THE COMPLETE 1ST TIME HOMEBUYERS’ CHECKLIST
YOUR ROADMAP TO HOMEOWNERSHIP
​
ACTION STEPS TO DEBUNKING THE MYTHS:
​
MYTH: I CAN’T AFFORD TO BUY A HOME.
Reality: Many first-time buyers qualify for loans they ​might not be aware of. Check eligibility for FHA loans and ​other government-backed programs.
Action Step: Research various financing options such as ​FHA, VA, and USDA loans. Visit HUD.gov for more details.
​
MYTH: I NEED A 20% DOWN PAYMENT.
Reality: There are numerous programs that require lower ​down payments – some as low as 3%.
Action Step: Look into down payment assistance ​programs and grants.
Speak with a mortgage advisor about your options.
​
MYTH: I DON'T KNOW WHERE TO START.
Reality: Starting can be as simple as contacting a local ​housing counselor or exploring online resources.
Action Step: Schedule a meeting with a housing counselor.
Visit NeighborWorks to find support near you.
MORE ACTION STEPS AND UNDERSTANDING THE PROCESS
​
GOVERNMENT VS. CONVENTIONAL BANKING:
Explanation: Understand the differences and benefits of ​government loans versus traditional bank loans.
Action Step: Compare loan terms, interest rates, and ​benefits between government and conventional loans. ​Use online tools or consult a financial advisor.
UNDERSTANDING ASSISTANCE PROGRAMS:
Explanation: Assistance programs can provide significant ​help with down payments and closing costs.
Action Step: Investigate local, state, and federal ​assistance programs.
Check eligibility criteria and application deadlines.
​
TERMS AND CONDITIONS:
Explanation: Knowing the terms of your mortgage can ​save you money and trouble in the long run.
Action Step: Get pre-approved for a mortgage to ​understand potential loan terms and conditions.
Review all documentation carefully.
Conclusion: Buying your first home doesn't have to be daunting. Use this ​checklist to empower yourself with knowledge and take the first steps ​toward homeownership. Remember, the right resources and assistance can make all the difference!