How to Keep Your Credit Strong During Economic Shifts and Know If You’re Ready to Buy a Home

Learn what rising delinquencies mean for your finances, plus how to decide if you're truly ready to buy your first home.

What happens if you fall behind on your loan or credit card payments? How much do you actually need to buy a house? Hosts Sean Pyles and Elizabeth Ayoola discuss rising debt delinquencies and first-time homebuying realities to help you protect your credit and avoid costly financial missteps. Joined by NerdWallet senior news writer Anna Helhoski, they begin with a discussion of climbing delinquency rates across student loans, credit cards, auto loans, and government-backed mortgages, with tips and tricks on how to spot trouble early, prioritize which bills to pay first, and avoid risky quick-fix debt solutions.

Then, mortgage Nerd Abby Badach Doyle joins Sean and Elizabeth to discuss what it takes to buy a home for the first time. They discuss how much you actually need for a down payment, what to expect with closing costs, and smart alternatives to tapping your 401(k). You'll also hear the pros and cons of renting versus buying, why assembling a strong homebuying “squad” matters, and how to find down payment assistance that could make homeownership more realistic — even in today’s high-cost housing market.

Use NerdWallet’s free home affordability calculator to see how far your homebuying budget could take you: https://www.nerdwallet.com/calculator/how-much-house-can-i-afford 

Learn how a first-time home buyer class can help you find grants, down payment assistance and a lower monthly payment: https://www.nerdwallet.com/article/mortgages/first-time-home-buyer-class 

In their conversation, the Nerds discuss: debt delinquencies, student loan default, FHA loan delinquency, auto loan delinquency, mortgage delinquencies, government loans vs conventional loans, student loan wage garnishment, rising credit card debt, prioritizing debt payments, what is PMI, down payment assistance programs, 401k loan for house, using IRA to buy home, renting vs buying a home, how much to put down on a house, closing costs explained, first time homebuyer loans, home affordability calculator, 28/36 rule mortgage, credit score for mortgage, PMI removal, VA loans, FHA loan requirements, USDA mortgage, best mortgage for first-time buyer, first-time homebuyer class, home buying on tight budget, mortgage broker vs lender, emotional readiness to buy a house, how to get rid of PMI, renting benefits, first-time homebuyer grants, how to avoid default, homebuying myths, home equity, and down payment myths.

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.

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