First-Time Home Buyer Questions, Answered Straight

It starts with your budget, not the price tag. A lender looks at your income, monthly debts, down payment, and credit to set a comfortable price range, and we look at the full monthly cost so the number holds up in real life. Get pre-approved first and you will shop with a real range instead of a guess.

Less than most people think. Conventional loans can go as low as 3 percent down, FHA is 3.5 percent, and VA and USDA loans can be zero down if you qualify. Twenty percent is not required. Your lender can show you what each option costs so you can weigh a lower down payment against a higher monthly payment.

Closing costs are the one-time fees to finalize the loan and transfer the home. They include lender fees, title, the appraisal, taxes, and prepaids like insurance. Plan for roughly 2 to 5 percent of the price. Some of it can be covered by a seller concession we negotiate for you, so ask before you assume it all comes out of pocket.

Pre-qualified is a quick estimate based on what you tell the lender. Pre-approved means the lender verified your income, credit, and assets and put it in writing. Sellers take a pre-approval seriously, so it is the one worth having before you tour homes.

There is no single magic number. FHA loans often start around a 580 score for the low down payment, and many conventional loans look for 620 or higher, but the higher your score, the better your rate. If your score is not where you want it, a good lender will give you a short list of moves to raise it, and we can time the search around that.

It depends on your down payment, your credit, and how long you plan to stay. FHA is friendly to lower credit and lower down payments, conventional rewards stronger credit, and VA and USDA can be zero down for those who qualify. We will connect you with a lender who lays the options side by side so you can see the real monthly difference.

No. Twenty percent lets you skip mortgage insurance, but plenty of buyers put down 3 to 5 percent and still buy a great home. The tradeoff is a monthly mortgage insurance premium until you build enough equity. We will run both so you can decide what fits your cash and your timeline.

PMI is private mortgage insurance, added to your payment on a conventional loan when you put down less than 20 percent. It protects the lender, not you. On a conventional loan you can usually request it be removed once you reach about 20 percent equity, and it drops off automatically at 22 percent. FHA loans handle this differently, so ask your lender how it works for your specific loan.

Earnest money is a good-faith deposit you put up when your offer is accepted, usually held in a trust account, and it gets applied to your down payment or closing costs at the end. If you cancel for a reason your contract protects, like a failed inspection or financing within the agreed windows, you generally get it back. If you walk for a reason outside those windows, you can lose it, which is why we watch every deadline for you.

Our fee is agreed to in writing up front, so there are no surprises. In many deals the seller offers to cover it through the negotiation, and in others it is paid separately. Either way, you will know the number before we ever write an offer, and we will always tell you straight how it is being handled on your deal.

Yes, and it is a good thing. As of a 2024 national rule change, buyers sign a written agreement with their agent before touring homes, and it spells out exactly what our service costs and caps what you could ever be charged. It protects you, it keeps everything transparent, and you are not signing a blank check. Open houses you visit on your own do not require it.

Once you are pre-approved, finding the right home varies with the market, but from an accepted offer to keys is commonly around 30 to 45 days. The inspection, the appraisal, and the loan underwriting each take a slice of that. We keep a timeline on every deal so nothing slips.

A licensed inspector walks the home and reports on the roof, systems, structure, and anything that needs attention, and you get a written summary. It is your window to ask for repairs, a credit, or to walk away if something serious turns up. We almost always recommend one. It is a few hundred dollars that can save you thousands.

An appraisal is the lender's independent estimate of the home's value, and the loan is based on it. If it comes in below the price, you have options. The seller can lower the price, you can cover the gap in cash, or with an appraisal contingency you can renegotiate or walk. We will walk you through which move makes sense for your deal.

Contingencies are the exits written into your contract, the conditions that let you cancel and protect your earnest money. The common ones are inspection, financing, and appraisal. In a competitive spot buyers sometimes waive one to strengthen an offer, but we will never let you give up a protection without explaining exactly what you are trading away.

There is no one right answer, and we will not push you. Buying builds equity and locks in your housing cost, but it ties up cash and adds maintenance, so it comes down to how long you plan to stay and your finances. We are happy to lay out the honest math for your situation over coffee so you can decide with clear eyes.

Your payment usually bundles principal, interest, property taxes, and homeowners insurance, plus mortgage insurance if you put less than 20 percent down. On top of that, budget for utilities, maintenance, and HOA dues if the home has one. We help you see the full monthly number before you fall for a house, not after.

Property taxes are set by your county from the home's assessed value and the local mill levy, and they are usually collected as part of your monthly payment and paid through escrow. They can change year to year. For how a specific tax bill affects you, your lender and a CPA can give you exact numbers, and we can pull the current taxes on any home you are considering.

Yes. Your lender will require it, and you would want it anyway. A standard policy covers the structure, your belongings, and liability, though things like flood are usually separate. Shop it early, because the quote affects your monthly payment, and we can point you to agents who know the Wichita area.

A homeowners association maintains shared areas and sets rules for a neighborhood, and you pay dues for it, monthly or yearly. Dues can cover things like common landscaping, a pool, or trash, and the rules can limit things like exterior changes. Before you commit, we get you the HOA documents so you know the cost and the rules going in.

Yes. There are loan programs and, at times, down payment assistance for first-time and moderate-income buyers, and eligibility changes, so we check what is current for you. A good local lender is the fastest way to find out what you qualify for. We will make that introduction and help you compare.

We look at what comparable homes actually sold for, the home's condition, how long it has been listed, and how much competition there is, then we build an offer that gives you the best shot without overpaying. Price is only part of it. Terms like the closing date, contingencies, and concessions often matter just as much, and we will explain every lever.

Usually yes, within the protections in your contract. If an issue comes up during your inspection, appraisal, or financing windows, you can cancel and typically keep your earnest money. Backing out for a reason outside those windows can cost you the deposit, so before you sign we make sure you understand every exit and every deadline.

Beyond whether you like it, look at the bones. Check the age and condition of the roof, HVAC, water heater, and windows, watch for signs of water or foundation issues, and picture how the layout actually fits your life. Cosmetic things are cheap to change, but big systems are not. We will point out what we notice, good and bad, so you are not buying on emotion alone.

The common ones: skipping pre-approval, shopping at the very top of the budget with no room for the real monthly costs, waiving an inspection to win, and falling for a house before checking the systems. None of them are hard to avoid with someone in your corner. Our job is to slow the risky moments down and tell you the truth, even when it is not what you hoped to hear.