Buying your first home comes with a new vocabulary and a dozen steps nobody explains in order. This guide lays out the whole process, answers the questions you feel silly asking, and helps you prepare for each conversation with a lender, agent or inspector.
Check your credit, set a budget, save for the down payment and closing costs, get pre-approved, pick an agent, tour, offer, inspect, appraise, walk through and close. The guide explains what happens at each step and roughly how long it takes.
The payment a lender approves and the payment you can live with are often different. The guide helps you add property taxes, homeowners insurance, HOA dues and a maintenance reserve so your number reflects the real monthly cost.
Learn what earnest money, contingencies, appraisal gaps and closing disclosures mean before you see them in a contract. Bring the guide's question lists to your agent, lender and inspector.
Many states, cities and lenders run down payment or closing cost assistance for first-time buyers. The guide explains the common types and what to ask your local housing agency, since eligibility varies by location and income.
How much do I need for a down payment?
It depends on the loan type; some programs allow low down payments while others need more. The guide explains the general options, and a lender can tell you what you qualify for.
Is this financial or legal advice?
No. It's general information to help you prepare. Talk to a licensed lender, agent or real estate attorney about your specific purchase.
What are closing costs?
Fees for the loan, title, appraisal, recording and prepaid items like taxes and insurance, paid at closing. The guide walks through each line on a typical estimate.