06/10/2026
Tips for first time homebuyers! 🏡
Are you ready to purchase your first home?
Here’s some of the first steps you need to take!
1️⃣ Assess your debt:
💰Calculate your monthly payments
Your monthly payments should not exceed 43% of your monthly income.
2️⃣ Check your credit:
Obtain a copy of your credit report and check for any discrepancies. If you find any discrepancies dispute them.
A credit score of 620 is the minimum requirement for most lenders.
In general a better credit score gets better rates.
3️⃣ Decide how much home you can afford: Don’t forget to factor in taxes, homeowners insurance, home maintenance and home repairs. There are online mortgage calculators you can use.
4️⃣ Research first time homebuyers mortgage programs:
There’s different types of home loans available. Some offer down payment assistance while others require no money down.
5️⃣ Gather your loan paperwork:
Gather important documents like paystubs, W-2, tax returns, and bank statements. Make a copy of your ID. Utility bill for proof of residency.
Now it’s time to shop for lenders.
🙋♀️ I can refer you to several local lenders!
Contact me today!
Jessica Hale
Realtor
Weichert Realtors Home Source
📍105 Reynolds Road Paragould, Arkansas
📲 870-450-5344
