Quick answer
To buy your first home: check your credit, set a budget, and save for the down payment and closing costs. Then get pre-approved for a loan, hire a real estate agent and make an offer. After that come the inspection, the appraisal and underwriting, and finally closing.
Getting pre-approved before you tour homes tells you your price range and makes your offer stronger. In recent years, the time from an accepted offer to closing has typically been about 30 to 45 days, though it isn’t guaranteed.
Rules on this page were verified in . Loan program terms are subject to HUD, VA, USDA, Fannie Mae, Freddie Mac, THDA and lender guidelines and may change.
At a glance: buying your first home
- Steps: credit, budget, savings, pre-approval, agent, offer, inspection, underwriting, closing
- What lenders check: credit, income and job history, debt-to-income ratio, savings
- Documents: pay stubs, W-2s or tax returns, bank statements, ID
- Cash needed: 0% to 3.5% down on many loans, plus closing costs
- Agent: written buyer agreement required; pay is negotiable
- Timeline: typically 30 to 45 days from accepted offer to closing
What are the steps to buying a home?
| Step | What happens | When |
|---|---|---|
| 1. Check your credit | Pull your free reports at AnnualCreditReport.com and fix errors | Months before you shop |
| 2. Set a budget | Decide on a payment that fits your whole budget, not just the approval | Before pre-approval |
| 3. Save | Down payment, closing costs and a cushion; check assistance programs | Ongoing |
| 4. Get pre-approved | A loan officer reviews your credit, income and assets and issues a letter | Before touring homes |
| 5. Hire an agent | Sign a written buyer agreement, then tour homes | Before touring |
| 6. Make an offer | Price, earnest money, contingencies and closing date | When you find the home |
| 7. Inspection | An inspector checks the home; you negotiate repairs or credits | First week or two under contract |
| 8. Appraisal and underwriting | The lender confirms the value and verifies your file | Most of the contract period |
| 9. Insurance | Buy homeowners insurance and send the declarations page to the lender | Before clear to close |
| 10. Final walk-through and closing | Check the home, sign, pay cash to close, get keys | Closing day |
Typical recent timelines have been approximately 30 to 45 days from accepted offer to closing; underwriting and agency processing times are not guaranteed. See the CFPB’s buying-a-house guide.
What do mortgage lenders look at?
- Credit: your score and history. Many programs start around 580 to 620, depending on the loan and the lender.
- Income and employment: usually two years of steady history, though it doesn’t have to be with the same employer. See whether changing jobs hurts your application.
- Debt-to-income ratio (DTI): your monthly debts plus the new house payment, divided by your gross monthly income. Limits commonly run from about 41% to 50% depending on the program; see how much house you can afford.
- Savings: enough for the down payment and closing costs, and on some loans reserves left over after closing.
Program terms and eligibility are subject to agency and lender guidelines and may change. Conventional DTI: Fannie Mae Selling Guide B3-6-02.
What documents do you need for a mortgage?
- Pay stubs covering the last 30 days.
- W-2s for the last two years, or two years of tax returns if you’re self-employed or earn commission.
- Two months of statements for every bank and investment account you’ll use.
- A driver’s license or other photo ID.
- If it applies: a signed gift letter, a DD-214 or statement of service for a VA loan, a divorce decree or child-support order, and letters explaining any credit issues.
Sending everything at once is the single biggest thing you can do to speed up pre-approval and underwriting.
How do you get pre-approved for a home loan?
You complete an application, the lender pulls your credit, and a loan officer reviews your income and asset documents. If everything checks out, you get a pre-approval letter showing the price and loan type you can shop with. A pre-approval isn’t a final loan approval: the home still has to appraise, and underwriting verifies everything again before closing.
A prequalification is lighter, often based on what you tell the lender without documents, and carries less weight with sellers. The CFPB notes that lenders use the terms differently, so ask what was actually reviewed. A pre-approval can come within a day once your documents are in, though timing isn’t guaranteed.
How much money do you need to buy your first home?
On an illustrative $350,000 Robertson County purchase:
| Loan | Minimum down | Closing costs (about 2%–5%) |
|---|---|---|
| VA or USDA | $0 | $7,000–$17,500 |
| Conventional, 3% down | $10,500 | $7,000–$17,500 |
| FHA, 3.5% down | $12,250 | $7,000–$17,500 |
Illustrative example only. Actual interest rates and APRs vary based on loan program, borrower qualifications, property, market conditions and other factors. Closing costs vary by lender, title company, loan and prepaid taxes and insurance. Program terms and eligibility are subject to agency and lender guidelines and may change.
With sufficient seller credits, lender credits, assistance and eligible financed costs, some borrowers may have very little cash required at closing. THDA’s first-time buyer programs and other down payment assistance can help eligible buyers; program terms and eligibility are subject to THDA and lender guidelines and may change. Plan for earnest money at the offer, an inspection fee and an appraisal fee along the way. For the full breakdown, see how much down payment you need and closing costs vs. down payment.
Do you need a real estate agent, and who pays them?
You don’t have to use one, but most first-time buyers do, and a good agent knows the local market, writes the offer and manages the deadlines. Since August 17, 2024, agents who are REALTORS® must have you sign a written buyer agreement before you tour homes together. It states what the agent will do and how much they’ll be paid.
That pay is negotiable and isn’t set by law. A seller may still agree to cover some or all of it, and you can ask for that in your offer, but don’t assume it’s free. Ask your loan officer how any seller-paid amount fits within your loan’s concession limits.
What happens after your offer is accepted?
- Earnest money goes to the title company or the agent’s escrow account, usually within a few days.
- Home inspection. An inspector looks at the roof, structure, systems, attic and crawl space. Based on the report, you can ask for repairs or credits, or walk away within your inspection period.
- Appraisal. The lender orders it to confirm the home is worth the price; see what a home appraisal is.
- Underwriting. The underwriter verifies your income, assets, credit and the property, and may ask for more documents.
- Homeowners insurance. Get quotes early and choose your own insurer.
- Closing Disclosure. You receive it at least three business days before closing. Compare it with your Loan Estimate.
- Final walk-through, usually a day or two before closing, to confirm the home’s condition and any agreed repairs.
- Closing at the title company you or your agent choose: sign the loan and title documents, pay the cash to close, and get the keys.
What should you avoid between pre-approval and closing?
- Opening new credit cards or financing a car or furniture.
- Large deposits you can’t document, or moving money between accounts without a paper trail.
- Changing jobs or pay structure without talking to your loan officer first.
- Missing payments on any account.
- Co-signing a loan for someone else.
Lenders typically re-check credit and employment shortly before closing, so a change late in the process can delay or derail the loan.
First-time homebuyer FAQ
How long does it take to buy a house?
Shopping can take weeks or months. Once your offer is accepted, closing has typically taken about 30 to 45 days in recent years. Underwriting and agency processing times are not guaranteed, and having your documents ready is what keeps it on schedule.
What credit score do I need to buy a house?
It depends on the loan. FHA allows scores from 580 with 3.5% down, and many conventional, VA and USDA lenders look for about 620 or higher. Program terms are subject to agency and lender guidelines and may change. A higher score can improve your pricing.
Who counts as a first-time homebuyer?
For many programs, it’s anyone who hasn’t owned a home in the past three years, not only people who have never owned. THDA also waives the first-time rule in some targeted counties and for eligible veterans. Program terms are subject to THDA and lender guidelines and may change.
Is prequalification the same as pre-approval?
No. A prequalification is usually a quick estimate based on what you report. A pre-approval includes a credit check and a review of your income and asset documents, so sellers give it more weight. Lenders use the terms differently, so ask what was verified.
Can I get a home loan from a lender outside my town?
Yes. Applications, documents and disclosures are handled by phone, text and secure online portals, and you close at a local title company that you or your agent choose. Valor Mortgage works with buyers anywhere in Tennessee.
Where these rules come from
| Rule or figure | Source | As of |
|---|---|---|
| Free credit reports | AnnualCreditReport.com | Retrieved Oct 26, 2026 |
| Prequalification vs. pre-approval | CFPB, Ask CFPB | Retrieved Oct 26, 2026 |
| Closing Disclosure three business days before closing | CFPB, Ask CFPB | Retrieved Oct 26, 2026 |
| Written buyer agreements; negotiable agent pay | NAR, Consumer Guide to Written Buyer Agreements | Effective Aug 17, 2024 |
| Conventional debt-to-income limits | Fannie Mae Selling Guide B3-6-02 | Retrieved Oct 26, 2026 |
| THDA first-time buyer rules | THDA, Homebuyers | Retrieved Oct 26, 2026 |
Related guides
- Tennessee first-time homebuyer programs.
- Can you buy a home with no down payment in Tennessee?
- How much house can I afford?
- Will changing jobs hurt my loan application?
- Robertson County mortgage guide.
- About Christopher Armantrout, the licensed originator who wrote this page.
Ready to start with pre-approval? Talk to Valor Mortgage.
I’ll review your credit, income and savings, show you the price range and cash needed on each loan you qualify for, and give you a pre-approval letter you can shop with anywhere in Tennessee.
Call me at (615) 671-9178. That’s the fastest way to get a straight answer on what you’d qualify for and what buying your first home would look like for you.
If it’s after hours, grab a time on my calendar. Pick a slot that works and I’ll call you then.
If your life is too chaotic for a phone call right now — I understand — start an application and I’ll review it and reach out with a plan.
Valor Mortgage, LLC · Christopher Armantrout, Mortgage Loan Originator, NMLS #1210804 · Valor Mortgage, LLC is powered by Encore Lending Group, LLC, NMLS #1249911 · Licensed in Tennessee · Equal Housing Opportunity
724 S Main St, Springfield, TN 37172 · (615) 671-9178 · christopher@valor.mortgage · NMLS Consumer Access
The dollar figures on this page are illustrative examples for general information only and are not an offer, a rate quote, or a commitment to lend. Actual interest rates and APRs vary based on loan program, borrower qualifications, property, market conditions and other factors. Program fees, limits and terms are set by the agencies named above and change without notice; all loans are subject to credit approval, income verification and property appraisal. Not all applicants will qualify.