Purchasing your first home

Written By Tiffany James

When purchasing your first home, there are several tips and tricks to help you navigate the process effectively: The platforms below are great starting points for finding the right program based on your location and eligibility.

1. Know Your Budget and Stick to It

  • Get Pre-Approved: Before you start house hunting, get pre-approved for a mortgage. This shows sellers you're serious and helps you know how much house you can afford.

  • Account for Hidden Costs: Beyond the down payment, factor in closing costs, home inspections, property taxes, insurance, and ongoing maintenance.

2. Understand Mortgage Options

  • Fixed vs. Adjustable Rates: Choose between a fixed-rate mortgage, where the interest stays the same, or an adjustable-rate mortgage (ARM), which can offer lower initial rates but can fluctuate over time.

  • Shop Around for Mortgages: Different lenders offer different rates and terms. Getting quotes from multiple lenders can save you thousands over the life of the loan.

3. Hire the Right Team

  • Get a Good Real Estate Agent: A trustworthy agent who understands your needs can guide you through the process, negotiate on your behalf, and help you avoid potential pitfalls.

  • Use a Real Estate Attorney: In some states, it’s required to hire a real estate attorney. Even if it’s not mandatory, it can help protect your interests, especially during the closing process.

4. Don’t Skip the Inspection

  • Home Inspection: Always get a professional home inspection to uncover potential issues with the house, such as structural damage, electrical problems, or plumbing issues. You can use this information to negotiate repairs or a lower price.

5. Negotiate Closing Costs

  • Seller Contributions: In a buyer's market, you can often negotiate for the seller to cover part of your closing costs, which can save you a substantial amount upfront.

  • Title Insurance: Ensure that you get title insurance to protect yourself from any legal disputes over property ownership.

6. Consider Future Resale Value

  • Location Matters: Even if you find your dream home, consider its resale value by evaluating the neighborhood, nearby schools, and future developments.

  • Think Long-Term: Buy a home that meets your current and future needs. If you plan to start a family, think about extra bedrooms or proximity to good schools.

7. Stay Calm During Bidding Wars

  • Set Limits: In competitive markets, it’s easy to get emotional and bid over your budget. Set a firm maximum price and stick to it.

  • Add a Personal Touch: Sometimes, sending a personal letter to the seller can help, especially if they have an emotional attachment to the property.

8. Leverage First-Time Buyer Programs

  • Grants and Assistance Programs: Many governments offer grants, tax credits, or low-interest loans to first-time buyers. Explore options in your area that can save you money.

  • You can find a variety of grants and assistance programs for first-time homebuyers by state on several helpful websites:

    1. HUD.gov offers resources specific to each state, including local down payment assistance, first-time homebuyer programs, and counseling services to help you prepare for homeownership​(

  • NerdWallet has a detailed list of first-time homebuyer programs by state, offering information on down payment assistance, reduced interest loans, and tax credits​(

    NerdWallet: Finance smarter

    1. USA.gov provides a centralized hub for government home-buying assistance programs, including loans and housing vouchers​

  • The Mortgage Reports also maintains an updated list of state-specific grants and assistance programs for down payments and closing costs​

    Mortgage Reports

Tiffany James
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