4 Tips for A First-Time Homebuyer

McKenzie Walsh
​USU Extension Housing Expert

​The American Dream has been and will always be to own a home. The idea of painting your walls, hanging photos with nails, and building equity is very enticing. But it is important to make sure that you are ready for what could be the largest purchase you make. Below are four tips for a future home buyer:  

1. Prepare your credit- A credit score ranges between 300-850.  Your individual credit score will determine not only if you are eligible for a mortgage loan but what type of interest rate you will qualify for. You can access a free credit score on the Experian phone application found in your app store or their webpage.   
2. Look into local homebuyer assistance programs- Researching for grants or low-interest loans could save you money on your down payment. There are programs in place by local non-profits, counties, and cities to help you achieve your goal. Assistance can vary and some may have specific qualifications or income limitations. To find a program near you call 211 or visit their website. 
3. Get a pre-qualification letter from a lender- With the hot housing market, getting a letter from a lender that indicates your qualification to purchase a home is necessary. With few homes for sell and lots of potential buyers, a letter could be what sets you apart from others.  
4. Take a HUD Approved Home Buyer Education course- Navigating the home buying process can be stressful and confusing. Taking a Home Buyer Education course will not only ease uncertainties but help you gain the financial confidence and knowledge needed to arm you for this big investment. Register for our home buyer class here.