Feeling frustrated with the home buying process? You're not alone. According to a survey by Realtor.com, 72% of first-time buyers are hoping to buy this year, but challenges like a competitive market and saving for a down payment can keep them sidelined. Before you start searching for your dream home online, here are 7 key facts about home buying that you should know:

You don't need 20 percent down: While putting down 20 percent or more on a home has advantages, it's not a necessity. Low down payment options have been around for a long time and data shows that low down payment loans with sound underwriting are just as successful as loans with large down payments. Plus, using a low down payment loan may allow you to buy a home now instead of waiting for years, leaving your savings for other home buying expenses.

Take a homebuyer education course: Did you know there are education courses that can help you prepare for homeownership? Homebuyer education is typically required when using a homebuyer assistance program, but any buyer can benefit. In these courses, you'll learn about the home buying process, mortgage terms, budget planning, credit improvement, and more. Studies have found that participating in these courses helps buyers avoid delinquencies and significantly reduces the risk of foreclosure.

Find an agent: A real estate agent will be an important member of your home buying team. Even if you plan to find a home on your own, a real estate agent can help you navigate contracts, set up home inspections, and provide expert guidance. The home buying process can be overwhelming for new buyers, and having an agent by your side can make it smoother and less stressful.

Find the right lender: Your mortgage lender will help secure your home financing, and there are many types of banks and lenders who can help. It's important to shop around and interview your lender for the job, as your finances and home buying goals are unique. Ask important questions to your mortgage lender to make an informed decision.

Your credit score matters: Your credit score will determine the type of loan you get, as well as the interest rate and points paid. A higher credit score can get you a more affordable loan with more options for a low down payment. Review your credit report, make adjustments, and get prepared so you can enjoy the lowest interest rate possible and save money over the life of your loan.

Down payment assistance programs can offer savings: Many homebuyers are unaware of homebuyer assistance programs that can help them get into a home sooner and provide a valuable cash cushion for other expenses. These programs can help you save on your down payment and closing costs, or even provide ongoing tax credits. Ask your lender and real estate agent about these programs and do some research to find out what might be available in the area where you want to buy.

Don't forget to budget for closing costs: While most buyers focus on saving for a down payment, closing costs can add up to another 2 to 5 percent of the home price. It's important to factor in these costs so you are prepared for the closing table. Ask your agent about negotiating these costs with the seller, and check if there are any homebuyer assistance programs that can help you cover your closing costs.

By being aware of these key facts about home buying, you can navigate the process with confidence and make informed decisions. Don't let the challenges of the market or down payment savings hold you back from achieving your homeownership goals. With the right knowledge and guidance from professionals like real estate agents and mortgage lenders, you can successfully navigate the home buying process and find your dream home.