First-Time Home Buyer’s Guide: Everything You Need to Know

Buying your first home is exciting but overwhelming. This comprehensive guide walks you through every step of the process.

Assess Your Financial Readiness

• Check your credit score (aim for 620+, 740+ for best rates)
• Calculate how much you can afford (28% of gross income for housing)
• Save for down payment (3-20% depending on loan type)
• Budget for closing costs (2-5% of home price)

Get Pre-Approved

Before house hunting, get pre-approved for a mortgage. This shows sellers you’re serious and tells you exactly what you can afford.

Find the Right Home

• List your must-haves vs nice-to-haves
• Research neighborhoods thoroughly
• Consider future needs (family size, work location)
• Don’t skip the home inspection

Making an Offer

Work with your agent to submit a competitive offer. In hot markets, be prepared to move quickly and potentially offer above asking price.

First-Time Buyer Programs

FHA loans, VA loans, and state-specific programs offer lower down payments and better terms for first-time buyers.