Am I Ready to Buy a House? Take the 2-Minute Mortgage Readiness Check

Not sure if you are ready to buy a home? Answer seven quick questions about your credit, debts, savings and work history. You will get a readiness score, the loan options your answers point to, and the first things to work on. It takes about two minutes and does not affect your credit.

Am I mortgage-ready? 2-minute check

Answer 7 quick questions to see where you stand and what to work on first. Nothing is saved or sent.

1. What is your credit score, roughly?
2. Any late payments in the last 12 months?
3. Do you have collections or charge-offs?Not counting medical bills.
4. Your monthly income and debt paymentsIncome before taxes. Debts = car, student loan, credit card minimums, personal loans. Leave out rent. Optional.
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5. How much have you saved for a down payment and closing costs?
6. How would you describe your work history?
7. Any bankruptcy or foreclosure?
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Loan options your answers point to

    What to work on first

      Want a personal plan? Our Philadelphia team will review your actual credit and show you exactly what to fix, in what order.

      Get my free Mortgage Readiness Analysis →

      How we calculate this

      Your score weighs the same things mortgage lenders review: credit score (30 points), recent late payments (15), collections (15), debt-to-income (15), savings (10), work history (10) and major credit events (5). It uses common guidelines, such as 580 for FHA with 3.5% down and 660 for PHFA down payment assistance, but every lender sets its own rules.

      This is an educational estimate, not a loan approval, credit decision or financial advice. The Mortgage Ready Program is not a lender.

      What lenders look at before they approve you

      • Credit score: 580 for FHA with 3.5% down, around 620 for conventional loans, and 660 for PHFA down payment assistance (see the credit score you need to buy a house).
      • Payment history: late payments in the last 12 months weigh heavily.
      • Collections: not automatically a deal-breaker, but larger balances must be accounted for (see buying a house with collections).
      • Debt-to-income ratio: total monthly debts, including the new mortgage, compared with your gross income (see DTI for mortgages).
      • Savings and income: money for the down payment and closing costs, and about two years of steady income.

      Want the full list? Use our first-time homebuyer readiness checklist or our guide to fixing your credit to buy a house. Buying in the city? See Philadelphia first-time home buyer programs.

      Am I ready to buy a house? FAQs

      How do I know if I am ready to buy a house?

      Lenders mainly look at five things: your credit score, recent payment history, your debt-to-income ratio, savings for a down payment and closing costs, and steady income. If those are in range, you are likely ready to talk to a lender about pre-approval.

      What credit score do I need to buy a house?

      FHA loans allow 580 with 3.5% down. Conventional loans usually start around 620, and PHFA down payment assistance in Pennsylvania requires 660. Individual lenders may set higher minimums.

      How much money do I need saved to buy a house?

      With an FHA loan you need at least 3.5% of the price for the down payment, plus closing costs. On a $250,000 home that is $8,750 down before closing costs. Down payment assistance and gift funds can cover part of it.

      Is this readiness check a credit check?

      No. It does not pull your credit and nothing you enter is saved or sent. It is an educational estimate based on your answers.

      The readiness check is an educational estimate, not a loan approval or credit decision. The Mortgage Ready Program is a Philadelphia-based credit repair and mortgage readiness program, not a lender.