First-Time Homebuyer Guide
Everything a first-time buyer needs — from pre-approval to closing day.
Buying your first home is the biggest financial decision most people ever make. This guide walks through the full path from getting pre-approved to signing at closing.
Start with a pre-approval, not a pre-qualification. A pre-approval means a loan officer has reviewed your credit, income and assets. Sellers take pre-approvals seriously; pre-qualifications get ignored.
Budget for closing costs (typically 2–5% of the purchase price) in addition to your down payment. Ask your loan officer for a Loan Estimate on a sample scenario so you see real numbers.
Compare programs. Conventional loans allow as little as 3% down. FHA allows 3.5% down with more flexible credit. VA is 0% down for eligible veterans. USDA is 0% down for eligible rural properties.
Lock your rate when you have a signed contract and are comfortable with the market. Your loan officer should proactively discuss when to lock.
Talk to a NEXA loan officer
This guide is written by Renato Rodic, a NEXA Lending loan officer. See the contact page to reach him about your specific scenario.