The free checklist Houston first-time buyers use to prepare for their mortgage.
You know you want to buy a home. You have heard it is a good investment. But every time you try to figure out the next step, you run into conflicting advice about credit scores, down payments, and how much house you can actually afford.
Some people tell you that you need 20% down. Others say 3%. Your coworker got an FHA loan. Your friend used a VA loan. Someone mentioned down payment assistance but could not explain how it works.
The truth is, the process is straightforward once you know what lenders actually look for. This checklist gives you every step in order so you can stop guessing and start preparing.
This free checklist walks you through every step from "thinking about buying" to "ready to make an offer":
Most first-time buyers are closer to ready than they think. The checklist shows you exactly where you stand.
It depends on your loan type. Conventional loans start at 3% down. FHA loans require 3.5% down. VA loans offer 0% down for eligible veterans. Houston also has down payment assistance programs that can cover up to $125,000 of your costs.
FHA loans accept credit scores as low as 580 with 3.5% down. Conventional loans typically require 620 or higher. A higher credit score gets you a better interest rate, but you do not need perfect credit to buy a home.
From accepted offer to closing day, the process typically takes 30 to 45 days. Getting pre-approved takes 1 to 3 days. House hunting varies, but most buyers find a home within 2 to 3 months of starting their search.
Closing costs include lender fees, title insurance, appraisal, and prepaid taxes and insurance. In Houston, closing costs typically run 2% to 5% of the purchase price. On a $300,000 home, budget $6,000 to $15,000. Some of these costs can be negotiated with the seller.
Houston offers some of the strongest first-time buyer programs in Texas. The City of Houston Homebuyer Assistance Program provides up to $50,000 in down payment and closing cost help. The Harris County program offers up to $125,000.
FHA loans let you buy with as little as 3.5% down and a 580 credit score. Combined with down payment assistance, some buyers bring less than $1,000 to closing.
You have the checklist. Now take the next step and talk to a lender who works with first-time buyers every day.
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