10 Things Every First-Time Homebuyer Should Know

 

Buying your first home is a big deal—and while it’s an exciting milestone, it can also feel overwhelming if you’re not sure what to expect. Between the paperwork, the financing, and all the real estate jargon, it’s easy to feel lost. But don’t worry—here are 10 key things every first-time homebuyer should know to make the process smoother and less stressful.

1. You don’t need 20% down.
A lot of people think they have to wait until they’ve saved up a massive down payment, but that’s not always true. There are low down payment loan programs available—some as low as 3% down. In some cases, you may even qualify for down payment assistance or grants.

2. Get pre-approved before you shop.
A mortgage pre-approval gives you a clear idea of what you can afford—and shows sellers you’re serious. It can also help speed up the process when you’re ready to make an offer.

3. Know your credit score.
Your credit score impacts the interest rate you’ll get and whether you qualify at all. Before applying, check your credit report and take care of any issues.

4. Don’t forget about closing costs.
Many buyers focus on the down payment but overlook closing costs, which can range from 2–5% of the home price. Be sure to budget for them ahead of time.

5. You can still buy with student loans.
Yes, student debt can affect how much you qualify for, but it doesn’t necessarily disqualify you. Lenders look at your total debt-to-income ratio—so other strong factors like income and credit can help balance things out.

6. Choose the right loan for you.
There’s no one-size-fits-all mortgage. Some loans have lower down payments; others have more flexible credit requirements. A good lender will help you explore options like FHA, VA, USDA, conventional, or even non-traditional (non-QM) loans.

7. Don’t open new credit during the process.
Once you apply for a mortgage, hold off on opening new credit cards, buying a car, or financing furniture. Big financial changes can delay or even derail your loan approval.

8. The home inspection is important.
Never skip the inspection. It can uncover hidden issues with the home that could cost you thousands down the road—and give you room to negotiate with the seller.

9. Work with a great team.
Having the right real estate agent and loan officer makes all the difference. They’ll guide you, explain the process, and help you avoid common pitfalls.

10. Be patient and stay flexible.
The process can take time—and sometimes unexpected issues pop up. Stay calm, ask questions, and lean on your team for support.

Buying your first home might seem complicated, but with the right guidance and preparation, it’s absolutely doable—and incredibly rewarding. The key is to get informed, stay organized, and surround yourself with people who are there to help you succeed.

Ready to take the first step? Let’s talk about getting you pre-approved and on the path to homeownership.

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