Get Expert Financing
- Matched with investor-friendly lenders
- Fast pre-approvals-no W2s required
- Financing options fro rentals, BRRRR, STRs
- Scale your portfolio with confidence
Buying your first home is one of the most exciting—and financially significant—decisions you’ll ever make. But the process can feel confusing if you’re not sure where to start.
That’s why we created this easy-to-follow step-by-step guide to buying a house, designed specifically for first-time homebuyers. From prepping your credit to signing the final paperwork, here’s everything you need to know.
Step 1: Check Your Financial Readiness
Before falling in love with your dream home, you need to understand what you can afford.
- Check your credit score—Most mortgage programs require a score of 580 or higher.
- Calculate your monthly budget—Factor in mortgage payments, taxes, insurance, and maintenance.
- Estimate your down payment—You may need as little as 3% down with conventional or FHA loans.
🔍 Tool to Try: Affordability Calculator
Step 2: Understand Your Mortgage Options
Not all home loans are created equal. First-time buyers often benefit from flexible loan programs like:
- FHA Loans: Great for lower credit and minimal down payment.
- USDA Loans: Ideal for rural homebuyers with 0% down.
- VA Loans: Zero-down option for veterans and military.
- Conventional Loans: Strong credit? You could put just 3% down and avoid mortgage insurance faster.
Compare all your options using our Loan Comparison Calculator.
Step 3: Get Pre-Approved for a Loan
Once you’ve picked the best loan type, it’s time to get pre-approved. This step:
- Gives you a clear price range
- Shows sellers you’re serious
- Helps you shop with confidence
🏡 Tip: Pre-approval letters are typically valid for 60–90 days. Refresh it if your search takes longer.
Step 4: Find a Real Estate Agent and Start House Hunting
With financing in place, you can now find a real estate agent and start viewing homes.
- Choose an agent who understands first-time buyers and your target area.
- Create a list of must-haves vs. nice-to-haves.
- Visit open houses, tour listings, and act fast when you find “the one.”
Need help finding an agent? Our partner network can match you with a trusted local expert.
Step 5: Make an Offer and Negotiate
You’ve found the home. Now it’s time to make an offer.
- Work with your agent to decide a fair offer price.
- Include contingencies for financing, inspection, and appraisal.
- Be prepared to negotiate—especially in a competitive market.
📌 Tip: Sellers often prioritize clean, simple offers. Having pre-approval can give you an edge.
Step 6: Complete the Home Inspection and Appraisal
This is where the deal gets real.
- Home inspection: Reveals any hidden issues (roof, plumbing, foundation).
- Appraisal: Ensures the home is worth the loan amount.
If issues arise, you can renegotiate or walk away if your contract includes the right contingencies.
Step 7: Close on Your New Home
Once everything checks out, it’s time for closing:
- Review and sign the closing disclosure
- Bring your down payment and closing costs (cashier’s check or wire transfer)
- Sign final loan and title paperwork
Then—congrats! You’ll get your keys and become a homeowner 🎉
Get Expert Financing
- Matched with investor-friendly lenders
- Fast pre-approvals-no W2s required
- Financing options fro rentals, BRRRR, STRs
- Scale your portfolio with confidence
Tools and Resources for Homebuyers
✔ Start here:
- Buying Your First Home Hub
- First-Time Buyer Loan Programs by State
- FHA vs. Conventional Comparison Guide
✔ Try these calculators:
FAQs
How long does it take to buy a house?
Most closings take 30–45 days after the offer is accepted.
Do I need 20% down to buy a house?
Not at all! Many loan programs allow 3%–3.5% down—or 0% for VA and USDA.
What credit score do I need?
FHA loans allow scores as low as 580. For better rates, aim for 620+.
Our advice is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.
