First-Time Homebuyer Checklist

Ready to buy your first home? Follow this simple checklist to guide you through the process.

1. Determine Your Budget

Start by figuring out how much house you can afford. This prevents falling in love with a home that stretches your finances. You may also need extra time to save for a down payment or improve your credit. Setting a realistic budget makes the rest of your home buying process smoother.

2. Find a Professional

You don’t have to hire a real estate agent, but doing so can help, especially if this is your first home. An agent can:

• Explain the local real estate market

• Negotiate with sellers on your behalf

• Schedule showings at potential properties

• Prepare legal contracts

• Recommend inspectors, repair people, and lenders

3. Get Pre-Approved by a Lender

Meet with a few lenders to compare terms and see how easy they are to work with. Banks, credit unions, and mortgage companies can explain your loan options, including VA loans, FHA loans, or home rehab loans. Pre-approval shows that the lender has reviewed your finances and can approve your loan up to a certain amount.

4. Start Your Home Search

Provide your agent with your home criteria and budget. They will search available listings to find the best fit. Visit potential homes through private showings or open houses. Keep looking until you find the perfect place to call home.

5. Make a Purchase Offer

Once you find the right home, your agent will submit a purchase offer to the seller. The seller can accept, reject, or counter your offer. Negotiate until both parties agree. If you can’t agree, continue your home search.

6. Get a Home Inspection

Hire a licensed professional to inspect the home before finalizing the sale. This reveals any major repairs that need attention. Many purchase agreements include this as a contingency. You can:

• Back out if issues are serious

• Request the seller fix major problems

• Ask for a lower purchase price

Your lender may also require an appraisal to confirm the home’s value matches the loan amount.

7. Close on Your Purchase

Finally, sign the official purchase agreement and collect your keys. Closings usually occur at a law office or title company and are scheduled by your lender. Congratulations—you are now a homeowner!