Buying your first home is an exciting step — but it can also feel overwhelming if you’re not sure where to start. Between budgeting, mortgage applications, and closing paperwork, the process can seem complicated. Fortunately, there are many resources and programs designed to help first-time homebuyers navigate the journey with more confidence.
Start with Your Budget
One of the first steps is to understand what you can comfortably afford. Look at your monthly income and existing debts to figure out a realistic housing budget. A general rule is that your total housing costs — including mortgage, taxes, and insurance — should be no more than 28% of your gross monthly income. It’s also important to plan for other costs like closing fees, moving expenses, and potential repairs.
Save for More Than the Down Payment
Plan beyond just your down payment—remember to budget for closing costs (typically 2–5% of the home’s price) and other upfront fees. Fortunately, a variety of first-time buyer assistance programs—offered by local or state housing agencies, lenders, employers, and federal loan programs—can help with down payments, reduced rates, or grants; just be sure to review any requirements, such as homebuyer education courses or occupancy terms. Research and compare your options early so you can secure the most affordable mortgage and support for your path to homeownership.
Get Pre-Approved Before You Shop
Before you start looking at homes, consider getting pre-approved by a lender. Unlike prequalification, which is only an estimate, pre-approval means the lender has reviewed your credit, income, and debts and has agreed to lend you a specific amount. A pre-approval letter strengthens your offer when you find the home you want.
Pay Attention to Your Credit
Your credit score plays a big role in the mortgage process. It affects not just your ability to qualify for a loan, but also the interest rate you’ll be offered. Before applying for a mortgage, it’s smart to check your credit report and correct any errors. You can check your credit report for free at AnnualCreditReport.com. Paying down existing debts and avoiding new credit applications can also help you present a stronger financial picture to lenders.
Protect Yourself with a Home Inspection
Even if a home looks perfect during a showing, a professional inspection is a must. An inspector can find issues that aren't visible to the untrained eye, such as electrical problems, roof damage, or plumbing issues. A good inspection can save you from unexpected — and expensive — repairs after you move in.
As a first-time homebuyer, many programs can make homeownership more affordable. Start by exploring local government grants, down payment assistance, and reduced-rate mortgages from state housing agencies. Banks, credit unions, and nonprofits may also offer special mortgage products and homebuyer education. Don't forget to check if your employer provides homeownership benefits like grants or loans. Research federal programs like FHA, VA, and USDA loans, and make sure to review any program requirements. Comparing your options will help you find the best path to homeownership.
Where to Get Help Locally
CCCS of Rochester is a trusted nonprofit resource offering financial counseling, first-time homebuyer education, budgeting help, and credit review services. Their counselors can walk you through the homebuying process, help you understand mortgage options, and prepare you for long-term financial success. Learn more or schedule an appointment at www.cccsofrochester.org.
Final Thoughts
The path to homeownership can seem complicated, but you don't have to navigate it alone. Take time to prepare, ask questions, and lean on trusted professionals like CCCS of Rochester and other local resources. With the right plan and support, buying your first home can be an exciting — and achievable — milestone.