First-Time Homebuyer Checklist 2026
47 steps from credit check to closing day. Print it, check it off, own your home.
David Rodriguez
NMLS #234567 · HUD-Certified Housing Counselor
15 years guiding first-time buyers from credit repair to closing day. Certified housing counselor and author of the 47-step homebuying framework used by 10,000+ buyers.
How to Use This Checklist
Work through each phase in order. Steps marked CRITICAL can derail your purchase if skipped. The entire process takes 3-6 months for most first-time buyers. Start with Phase 1 even if you're not ready to buy for 6-12 months — the preparation makes everything else faster. → Get pre-approved now to start Phase 2.
Phase 1: Financial Preparation
1-3 months before
Phase 2: Pre-Approval
2-4 weeks before house hunting
Phase 3: House Hunting
1-3 months
Phase 4: Under Contract
Days 1-15 after acceptance
Phase 5: Closing
Days 30-45
Documents You'll Need (Master List)
Income & Employment
- 📄W-2 forms (last 2 years)
- 📄Pay stubs (most recent 30 days)
- 📄Federal tax returns (last 2 years)
- 📄Employer name, address, phone number
- 📄Offer letter (if new job)
- 📄Social Security award letter (if applicable)
- 📄2 years business returns + P&L (self-employed)
Assets & Identity
- 📄Bank statements (last 2-3 months, all accounts)
- 📄Investment/retirement account statements
- 📄Gift letter (if using gift funds)
- 📄Government-issued photo ID
- 📄Social Security number
- 📄Rental history / landlord contact (12-24 months)
- 📄Divorce decree / child support orders (if applicable)
Step 15 on your checklist: get a real pre-approval letter — not just a pre-qual.
Compare rates from 10+ lenders in 3 minutes. No SSN required. Free.
Budget: How Much Cash Do You Actually Need?
| Cost Item | $250K Home | $350K Home | $500K Home |
|---|---|---|---|
| FHA Down Payment (3.5%) | $8,750 | $12,250 | $17,500 |
| Closing Costs (est. 3%) | $7,500 | $10,500 | $15,000 |
| Home Inspection | $400 | $450 | $500 |
| Moving Costs | $1,500 | $2,000 | $3,000 |
| Emergency Reserve (3 mo) | $3,600 | $5,100 | $7,500 |
| TOTAL NEEDED | ~$21,750 | ~$30,300 | ~$43,500 |
Down payment assistance programs can cover some or all of the down payment and closing costs. Check your state's HFA programs.
Ready to Start? Get Pre-Approved Today
Step 15 on your checklist: get a real pre-approval letter. Compare rates from multiple lenders in minutes.
Frequently Asked Questions
How long does it take to buy a house as a first-time buyer?
The typical timeline is 3-6 months from start to close. Phase 1 (preparation): 1-3 months to improve credit and save. Phase 2 (pre-approval): 1-3 days. Phase 3 (house hunting): 1-3 months. Phase 4 (under contract to close): 30-45 days. Total: 3-7 months is realistic for most first-time buyers.
What documents do I need to buy a house for the first time?
Required documents: W-2s (2 years), pay stubs (30 days), federal tax returns (2 years), bank statements (2-3 months), photo ID, Social Security number, employer contact info, rental history (12-24 months), and gift letters if using gift funds. Self-employed buyers also need profit/loss statements and business tax returns.
How much money do I need to buy a house for the first time?
Budget for: down payment (0-20% of purchase price), closing costs (2-5% of loan amount, typically $6,000-$15,000), home inspection ($300-$500), appraisal ($400-$600), moving costs ($1,000-$5,000), and 3-6 months of mortgage payments in reserves. On a $350,000 home with 3.5% FHA: ~$12,250 down + ~$8,000 closing costs = ~$20,250 minimum.
What credit score do I need as a first-time homebuyer?
Minimum credit scores: FHA loan 580 (3.5% down) or 500 (10% down). Conventional loan 620. VA loan 580-620 (veterans only). USDA loan 640 (rural areas). For the best rates, aim for 740+. First-time buyer programs often have their own minimums — many state programs require 620-640.
Should I use a real estate agent as a first-time buyer?
Yes, strongly recommended. A buyer's agent costs you nothing (seller pays the commission) and provides: market expertise, negotiation skills, access to off-market listings, contract guidance, and coordination with lenders/inspectors/title companies. Interview 2-3 agents before choosing.