A guide to buying your first home
First-time homebuyer guide and resources
A guide to buying your first home
Buying a home, from start to finish
If you’ve never bought a home before, you’re in the right place. The homebuying process is different for everyone, so we’ve outlined many of the things you can expect along the way.
1. Prepare your finances to buy a home.
Welcome! You’re just getting started. Maybe you’ve browsed some homes online or stopped by an open house to see what it’s like. Here are things you can take on, now:
- Check your credit score and manage it.
- Go over your finances and figure out your homebuying budget.
- Understand your debt-to-income ratio (DTI).
- Make a plan to save for a down payment and closing costs.
- Create a wish list for your first home.
- See if you prequalify and get an estimate of how much house you can afford.
2. Actively look for a home – and a mortgage.
Once you’ve figured out things like your budget and home preferences, it’s time to assemble your team and start shopping.
- Line up a mortgage loan officer and a lender.
- Find a real estate agent you’re comfortable with.
- Research the different mortgage types you may be eligible for.
- Apply for pre-approval for a mortgage.
- Look for your ideal home!
3. Make an offer and close on a home.
When you’ve found the home (or maybe a few), it’s time to do some paperwork. And then it’s time to practice the art of “hurry up and wait.”
- Make an offer and negotiate (if needed).
- Schedule a home inspection.
- Keep in contact with your lender during underwriting.
- Get homeowners insurance.
- Do a final visit of the home, just before closing.
- Sign your closing documents!
What’s a first-time homebuyer?
If you haven’t owned a principal residence before, you’re a first-time homebuyer. Renters, single parents, children, people living rent-free, displaced homemakers and others can all be first-time buyers.
Who qualifies as a first-time homebuyer?
Anyone who hasn’t owned a home before can qualify as a first-time homebuyer. That said, many lenders and loan programs consider anyone who hasn’t owned a home in three years a first-time buyer.
Where does a first-time homebuyer get started?
Everyone’s starting line as a first-time homebuyer is different. But having an idea of your budget and the kind of home and location you want is a solid place to begin.
If you’re a first-time homebuyer ready to take on the homebuying journey, let’s get started.
Why U.S. Bank?
Read insights from people who’ve worked with us.
We got a packet just full of numbers and we had no idea what any of it meant. We called our mortgage loan officer, and he went over it with us page-by-page, line-by-line, it was really long. But he went through every single page and made sure we understood every single section of the packet. I thought that was extremely helpful.”
– Shavez S. and Rosa M.
I was impressed with the U.S. Bank Mortgage customer experience and would both recommend U.S. Bank and give the highest marks! There were a few speedbumps along the way, but the U.S. Bank team managed everything both timely and professionally!”
– James R.
Through all the chaos and trials, working with you has been the one thing that has remained consistently over-the-top professional and on point. It has been so helpful to know that we were in such great and competent hands.”
– Kevin R.
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