Complete first time home buyer checklist with step by step guide. Track progress from credit check to closing. Free interactive tool.
Buying your first home involves 20+ steps across 60-90 days — and missing any one of them can delay or derail your purchase. Our interactive checklist covers every step from initial credit check through closing day, with explanations of what to do, when to do it, and common mistakes to avoid at each stage.
6 months before target closing: Check all three credit reports for errors. Calculate debt-to-income ratio. Build emergency fund beyond down payment. Research first-time buyer programs in your state. Research neighborhoods and price ranges. Get pre-qualified (soft credit pull, not binding). 3 months before: Get pre-approved (hard credit pull, stronger commitment). Select real estate agent. Begin active home search. Avoid any new credit applications or large purchases.
Available assistance programs: FHA loans: 3.5% down with 580+ credit. Fannie Mae HomeReady: 3% down, income limits apply. Freddie Mac Home Possible: 3% down. USDA loans: 0% down in eligible rural and suburban areas. VA loans: 0% down for veterans. State HFA programs: down payment grants of $5,000-$25,000 in many states. HUD-approved counseling: free advice plus potential program access.
Minimum needed for FHA loan: 3.5% down payment plus 2-5% closing costs. On $250,000 home: $8,750 down plus $5,000-$12,500 closing costs = $13,750-$21,250 minimum. Also need: 3-6 months emergency fund after purchase and home repair reserve. State down payment assistance programs can cover much of the down payment.
Minimum by loan type: FHA loan: 580 for 3.5% down, 500 for 10% down. Conventional loan: 620 minimum, 740+ for best rates. VA loan: no official minimum (lenders typically require 580-620). USDA loan: typically 640+. Best mortgage rates require 760+. Improving from 680 to 760 can save $200+/month on a $300,000 mortgage.
From accepted offer to closing: 30-45 days is typical. Cash purchases can close in 7-14 days. FHA and VA loans may take 45-60 days. The full process from starting to search to closing key averages 3-6 months depending on market competitiveness and how quickly you find a home.
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