First-Time Homebuyer Guide
Prepare your finances
Review income, assets, debts and credit reports. Correct reporting errors through the appropriate process and retain records of employment and income. Set aside funds beyond the down payment.
Research assistance programs through state and local housing agencies. Eligibility, available funds, repayment requirements and restrictions vary. Do not assume assistance is free or always available.
Compare financing and properties
Ask lenders about suitable loan programs and compare written terms, insurance and cash to close. Preapproval is preliminary and may contain conditions. Your own payment budget still comes first.
For a property, understand inspection, appraisal and financing contingencies before committing. An appraisal is not a substitute for a home inspection or a guarantee of condition.
Keep the closing on track
Respond to documentation requests and discuss major financial changes with the lender. New debts or unexplained transfers may complicate underwriting. Review the final Closing Disclosure.
Confirm wiring instructions through independently verified channels to avoid fraud. Ask about changes from the Loan Estimate before signing. Approval is subject to lender and property review.