First-Time Homebuyer's Checklist
Your step-by-step guide to preparing for homeownership
Important Tips
- Start financial preparation 6-12 months before buying
- Keep all documentation in a dedicated folder
- Avoid major purchases or new credit during the process
Financial Preparation
- Check and monitor credit score (aim for 620+ for most loans)
- Save for down payment (3.5-20% depending on loan type)
- Create budget including all housing expenses
- Pay down existing debt
- Establish emergency fund (3-6 months)
- Research first-time homebuyer programs
- Get pre-qualified with lender
- Determine comfortable monthly payment
Note: Target credit score improvements 6-12 months before applying
Documentation Gathering
- Last 2 years' W-2s and tax returns
- Recent pay stubs (30 days)
- Bank statements (2-3 months)
- Investment/retirement account statements
- Current rent payment history
- Gift letters if using gift funds
- Government-issued photo ID
- Bankruptcy/foreclosure documents (if applicable)
Professional Team Assembly
- Interview and select mortgage lender
- Choose real estate agent
- Research home inspectors
- Identify real estate attorney (if required)
- Select homeowners insurance agent
- Find title company
- Consider housing counselor for guidance
Property Search
- Define must-have features list
- Research target neighborhoods
- Check school districts and amenities
- Calculate commute times
- Review property tax rates
- Check HOA requirements if applicable
- Visit properties at different times
- Take photos and detailed notes
- Research comparable sales
Note: Keep a spreadsheet comparing different properties
Offer and Negotiation
- Get pre-qualification letter from lender
- Determine offer price and terms
- Review seller's disclosure
- Include contingencies (inspection, appraisal, financing)
- Negotiate repairs or credits
- Review HOA documents if applicable
- Submit earnest money deposit
Due Diligence
- Schedule home inspection
- Review inspection report thoroughly
- Order pest inspection if needed
- Get property survey if required
- Review title report
- Check for permits on improvements
- Verify homeowners insurance quotes
- Schedule final walkthrough
Closing Preparation
- Review Closing Disclosure
- Schedule closing date and time
- Arrange closing funds wire transfer
- Get cashier's check if needed
- Schedule utilities transfer
- Arrange moving services
- Conduct final walkthrough
- Bring photo ID to closing
Additional Resources
First-Time Homebuyer Guide
Comprehensive guide to help you navigate the home buying process.
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