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First-Time Home Buyers

“I don’t give you a rate. I give you peace of mind.”

  • Define Your “Why”

    • Why do you want to buy?

    • Stability?

    • Build wealth?

    • Stop renting?

  • How long will you stay? (2 years vs 10 years = different strategy)

  • Set Expectations 

  • You don’t need perfect credit

  • You don’t need 20% down

  • You DO need:

  • Stability

  • Organization

  • Guidance

  • Pull Your Credit

  • Check all 3 bureaus

  • Look for:

    • Late payments

    • Collections

    • High balances

  • Know Your Scores

    • FHA: ~580+

    • Conventional: ~620+

    • Best pricing: 700+

  • Fix What You Can

    • Pay down credit cards (this is HUGE)

    • Don’t open new accounts

    • Don’t close old accounts

  • Stable Income (2-year history preferred)

    • W2 employee → easy

    • Self-employed → more documentation

    • Gig worker → possible (hello Non-QM)

  • What Lenders Look For

    • Consistency

    • Predictability

  • Documentation

    • Last 2 years W2s or tax returns

    • Recent pay stubs (30 days)

    • Year-to-date income

PHASE 4: ASSETS (Where’s the Money?)

Down Payment Sources

  • Savings

  • Gift funds

  • Retirement accounts

  • Grants (like CHFA in Colorado)

Closing Costs (2–5%)

  • Not just down payment!

  • Includes:

    • Title

    • Lender fees

    • Prepaids (taxes, insurance)

Reserves (Bonus Points)

  • Extra savings after closing = stronger file

Monthly Payment Includes:

  • Principal

  • Interest

  • Taxes

  • Insurance

  • HOA (if applicable)

Reality Check Exercise:

Ask:
“What payment feels comfortable… not just possible?”

Because:

  • Approval ≠ affordability

Get Pre-Approved (NOT just pre-qualified)

  • Full review of:

    • Credit

    • Income

    • Assets

What You Get:

  • Loan amount

  • Estimated payment

  • Confidence to shop

Find a Realtor (or bring one into your ecosystem)

  • Local knowledge matters

Shop Smart

  • Stay within budget

  • Think resale value

  • Don’t fall in love with the wrong house 

Make an Offer

  • Based on:

    • Market conditions

    • Comparable sales

    • Strategy

Inspection

  • Find issues early

  • Negotiate repairs or credits

Appraisal

  • Confirms value

  • Required by lender

Loan Processing

  • Submit docs

  • Answer conditions quickly

Underwriting

  • Final review of:

    • Credit

    • Income

    • Assets

    • Property

Clear to Close 

  • You’re officially approved

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