Step-by-Step Guide for First-Time Homebuyers (FTHB)

Step-by-Step Guide for First-Time Homebuyers (FTHB)

Buying your first home is an exciting milestone, but it can feel overwhelming without a clear roadmap. Here’s a detailed, step-by-step guide to help you navigate the process with confidence and make smart decisions along the way.

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Step 1: Assess Your Financial Readiness

• Review your savings for a down payment and closing costs.

• Check your credit score and address any issues.

• Calculate your debt-to-income (DTI) ratio—aim for 55% or less for best loan options.

• Set a realistic budget for your monthly housing payment.257

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Step 2: Get Pre-Approved for a Mortgage

• Research mortgage types (conventional, FHA, VA, USDA) and first-time buyer programs.

• Shop around and compare mortgage rates.

• Get pre-approved by a lender to know your price range and show sellers you’re a serious buyer.25

• Here is a link to my preferred lender (www.homesearchfunding.com)

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Step 3: Define Your Needs and Wants

• List your must-haves (location, bedrooms, price).

• Note your nice-to-haves and bonus features (garage, yard, upgrades).

• Consider your lifestyle, commute, schools, and neighborhood amenities.27

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Step 4: Hire a Trusted Real Estate Agent

• Find a local REALTOR® with experience helping first-time buyers.

• Your agent will guide you, set up home searches, and negotiate on your behalf.157

• Here is a Trusted Real Estate Agent Licensed in Multiple states.  Alvin Ransom – 0640290

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Step 5: Start House Hunting

• Tour homes that fit your criteria and budget.

• Attend open houses and private showings.

• Take notes and compare options.125

• Search Homes in the DFW AREA

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Step 6: Make an Offer

• Work with your agent to craft a competitive offer based on market conditions and comparable sales.

• Decide if you want to ask the seller for help with closing costs or repairs.

• Submit your offer and be prepared to negotiate.15

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Step 7: Schedule Inspections and Appraisal

• Hire a professional inspector to check for issues (roof, foundation, HVAC, etc.).

• Your lender will order an appraisal to confirm the home’s value matches the loan amount.

• Negotiate repairs or credits if needed.236

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Step 8: Finalize Your Mortgage

• Submit any required documents to your lender.

• Lock in your interest rate if you haven’t already.

• Receive your final loan approval (clear to close).25

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Step 9: Closing Day

• Review and sign all closing documents.

• Pay your down payment and closing costs.

• Get your keys—congratulations, you’re a homeowner!35

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Extra Tips for First-Time Buyers

• Don’t make big purchases or open new credit lines before closing. This can affect your loan approval.1

• Communicate regularly with your agent and lender.

• Ask questions! No question is too small during this process.

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Buying your first home is a journey, but with the right preparation and support, you’ll be ready to take each step with confidence. Happy house hunting!