Home Buying March 15, 2024 8 min read

Complete First-Time Homebuyer Guide for 2024

Everything you need to know about buying your first home in Michigan, from preparation to closing.

First-time homebuyer guide

Preparing for Homeownership

Before starting your home buying journey, it's important to assess your readiness. This includes: • Evaluating your financial situation • Checking your credit score • Calculating how much house you can afford • Saving for a down payment • Understanding the ongoing costs of homeownership

Understanding Mortgage Options

As a first-time buyer, you have several mortgage options: • Conventional loans (3-20% down) • FHA loans (3.5% down) • VA loans (0% down for veterans) • USDA loans (0% down for rural properties) • Michigan down payment assistance programs

The Home Buying Process

Here's what to expect during the home buying process: 1. Get pre-approved for a mortgage 2. Find a real estate agent 3. Search for homes 4. Make an offer 5. Get a home inspection 6. Complete the mortgage process 7. Close on your new home

Essential Tips for First-Time Buyers

  • Get pre-approved before house hunting
  • Save more than just the down payment
  • Research first-time buyer programs
  • Maintain your credit score during the process
  • Consider all homeownership costs
  • Work with experienced professionals

Ready to Start Your Home Buying Journey?

Our mortgage experts are here to guide you through every step of the process.