Phil Aitken
Phil Aitken
Owner/Broker

What Are The Things You Need to Buy a House For The First Time?

Want to know what things you need to buy a house for the first time? It’s important to be prepared and organized to make sure your home-buying experience is as smooth and successful as possible. 

In this post, Phil Aitken and our Jacksonville realtors at Your Home Sold Guaranteed Realty - Phil Aitken Home Team will share a comprehensive list of things you need to buy a house for the first time.

Key Takeaways:

  • Your lender will need to see proof of your income. Be prepared to show them recent pay stubs, W-2 forms, and tax returns for the past two years.
  • Apply for pre-approval from a lender. This will give you a clear budget to guide your search and demonstrate to sellers that you are a serious buyer.
  • Purchase homeowners insurance to protect your new home against potential risks like fire, theft, and natural disasters. Insurance will usually be required by your lender.
  • Consider purchasing a home security system, carbon monoxide detectors, new door locks, necessary furniture, and anything else you might need for your new home.

What Are The Things You Need to Buy a House For The First Time?

Typical Financial Requirements for Buying a House for the First Time:

  • Down Payment: Down payments range anywhere from 3% to 20% of the home’s purchase price. However, as a first-time buyer, you may qualify for some down payment assistance programs that can make the cost as low as zero down.
  • Closing Costs: Closing costs for buyers include fees for the loan, appraisal, title insurance, and more. They usually range from 2% to 5% of the purchase price.
  • Credit Score: If you want a mortgage with favorable terms, a good credit score is crucial. Higher scores can lead to better interest rates. Generally, a score of 620 or higher is preferred by lenders.
  • Emergency Fund: It’s a good idea to have three to six months of living expenses saved up to cover any unexpected costs or financial setbacks after purchasing the home. Having extra funds set aside will also make you look more favorable to lenders.

Documents You Need:

  • Proof of Income: Your lender will need to see proof of your income. Be prepared to show them recent pay stubs, W-2 forms, and tax returns for the past two years.
  • Bank Statements: They’ll also need to see statements from all your bank accounts for the past two to three months to verify your savings, check your spending habits, and view your other assets.
  • Employment Verification: Lenders will also need to see a letter from your employer confirming your current employment status and income.
  • Identification: You’ll need a government-issued ID such as a driver’s license or passport.
  • Credit Report: Obtain your credit report from the three major credit bureaus (Equifax, Experian, TransUnion) to review your score, correct any errors, and see where you can improve.

What You Need For House Hunting

  • Mortgage Pre-Approval Letter: Apply for pre-approval from a lender. This will give you a clear budget to guide your search and demonstrate to sellers that you are a serious buyer.
  • Jacksonville Realtor: Hire the best realtor in Jacksonville to guide you through the home-buying process and help you find properties that meet your needs and budget.
  • Research on the Local Area: Research neighborhoods, schools, property taxes, and local amenities to find a neighborhood that suits your lifestyle and budget. Consider taking notes on different neighborhoods to keep track of the pros and cons of each location.
  • Earnest Money: You’ll need to set aside money for this deposit, which you’ll give to the seller to show your good faith and serious intent. Earnest money is usually 1% to 3% of the purchase price and is applied to the closing costs if the deal goes through.

What You Need After Making an Offer

  • Home Inspection: Hire a professional home inspector to evaluate the condition of the property and identify any potential issues.
  • Appraisal: Your lender will require an appraisal to verify the property’s market value before issuing your loan.
  • Title Search and Insurance: Ensure the title is clear of any liens or disputes and purchase title insurance to protect against future claims.
  • Homeowners Insurance: Purchase homeowners insurance to protect your new home against potential risks like fire, theft, and natural disasters. Insurance will usually be required by your lender.
  • Final Walkthrough: Before closing, conduct a final walkthrough of the property to ensure it is in the condition you and the seller agreed upon.
  • Closing Paperwork: Review and sign all closing documents, including the loan agreement and property deed.

Things You Need to Do Post-Purchase

  • Set Up Utilities: Arrange for the transfer or setup of utilities like electricity, water, gas, internet, and cable.
  • Amenities and Supplies: Consider purchasing a home security system, carbon monoxide detectors, new door locks, maintenance supplies, cleaning supplies and tools, necessary furniture, and anything else you might need for your new home.
  • Maintenance and Upgrades: Create a budget for regular maintenance and any initial upgrades or renovations you want to make.

Buying a Home For the First Time is Easy with Our Team

Your Home Sold Guaranteed Realty - Phil Aitken Home Team. What Are The Things You Need to Buy a House For The First Time?
Phil Aitken

Understanding what you need for each step of the home-buying process makes it easier to confidently navigate buying your first home. It also helps to have an experienced realtor at your side. At Your Home Sold Guaranteed Realty - Phil Aitken Home Team, Phil Aitken and our team have been rated as the best realtor in Jacksonville

We’ve been in the business for many years and have helped hundreds of clients buy their dream homes in Jacksonville, including many first-time buyers. We make the home-buying process easy and risk-free thanks to our Buyer Satisfaction Guarantee, which ensures you end up with a home that meets your budget and preferences. 

Have more questions about buying a home in Jacksonville with our team? Give us a call or text at (904) 544-5252 or send a message to [javascript protected email address]. Get ready to start packing!

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!

Phil Aitken, Owner/Broker
Phil Aitken is the Owner/Broker with Your Home Sold Guaranteed Realty - Phil Aitken Home Team and has over 13 years of Real Estate experience. Phil’s faith and desire for his family’s continued security fuel his business growth and leadership. The Phil Aitken Home Team continues to profoundly impact the people of Jacksonville via supporting several faith-based organizations. Phil gives back a portion of every real estate transaction to The Tim Tebow Foundation and Rethreaded. Find Phil's full story here.