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Families · Action plan

Homeownership Preparation Plan

Buying a home well means preparing your credit and savings before you shop, getting pre-approved so you know your real budget, and understanding inspection and closing costs before you sign.

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Steps

Work through each step in order

Check off a step as you complete it. Official links open in a new tab.

Step 1
Check your credit score and reportsPull your free reports and know your score — it directly affects the interest rate you'll be offered.
- AnnualCreditReport.com (official, free)
Step 2
Lower your debt-to-income ratioPay down revolving balances where possible; lenders look closely at total monthly debt versus income.
Step 3
Build your down payment and closing cost savingsSet a savings target — many loans allow as little as 3–3.5% down, but you'll also need funds for closing costs.
Step 4
Research down payment assistance programsCheck for first-time homebuyer and down payment assistance programs through your state housing finance agency and HUD.
- HUD: homebuying programs by state
Step 5
Budget for the true cost of owningAdd property taxes, insurance, HOA dues, and maintenance (often 1% of home value per year) to your monthly budget math.
Step 6
Get pre-approved, not just pre-qualifiedA pre-approval verifies your income and credit and tells sellers you're a serious, qualified buyer.
Step 7
Shop at least three lendersCompare rate, fees, and closing costs across a bank, a credit union, and a mortgage broker — small rate differences add up over 30 years.
Step 8
Find a buyer's agentWork with an agent who represents your interests, not the seller's, and understand how they're paid.
Step 9
Always get a professional home inspectionNever waive the inspection contingency on a home you haven't had independently inspected.
Step 10
Review your Closing Disclosure carefullyCompare your final Closing Disclosure against your original Loan Estimate for unexpected fee changes before closing.
- CFPB: Closing Disclosure explainer
Step 11
Understand title insurance and escrowKnow what your title insurance covers and how your escrow account for taxes and insurance will work going forward.
Step 12
Do a final walkthrough before closingConfirm agreed-upon repairs were made and the home is in the condition promised, right before signing.

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