📅 Your 12-Month Home Buying Timeline
🎯 Foundation Phase
✅ To-Do List:
- • Check your credit score (free at AnnualCreditReport.com)
- • Start improving credit if below 700
- • Calculate how much you can afford
- • Open a dedicated savings account
- • Research down payment assistance programs
🎯 Goals:
- • Credit score: Know your number
- • Savings: Start automatic transfers
- • Budget: Track spending for 3 months
- • Research: Understand loan options
💰 Financial Preparation
✅ To-Do List:
- • Pay down high-interest debt
- • Avoid opening new credit accounts
- • Gather financial documents
- • Get pre-qualified (soft credit check)
- • Apply for DPA programs
📋 Documents Needed:
- • 2 years tax returns
- • 2 months pay stubs
- • 2 months bank statements
- • W-2s or 1099s
- • Photo ID
🔍 Get Pre-Approved & Start Looking
✅ To-Do List:
- • Get fully pre-approved (hard credit check)
- • Compare 3-5 lenders for best rate
- • Find a buyer's agent (free to you!)
- • Define your must-haves vs nice-to-haves
- • Start touring homes
💡 Pro Tips:
- • Pre-approval valid 60-90 days
- • Multiple credit checks in 14-45 days count as one
- • Don't change jobs during this time
- • Don't make large purchases
🏠 Find Your Home & Make an Offer
✅ To-Do List:
- • Tour homes (aim for 10-15)
- • Make an offer when you find "the one"
- • Negotiate price and terms
- • Sign purchase agreement
- • Pay earnest money deposit
📝 Offer Strategy:
- • Include pre-approval letter
- • Ask for seller concessions (closing costs)
- • Include inspection contingency
- • Be flexible on closing date
📋 Under Contract to Closing
✅ To-Do List:
- • Schedule home inspection
- • Lock your mortgage rate
- • Get homeowner's insurance quotes
- • Complete loan application
- • Appraisal ordered by lender
⚠️ Don't Do:
- • Change jobs
- • Open new credit cards
- • Make large purchases
- • Move money around
- • Co-sign for anyone
You're a Homeowner!
- ✓ Final walkthrough
- ✓ Sign closing documents
- ✓ Pay closing costs
- ✓ Get your keys!
💰 Down Payment Options for 2026
Think you need 20% down? Think again! Here are your real options:
| Loan Type | Min Down | Min Credit | Best For |
|---|---|---|---|
| VA Loan | 0% | 620 | Veterans, Military |
| USDA Loan | 0% | 640 | Rural/Suburban Areas |
| FHA Loan | 3.5% | 580 | Lower Credit Scores |
| Conventional 97 | 3% | 620 | Good Credit, First-Timers |
| HomeReady/Home Possible | 3% | 620 | Low-Moderate Income |
| Conventional | 5-20% | 620 | Best Rates, No PMI at 20% |
🎁 FREE Money: Down Payment Assistance
Over $2.5 BILLION in grants and assistance goes unclaimed every year! These programs can cover your entire down payment AND closing costs.
- ✓ Grants (FREE money, never repaid)
- ✓ Forgivable loans (forgiven after 5-10 years)
- ✓ Deferred loans (no payments until you sell)
- ✓ Matched savings programs (2:1 or 3:1 match)
⚠️ 7 First-Time Buyer Mistakes to Avoid
❌ #1: Not Getting Pre-Approved First
93% of winning offers include pre-approval. Without it, sellers won't take you seriously.Get pre-approved now
❌ #2: Only Using One Lender
Rates vary by 0.5%+ between lenders. On a $400K loan, that's $40,000+ over 30 years!Compare 5+ lenders
❌ #3: Skipping Down Payment Assistance
$2.5B goes unclaimed annually. You could get $10,000-$25,000+ in FREE money!Find programs in your state
❌ #4: Maxing Out Your Budget
Just because you qualify for $500K doesn't mean you should spend it. Leave room for emergencies, repairs, and life.
❌ #5: Waiving the Home Inspection
A $400 inspection can save you $40,000 in hidden repairs. NEVER skip this!
❌ #6: Making Big Purchases Before Closing
That new car or furniture can tank your loan approval. Wait until AFTER you close!
❌ #7: Forgetting About Closing Costs
Budget 2-5% of the home price for closing costs ($8,000-$20,000 on a $400K home).See closing cost breakdown
❓ First-Time Buyer FAQ
How much do I need for a down payment?
As little as 0% with VA or USDA loans, 3% with conventional, or 3.5% with FHA. Plus, down payment assistance can cover most or all of it!
What credit score do I need?
580 for FHA, 620 for conventional. But 740+ gets you the best rates. If you're below 700, spend a few months improving your score first.
How long does it take to buy a house?
From pre-approval to closing: 30-60 days. But preparation (credit, savings, research) should start 6-12 months before you want to buy.
Should I buy in 2026 or wait?
2026 looks promising with lower rates (5.5%) and more inventory. Waiting risks higher prices. Buy when YOU'RE ready—you can always refinance if rates drop more.
🏠 Ready to Start Your Home Buying Journey?
The best time to start preparing is NOW. Get pre-approved, check your credit, and explore down payment assistance. Your dream home is waiting!