monthly payment you're actually comfortable with When it makes sense to buy with a smaller down payment instead of waiting years to save more Resources mentioned: Connect with a FAME agent in your area (free) Free homebuying masterclass Fannie Mae mortgage calculator Episode 33: How to Set a Realistic Budget for Your First Home (Without Going House Poor) Connect with me: Follow me on Instagram Visit my website   CHAPTERS: 00:00 — How much do you really need for a down payment as a first-time buyer? 01:01 — The great debate: save 20% or buy with 3–5% down? 01:48 — Why the 20% rule is outdated (1980 vs. 2026 math) 04:12 — Benefit #1: Lower monthly payment with no mortgage insurance 04:43 — Benefit #2: Negotiating power in competitive markets 06:44 — Benefit #3: Home equity and why low equity is a financial risk 08:29 — The biggest drawback of waiting to save 20% down 09:35 — Opportunity cost: could your money be working harder elsewhere? 10:16 — Why draining your savings for a bigger down payment can backfire 11:15 — What if you don't have 20% saved? Start here 13:48 — What mortgage insurance (PMI) actually is and how it works 15:10 — How much PMI costs (it's probably less than your streaming subscriptions) 17:42 — When and how you can cancel mortgage insurance 18:31 — How to decide what down payment amount is right for you 19:40 — Your next step: connecting with a first-time homebuyer agent

    21 min

  6. Jun 3

    36. When to Start Looking for a House: The Step-by-Step Timeline for First-Time Homebuyers

    How far in advance should you actually start the home buying process? If you're someone who likes to have a plan before making a big decision, this episode maps out the full timeline: what to do more than a year out, when to connect with an agent, when to talk to a lender, and exactly when to start seriously touring homes. I also explain why jumping straight to scheduling tours on Zillow can actually set you back, and how the way mortgage payments are structured gives you more flexibility than you might think. Ready to take the first step of finding your first home? Connect with a FAME agent in your area (it's free!) What you'll learn today: How long it actually takes from finding a home to getting your keys (and why it's shorter than most people think) Why three to four months before your lease is up is the sweet spot to start seriously house hunting How your first mortgage payment skips a month and why that gives you more flexibility than you'd expect Why connecting with a trusted agent six to twelve months out sets you up to make confident decisions fast The reason scheduling tours on Zillow too early can leave you panicking when it's time to make an offer Why knowing the home buying process before you start looking is the single biggest thing you can do to feel ready When to talk to a lender and why online mortgage calculators aren't enough once you're seriously looking What to focus on if you're more than a year out from buying: credit, savings, and browsing without pressure Resources mentioned: Connect with a FAME agent in your area (free) Free homebuying masterclass Episode 33: How to Set a Budget Before Buying a House Episode 34: How Much of Your Income Should You Spend on a House? Connect with me: Follow me on Instagram Visit my website   CHAPTERS: 00:00 — How early is too early to start buying a house? 01:05 — From accepted offer to keys: the one-to-two month closing timeline 01:51 — Why you should start seriously house hunting three to four months before your lease is up 02:25 — How competitive vs. buyer's markets affect your timeline 03:21 — Why your first mortgage payment skips a month (and what that means for your budget) 05:04 — How your closing timeframe is negotiable with sellers 06:23 — Why starting early beats rushing — even if it means dragging out your timeline 06:43 — What "seriously looking" actually means and why offers are a big deal  08:12 — The three things you need before you start touring homes 08:46 — Step 1: Learn the home buying process before you start looking 10:12 — Why scheduling tours on Zillow without preparation can backfire 11:28 — Step 2: Connect with a trusted agent six to twelve months out 13:51 — Step 3: Know your numbers by talking to a local lender 15:09 — What to do if you're more than a year out from buying

    17 min

  7. May 27

    35. How to Save Money Buying a House in 2026: 3 Strategies First-Time Buyers Need to Know

    Buying a home is expensive, but it doesn't have to be as expensive as you think. In this episode, I'm breaking down three proven strategies to save money while buying a house, from being flexible on what you're looking at, to timing your search in the off season, to negotiating your mortgage rate and fees. I've used all three of these strategies myself across three home purchases, including an investment property where every dollar counted. If you're a first-time homebuyer trying to stretch your budget further, these are the moves that actually make a difference. Ready to take the first step of finding your first home? Connect with a FAME agent in your area (it's free!) What you'll learn today: Why your must-have list should be short and how flexibility on everything else can save you thousands What to look for in a home that's well-maintained but cosmetically outdated, and why that's actually the best deal How staging and good photos trick buyers into overpaying and what to look for instead Why days on market matters and how homes listed for 14+ days give you more negotiating power How exploring less popular neighborhoods can get you a better home at a lower price Why shopping for a home in winter instead of spring can save you $20,000–$30,000 How to negotiate your mortgage interest rate by getting competing lender quotes within 14 days Why even a quarter-point difference in your interest rate can save you $50,000+ over the life of your loan Resources mentioned: Connect with a FAME agent in your area (free) Free homebuying masterclass Episode 26: When is the BEST and WORST time to buy a house? Connect with me: Follow me on Instagram Visit my website   CHAPTERS: 00:00 — Three strategies to save money buying a house 01:17 — Strategy 1: Get crystal clear on your must-haves and be flexible on everything else 02:48 — Why a cosmetically outdated home is actually the best deal 04:18 — If it meets your must-haves, go look at it even if the photos are bad 06:15 — How staging tricks buyers into paying more 09:00 — Why "cute" houses cost more and what to look for instead 09:13 — Days on market: why 14+ days means negotiating power 10:09 — Being flexible on location and exploring less popular neighborhoods  12:38 — Strategy 2: Shop for a home in the off season 13:18 — Start looking in winter even if your lease isn't up until spring 14:46 — Strategy 3: Negotiate your interest rate and fees with lenders 15:58 — The 14-day credit shopping window and why you should get three quotes 16:38 — Recap: three ways to save money when buying a house

    18 min

  8. May 20

    34. How Much of Your Income Should You Spend on a House? Budgeting Formulas for First-Time Buyers

    Setting a budget is one of the most confusing parts of buying your first home, especially when the advice you're hearing was written for a completely different housing market. In this episode, I break down the three most common budgeting formulas for how much of your income should go toward your mortgage (what lenders will pre-approve you for, the 28% rule, and the 25% rule) so you can figure out what actually makes sense for your income, your lifestyle, and where you live. I also share what my husband and I were pre-approved for versus what we were actually comfortable spending, and why the "right" number is different for everyone. Ready to take the first step of finding your first home? Connect with a FAME agent in your area (it's free!) What you'll learn today: What lenders will actually pre-approve you for and why that number is almost always higher than what you should spend The 28/36 rule: how to calculate 28% of your gross income as a mortgage ceiling and why financial experts recommend it Why Ramit Sethi's version of the 28% rule includes maintenance and utilities, and how to estimate those costs The 25% rule: a more conservative formula using your take-home pay instead of gross income, and when it's realistic How the average home price, interest rates, and cost of living affect which formula actually works for you Why high earners, salaried workers, and business owners may each land on a different comfortable percentage How to find the sweet spot between what the formulas say and what you can actually sustain month to month Resources mentioned: Connect with a FAME agent in your area (free) Free homebuying masterclass I Will Teach You To Be Rich, by Ramit Sethi Connect with me: Follow me on Instagram Visit my website   CHAPTERS: 00:00 — How much of your income should you spend on a house? 00:54 — Why a lot of housing affordability advice is outdated 02:48 — What lenders will pre-approve you for (and why it's too high) 04:00 — Our pre-approval was more than my husband's entire paycheck 05:24 — The 28/36 rule: 28% of gross income for your mortgage 06:11 — Ramit Sethi's recommendation and how total housing costs factor in 07:24 — Why these formulas use gross income instead of take-home pay 08:13 — Why some people think 28% is still too high 08:45 — HUD's 30% guideline for housing affordability 09:19 — The 25% rule: a more conservative formula using take-home pay 10:58 — Why the 25% rule isn't realistic in many markets today 11:37 — What I personally spend and why I land between 25–28% of gross 13:13 — How income type, cost of living, and earnings level change the math 14:23 — Finding the sweet spot: what are you actually comfortable with? 15:19 — Connect with a FAME agent in your area

    16 min
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About

Welcome to Your First Home Podcast - I'm your host and homebuying expert Stacie Rihl and I've spent the last 8 years helping first-time homebuyers like you make their dreams of owning a home reality. Buckle up, because we're about to demystify the process and learn everything we should have been taught in school about the biggest and most exciting purchase you'll ever make. Your first home.

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