First Time Home Buyer Checklist

by Jeff Ragan

Would you like a cool first time home buyer checklist to help you with the process?

A quick and easy home buying checklist to help you with that first home purchase. It helps you understand in a list order what you need to accomplish in the home buying process.

This checklist basically spells out the steps of buying a home in a brief outline like manner.

The advantage of having a list such as this is you can take it with you. As you're working on the list you can check each item off when its complete.

I love lists, they help keep me organized. When you're working on something and get interrupted, you can look at your list and remember what you were doing. That's a great help when your busy!

Be sure to print this list and use it to keep you on track.

Home Buying Checklist

    • Run your credit report

      • If credit score is low, fix any errors.
      • Pay down any credit card that are maxed-out.
      • Be sure to improve your credit history by staying current on all bills for at least 12-18 months prior to applying for a loan.

      home buying checklist
    • Evaluate your debt-to-income (DTI) ratio.

      • If DTI is too high, consider paying off some debts or adding another income to the mix (perhaps a spouse's income).
      • Figure out how much you can spend on a home and what your approximate mortgage payment may be.

    • Evaluate your down payment possibilities with this first time home buyer checklist

      • Do I have at least 3% saved in some sort of savings account?
      • I have investigated down payment assistance.
      • I have explored the grant possibilities.

    • Evaluate possible loan programs.

      • Conventional loans
      • FHA loans
      • VA loans (if I'm a veteran)

    • Start the application process (the above things on the list can be done through the application process).

      • Provide last two pay stubs
      • Provide last two months of bank statements
      • Provide last year's W-2s

    • Obtain pre-approval from a lender.

    • Locate the home I'm interested in purchasing.

    • Put in a purchase agreement and have it accepted.

    • Lender ordered an appraisal.

    • Lender ordered a home inspection.

    • Loan approval finalized

      • Provide last two current pay stubs.
      • Provide current last two bank statements.
      • Provide another year’s W-2 if your application finalization is in another year.
      • Another credit report may be pulled (this is where, if you ran out and bought furniture before the house closed, your loan approval may be affected).

    • Do a walk through on the house before the closing (amazingly things have changed on the house from the time the purchase agreement goes and the closing, so do a final walk through).

    • Close on your home!!!!!!!!!!!!!!

    Where would you like to go next?

    If you would like a PDF file to download and print of a first time homebuyer checklist just click here.

    Learn all there is to know about the home buying process by reading this article.

    If you would like to understand the available programs, check out First Time Home Buyer Programs to see which one fits your needs.

    Wondering where to begin in choosing a lender? Choosing a Mortgage Company will give you some awesome tips in choosing a lender.

    Leave First Time Home Buyer Checklist and return to Home Buying Process main page.

    Go to House Buyer Solutions Home Page.

    New! Comments

    We welcome your comments and questions! Leave me a comment or ask any questions in the box below.

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