Buying your first home is a big step—and a powerful one. At B’resheet, we believe every family deserves the chance to build wealth and stability through homeownership. But let’s be real: the process can feel overwhelming, especially for first-time homebuyers.

Whether you’re just dreaming of owning your first home or already saving for a down payment, this guide will walk you through 7 essential things every first-time homebuyer should know—so you can move forward with confidence and clarity.

Know What You Can Afford

Before you fall in love with a home, get a clear picture of your finances. That includes:

• Your monthly income
  
• Current debt
  
• Credit score
  
• Emergency savings
  

A common rule: your monthly mortgage payment should be no more than 30% of your gross income. Use a free calculator from https://www.hudexchange.info/incomecalculator/ or Investopedia to estimate.

Tip: Don’t forget to factor in taxes, insurance, and maintenance costs

Get Pre-Approved for a Mortgage

A pre-approval letter shows sellers you’re serious—and gives you a clear price range. It’s different from pre-qualification, which is just an estimate. Pre-approval requires:

• Proof of income
  
• Bank statements
  
• Credit check

Explore First-Time Homebuyer Programs

There are many programs that help first-time buyers, especially in underserved communities. These may offer:

• Down payment assistance
  
• Lower interest rates
  
• Forgivable loans
  

Start with HUD’s State-Specific Resources to see what’s available near you.

Budget for More Than the Down Payment

Many first-time buyers are surprised by the “hidden” costs of buying a home, such as:

• Closing costs (2–5% of the loan)
  
• Home inspection fees
  
• Moving costs
  
• Repairs
  

Having extra savings on hand can reduce stress and protect your investment.

Hire a Team You Trust

You don’t have to do this alone. You’ll want:

• A knowledgeable real estate agent (ideally one who understands your neighborhood and background)
  
• A trustworthy lender
  
• Possibly a home inspector and attorney
  

Learn more about Finding the Right Real Estate Agent for You

Think Long-Term, Not Just Right Now

Ask yourself:

• Will this home meet your needs in 5–10 years?
  
• Is it in a safe, growing neighborhood?
  
• Could it be resold or rented out later?
  

Remember, a home is also a wealth-building tool—not just a place to live.

Read our post: How Homeownership Builds Generational Wealth

Don’t Be Afraid to Ask Questions

This is likely one of the biggest purchases of your life. No question is too small. At B’resheet, we believe education is empowerment.

If you’re unsure, ask us. We offer workshops, one-on-one guidance, and resources to help you prepare with confidence.

Ready to take the next step?

Download the Free Checklist

Or Contact Us Today for personalized support from our team.