🏠 First-Time Home Buyer Checklist
Free Checklist — UpFromZeroHQ.com
Phase 1: Get Your Finances Ready
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Pull your credit score — Know your number before a lender does. Aim for 620+ (conventional), 580+ (FHA).
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Calculate your debt-to-income ratio (DTI) — Add all monthly debt payments ÷ gross monthly income. Most lenders want under 43%.
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Save a 3–6 month emergency fund — Do this before putting money toward a down payment. Homeownership has surprise costs.
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Save for your down payment — 3%–5% minimum for conventional, 3.5% for FHA. 20% avoids PMI.
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Stop opening new credit accounts — New inquiries and accounts can hurt your score and raise red flags for lenders.
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Get pre-approved (not just pre-qualified) — Pre-approval is a real lender review. Sellers take you seriously. Compare at least 3 lenders.
Phase 2: Find Your Home
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Choose a buyer’s agent — A buyer’s agent works for you, not the seller. Their commission is typically paid by the seller.
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Set realistic search criteria — Separate needs from wants. Location, bedrooms, commute, school district. Know your hard limits.
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Attend showings and take notes — Tour at least 5–10 homes before making offers. Don’t fall in love with the first one.
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Get a home inspection — Never skip this. A $400 inspection can save you $40,000 in surprises.
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Review comparable sales (comps) — Make sure the price is fair for the neighborhood. Your agent pulls these.
Phase 3: Close the Deal
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Review your Loan Estimate carefully — Compare interest rate, APR, closing costs, and monthly payment across lenders.
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Shop for homeowner’s insurance — Your lender requires it. Get 3 quotes. Bundle with auto for discounts.
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Do a final walkthrough (24 hours before closing) — Confirm all agreed repairs are done and nothing was removed that should stay.
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Bring cashier’s check or wire transfer for closing costs — Closing costs are typically 2%–5% of the loan amount. Bring certified funds only.
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Get your keys! — Sign everything, confirm deed recording, and welcome home.
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Don’t skip pre-approval — sellers won’t take you seriously without it. In competitive markets, offers without pre-approval letters are ignored.