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First-Time Homebuyer Guide
Everything you need to know about buying your first home — from understanding your options to closing day.
Buying your first home is one of the most significant financial decisions you will make. This guide walks through the key steps, common questions, and things to know before you start.
Understand Your Finances
Before you start looking at homes, get a clear picture of your income, debts, savings, and credit. Know your monthly budget, how much you have saved for a down payment and closing costs, and what your credit score looks like. These three factors — income, assets, and credit — are the foundation of your mortgage qualification.
Explore Loan Programs
First-time buyers have access to several loan programs designed with lower down payments and flexible guidelines. FHA loans require as little as 3.5% down. VA loans offer 0% down for eligible veterans and service members. USDA loans offer 0% down in eligible rural and suburban areas. Conventional loans start at 3% for some programs. Down payment assistance programs may also be available depending on your income and location.
Get Pre-Approved
A pre-approval letter shows sellers you are a serious buyer and gives you a clear price range to shop within. Pre-approval involves a credit check and review of your income and asset documentation. It is not a loan commitment, but it is a meaningful step that puts you in a stronger position when you find the right home.
Find Your Home
Work with a licensed real estate agent who knows your target market. Define your priorities — location, size, school district, commute — and be realistic about what you can afford. In competitive markets, being pre-approved and ready to move quickly matters.
Make an Offer and Go Under Contract
When you find the right home, your agent will help you structure an offer. If accepted, you will enter a contract period that includes a home inspection, appraisal, and final loan processing. Your earnest money deposit is typically held in escrow during this period.
Close on Your Home
Closing is the final step — you sign loan documents, pay closing costs and your down payment, and receive the keys. Review your Closing Disclosure carefully before closing day. It itemizes every cost and should match your Loan Estimate closely.
Ready to explore your options?
Use the loan finder to see which programs may fit your situation, or reach out directly.
This page is for educational purposes only. Loan program requirements and guidelines change frequently. Courtney Wright | NMLS# 1059199 | Innovative Mortgage Services, Inc. | NMLS# 250769 | Equal Housing Lender.