First-Time Home Buyers

If you are a first-time home buyer, use the guide below for helpful hints and tips and learn how to avoid common mistakes when buying your first home.

Pre-Qualification: Meet with a reputable local lender to find out how much you can afford to pay for a home.

Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property.

List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes - things you would like to have (office, 3-car garage, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don't make a hurried decision that you may regret later.

Let Clear Sky Professionals be your guide and help you keep track of all the details. Check out the video resources below and reach out directly if you have any questions on where to start: (928) 600-4012.

First-Time Buyer Video Resources

First-Time Home Buyer Advice

You can’t know everything there is to know about buying a home, especially when you’re a first-time homebuyer.

How much down payment do I need for a house?

Many first-time homebuyers believe they have to put 20 percent down on a home. But that’s far from true.

Why do people say you need 20% down and what is my upfront cost?

Average down payments are well under 20 percent. So why do so many people say 20 percent down is the minimum.

What to expect from the lending process

A brief explanation of what lenders are looking for and what to expect from the lending process.

What credit score do you need to buy a house for the first time?

Most loan programs require a credit score of 620 or higher to buy a house for the first time. That includes conventional loans, most VA loans, and USDA loans (which require 640+).

What qualifies you as a first-time buyer?

If you’re buying your first-ever home, you’re a “first-time homebuyer” by default.

Do I need a home inspection?

Some loan types, like the FHA and VA mortgage programs, require a home inspection to make sure the home meets requirements for safety and affordability.

What are points? How do I know if I should buy them or not?

A point is simply 1 percent of the loan amount. If you choose to “buy your rate down,” or pay “discount points,” you will get a lower interest rate.

What is Private Mortgage Insurance (PMI)?

Private Mortgage Insurance (PMI) is an insurance policy that makes homeownership possible for homebuyers who don’t want to make a 20 percent down payment.

Required Mortgage Documents

Every lender requires documents as part of the process of approving a mortgage loan. Here are documents you’re generally required to provide...

Why do people say you need 20% down?

Average down payments are well under 20 percent. So why do so many people say 20 percent down is the minimum.

Why Choose a Local Lender

Your Lender and Real Estate Professional are your most important advocates through a real estate transaction. Communication, Advocacy, Coordinating with the many different parties that touch a real estate transaction, Experience to help you choose the right loan product, Problem Solving, understanding our local market, working with local appraisers, having relationships in the real estate community that add credibility to your offer, and much more.

How to choose a mortgage lender as a first time home buyer

One of the biggest mistakes first-time homebuyers make is not shopping around for a mortgage.