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FHA loan is a government-backed mortgage with easier qualification:Requirements:• Credit score 580+ (for 3.5% down)• Credit score 500-579 (for 10% down)• Debt-to-income ratio below 43%• Steady employment for 2 years• The home must be your primary residencePros: Low down payment (3.5%), accepts lower credit scores, competitive rates.Cons: Mortgage insurance required for life of loan (unless you refinance), loan limits vary by area.Best for: First-time buyers with limited savings or lower credit scores.Full guide: First-Time Home Buyer Guide

A rate lock freezes your mortgage interest rate for 30-60 days while your loan is processed. Even if market rates go up during that time, you keep the locked rate.When to lock: Once you have a signed purchase agreement and are happy with the current rate.How long: 30 days is standard (free). 45-60 days may cost a small fee.Can it go lower? Some lenders offer "float down" options — if rates drop significantly after locking, you can get the lower rate.Always lock your rate once you are under contract. Rate changes of even 0.25% cost thousands over 30 years.More: Mortgage Rates Explained

Minimum scores by loan type:Conventional loan: 620 (but 700+ gets best rates)FHA loan: 580 (with 3.5% down)VA loan: No official minimum (but 620+ preferred)Rate impact: On a $300,000 mortgage, score of 760+ gets ~6.0% vs 620 gets ~7.8%. That 1.8% difference costs you $128,160 extra over 30 years.If your score is below 700, spend 3-6 months improving it before applying — the savings are massive.Improve your score: Credit Score Guide

Using the 28/36 rule on $80,000/year ($6,667/month):Max housing payment (28%): $1,867/monthMax total debt (36%): $2,400/monthAt 6.5% rate, 30-year term, $1,867/month supports roughly a $290,000 mortgage. With 20% down, that means a home price of about $362,000.But remember to add property taxes, insurance, and maintenance — the real cost is more than just the mortgage.Full guide: How Much House Can I Afford?

It depends on your situation:Buy if: Staying 5+ years, stable income, have 10-20% down payment, housing costs under 28% of income.Rent if: Might move in 3-5 years, prefer flexibility, home prices overvalued in your area.Quick rule (5% rule): Home price × 5% ÷ 12 = monthly breakeven. If rent is less than this, renting wins financially.Full comparison: Rent vs Buy Guide