First-Time Homebuyer Checklist
Buying your first home is exciting and overwhelming. This checklist breaks it down into manageable phases so nothing falls through the cracks.
7
Phases
40+
Action Items
3-6
Month Process
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Phase 1: Financial Preparation
3-12 months before buying
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Check your credit score
Aim for 620+ for conventional loans, 580+ for FHA. Get free reports from annualcreditreport.com
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Pay down existing debt
Lower your debt-to-income ratio below 43%. Pay off credit cards and avoid new debt.
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Save for down payment
Conventional: 3-20%, FHA: 3.5%, VA/USDA: 0%. Don't forget closing costs (2-5% of loan).
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Build emergency fund
Keep 3-6 months of expenses separate from your down payment.
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Avoid major purchases
No new cars, furniture, or credit cards until after closing.
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Gather income documentation
W-2s, tax returns, pay stubs, bank statements for the past 2 years.
Phase 2: Getting Pre-Approved
1-2 months before searching
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Research loan types
Conventional, FHA, VA, USDA. Each has different requirements and benefits.
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Shop multiple lenders
Compare rates from at least 3 lenders. Credit checks within 14-45 days count as one inquiry.
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Get pre-approval letter
Stronger than pre-qualification. Shows sellers you're a serious, qualified buyer.
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Understand your budget
Just because you're approved for X doesn't mean you should spend X. Factor in taxes, insurance, maintenance.
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Lock in your rate
Rate locks typically last 30-60 days. Ask about float-down options.
Phase 3: House Hunting
1-3 months
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Find a buyer's agent
Helps you find what fits your needs and negotiates on your behalf.
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Define your must-haves vs nice-to-haves
Bedrooms, location, school district, commute time, yard size.
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Research neighborhoods
Visit at different times of day. Check crime stats, school ratings, future development plans.
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Attend open houses
Get a feel for what your budget actually buys in different areas.
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Consider resale value
Even if it's your forever home, life changes. Avoid the most expensive house on the block.
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Check for smart home readiness
Network wiring, outlet placement, thermostat compatibility. Retrofitting is expensive.
Phase 4: Making an Offer
1-2 weeks
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Research comparable sales
Your agent will provide comps. Know what similar homes sold for recently.
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Determine offer price
Consider market conditions. Hot market = at or above asking. Slow market = room to negotiate.
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Include contingencies
Inspection, financing, appraisal. These protect you but may weaken offer in competitive markets.
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Submit earnest money
Typically 1-3% of purchase price. Shows good faith. Goes toward down payment at closing.
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Negotiate repairs or credits
After inspection, request fixes or price reduction for major issues.
Phase 5: Under Contract
30-60 days
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Schedule home inspection
Hire your own inspector. Attend the inspection and ask questions.
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Get specialized inspections if needed
Termite, radon, sewer scope, roof, foundation depending on home age and location.
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Order appraisal
Lender requires this. If appraisal comes in low, you can renegotiate or make up the difference.
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Secure homeowners insurance
Required by lender. Shop around. Bundle with auto for discounts.
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Finalize your loan
Provide any additional documents lender requests. Don't change jobs or make big purchases.
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Review title report
Ensures seller legally owns the property with no liens or claims.
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Schedule final walkthrough
24-48 hours before closing. Verify repairs made and home is in agreed condition.
Phase 6: Closing Day
The big day
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Review Closing Disclosure
Receive at least 3 days before closing. Compare to Loan Estimate for surprises.
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Wire funds or get cashier's check
Verify wire instructions by phone. Scammers target real estate transactions.
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Bring required documents
Photo ID, proof of insurance, cashier's check if not wiring.
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Sign closing documents
Take your time. Ask questions about anything you don't understand.
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Receive keys
Congratulations, you're a homeowner!
Phase 7: After Closing
First 30 days
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Change locks
You don't know who has copies of the old keys.
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Set up utilities
Electric, gas, water, internet, trash. Some may already be in your name from closing.
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Update your address
USPS, driver's license, voter registration, banks, subscriptions.
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File for homestead exemption
Reduces property taxes on your primary residence. Deadlines vary by state.
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Locate shutoffs
Know where water main, gas shutoff, and electrical panel are located.
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Create a maintenance schedule
HVAC filters, gutter cleaning, water heater flush. Maintenance prevents expensive repairs.
Closing Cost Calculator
Closing costs typically run 2-5% of your purchase price. Use this calculator to estimate what you'll need at closing.
Down Payment
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Closing Costs
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Frequently Asked Questions
How long does the home buying process typically take?
From the time you start seriously looking to closing day, expect 3-6 months. The financial preparation phase can add another 3-12 months if you need to improve your credit or save for a down payment. Once you're under contract, closing typically takes 30-60 days depending on loan type and any issues that arise during inspection or appraisal.
Can I skip any of these steps?
While some steps can be compressed or modified based on your situation, we strongly recommend against skipping key protections like the home inspection or appraisal contingency. Cash buyers may skip some financing-related steps, and VA/USDA loan recipients may skip certain down payment requirements. However, skipping financial preparation often leads to loan denials or being house-poor after closing.
What credit score do I need to buy a home?
Minimum credit score requirements vary by loan type: FHA loans require 580+ for 3.5% down (or 500-579 with 10% down), conventional loans typically require 620+, VA loans have no official minimum but lenders usually want 620+, and USDA loans generally require 640+. Higher scores get better interest rates. A 40-point increase could save you tens of thousands over the life of your loan.
How much should I save for a down payment?
Down payment requirements range from 0% (VA and USDA loans) to 3% (some conventional programs) to 3.5% (FHA) to the traditional 20%. However, putting less than 20% down usually means paying private mortgage insurance (PMI), which adds $50-200+ per month. Don't forget closing costs (2-5% of loan amount) and moving expenses. We recommend having at least 3-6 months of expenses saved beyond your down payment and closing costs.
Do I need a real estate agent?
While not legally required, working with a buyer's agent is highly recommended for first-time buyers. A good agent helps you find homes that meet your criteria, provides market knowledge and comparable sales data, negotiates on your behalf, guides you through paperwork, and coordinates with lenders, inspectors, and title companies. In most cases, the seller pays the buyer's agent commission, so it costs you nothing to have professional representation.
Need Help With Your Home Search?
Work with a tech-savvy Realtor who understands smart home infrastructure, network readiness, and what makes a home future-proof.
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