Resources First-time buyer tips
Do this, not that.
Most first-time mistakes are avoidable. These habits separate smooth closings from stressful ones.
Do.
- Get preapproved before you start touring. It sets your range and strengthens offers.
- Compare Loan Estimates from at least three lenders. It routinely saves thousands.
- Look up your state’s housing finance agency. Down-payment assistance is real and widely unclaimed.
- Use a free HUD-approved housing counselor if the process feels overwhelming.
- Budget about 1% of home value per year for maintenance from day one.
- Keep an emergency fund after closing. The first year always brings surprises.
Don’t.
- Don’t assume you need 20% down. Many buyers put down far less and still win.
- Don’t open new credit cards or finance a car between preapproval and closing.
- Don’t skip the inspection to make an offer look stronger. The risk is yours.
- Don’t drain every dollar of savings into the down payment.
- Don’t forget taxes, insurance, and HOA dues when comparing homes.
- Don’t stretch to your approval limit just because the lender allows it.
Educational content adapted from the Consumer Financial Protection Bureau’s Buying a House resources and National Association of REALTORS® consumer guidance, reviewed July 2026. This is general information for every U.S. state, not financial, legal, or tax advice. Free, HUD-approved housing counselors are available at consumerfinance.gov .
First-time buyer tips: your checklist
- Get preapproved before you start touring. It sets your range and strengthens offers.
- Compare Loan Estimates from at least three lenders. It routinely saves thousands.
- Look up your state’s housing finance agency. Down-payment assistance is real and widely unclaimed.
- Use a free HUD-approved housing counselor if the process feels overwhelming.
- Budget about 1% of home value per year for maintenance from day one.
- Keep an emergency fund after closing. The first year always brings surprises.
- Don’t assume you need 20% down. Many buyers put down far less and still win.
- Don’t open new credit cards or finance a car between preapproval and closing.
- Don’t skip the inspection to make an offer look stronger. The risk is yours.
- Don’t drain every dollar of savings into the down payment.
- Don’t forget taxes, insurance, and HOA dues when comparing homes.
- Don’t stretch to your approval limit just because the lender allows it.
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