1st Time Homebuyer To-Do List

𝐂𝐡𝐞𝐜𝐤 𝐂𝐫𝐞𝐝𝐢𝐭:

Make your payments on time. Including Rent Payments! A Lender may need to verify that your Rent is being paid on time (a form is sent out to your Landlord directly for completion).

Check your Credit seasonally. Reach out for help on Credit Repair if needed.

… And don’t open any new Debt.

𝐃𝗼𝐧’𝐭 𝐒𝐩𝐞𝐧𝐝 𝐁𝐢𝐠:

Avoid big Bank Transactions. Most Large Deposits need to be sourced by Lender. Please talk to your Mortgage Banker before depositing.

Put aside some of your paycheck into a Savings Account. If you get Direct Deposit, talk to your Employer about possibly modifying your deposit and placing $100/month (to start) in a separate account with limited access.

𝐂𝐚𝐥𝐜𝐮𝐥𝐚𝐭𝐞 𝐁𝐮𝐝𝐠𝐞𝐭:

Use an online Mortgage Calculator to help you set a Budget. Your Mortgage Banker will also help you calculate what Mortgage Payment you can afford.

Budget and Save!!

Make sure to take in consideration Utility Costs and Maintenance Costs for the New Home.

𝐆𝐚𝐭𝐡𝐞𝐫 𝐏𝐚𝐩𝐞𝐫𝐰𝗼𝐫𝐤:

Applying for and closing on a Mortgage requires a lot of documents and working to get ahead can’t hurt.

Here are some documents needed for a mortgage:

✔︎Federal Income Tax Records and W2’s for the past couple of years

✔︎Recent paycheck stubs for the past 1 month

✔︎2 Months of recent Bank Statements

✔︎Canceled checks for rent in case needed.

Also, you’ll want to gather any other documents a Mortgage Lender might want to see, such as Credit Card and Student Loan account statements.

𝐅𝐢𝐧𝐝 𝐚 𝐑𝐞𝐚𝐥𝐭𝗼𝐫:

𝐆𝐞𝐭 𝐏𝐫𝐞-𝐀𝐩𝐩𝐫𝗼𝐯𝐞𝐝:

Shop loans and get Pre-Approved!

Even as a First-Time Homebuyer, you have an array of mortgage options to choose from. Do you want a Government-Backed (FHA) or Conventional Mortgage? Do you want or need Down Payment Assistance?

𝐒𝐚𝐯𝐞 & 𝐁𝐮𝐝𝐠𝐞𝐭:

Can’t stress enough.

Save as much as you can to go towards Down Payment, Closing Costs and Inspection Fees … or to just have as a Financial Cushion for unexpected hardships.

– hr