Before You Start
What You'll Need
Here's what lenders typically look at when evaluating your mortgage application.
Credit Score
Most programs require a minimum of 580-620. Higher scores get better rates.
Down Payment
Can be as low as 0% (VA/USDA) or 3% (Conventional/FHA). Larger down payments mean lower monthly payments.
Documentation
Pay stubs, W-2s, tax returns, bank statements, and ID. Self-employed? You'll need additional documentation.
Stable Income
Typically 2 years of employment history. Gaps or recent changes may need explanation.
Need Help With Your Down Payment?
Ohio offers some of the best down payment assistance programs in the country. Through OHFA, first-time buyers can receive 3% to 3.5% assistance that's completely forgiven after 7 years.
- Up to 3.5% forgivable down payment assistance
- Ohio Heroes discounts for teachers, nurses, first responders
- Grants for Grads for recent college graduates
$10,500+
Potential savings on a $300,000 home
Based on 3.5% DPA on a $300K purchase. Actual amounts depend on loan type and purchase price.
The Process
Step-by-Step Guide
From checking your finances to getting your keys, here's what to expect at each stage.
Check Your Finances
Review your credit score, calculate your debt-to-income ratio, and determine how much you can comfortably afford for a monthly payment.
- Check your credit score for free at AnnualCreditReport.com
- Aim for a DTI ratio below 43%
- Consider all homeownership costs, not just the mortgage
Get Pre-Approved
A pre-approval letter shows sellers you're a serious buyer and tells you exactly how much you can borrow. This is different from pre-qualification.
- Gather pay stubs, tax returns, and bank statements
- Pre-approval is valid for 60-90 days typically
- Getting pre-approved doesn't commit you to anything
Find Your Home
Work with a real estate agent to find homes in your budget. Attend open houses, schedule showings, and make a list of must-haves vs. nice-to-haves.
- Be patient—finding the right home takes time
- Consider location, schools, and future resale value
- Don't skip the home inspection
Make an Offer
Once you find the right home, your agent will help you submit a competitive offer. I'll provide updated pre-approval letters as needed.
- Your offer includes price, contingencies, and timeline
- Be prepared to negotiate
- Don't waive contingencies without careful consideration
Under Contract
After your offer is accepted, we'll finalize your loan application. You'll complete an appraisal, home inspection, and review all disclosures.
- Avoid major purchases or job changes during this time
- Respond promptly to any requests for documentation
- Review the closing disclosure carefully
Close & Get Your Keys
At closing, you'll sign the final paperwork, pay any remaining closing costs, and receive the keys to your new home. Congratulations!
- Bring a valid ID and any required funds
- Do a final walkthrough before closing
- Set up utilities before move-in day
Avoid These Pitfalls
Common Mistakes to Avoid
First-time buyers often make these mistakes. Knowing about them helps you avoid them.
Making Big Purchases Before Closing
Financing a car or furniture can hurt your debt-to-income ratio and jeopardize your loan approval. Wait until after closing.
Changing Jobs During the Process
Lenders verify employment multiple times. A job change can delay or derail your closing, even for a higher-paying position.
Skipping the Home Inspection
A few hundred dollars for an inspection can save you thousands in unexpected repairs. Never waive this contingency.
Draining Your Savings for the Down Payment
You'll need reserves for closing costs, moving expenses, and emergencies. Don't stretch yourself too thin.
Not Shopping for the Right Loan
Different loan programs have different requirements and benefits. Make sure you're in the best program for your situation.
Ignoring Additional Homeownership Costs
Property taxes, insurance, maintenance, and HOA fees add up. Budget for the full cost of homeownership.
You Don't Have to Figure This Out Alone
Buying your first home can feel overwhelming, but it doesn't have to be. I've helped hundreds of first-time buyers navigate this process with confidence.
Every question is valid. Every concern is worth discussing. My job is to make sure you understand every step and feel confident in your decisions.
NMLS# 2283470 | Company NMLS# 173855 | Equal Housing Lender