First-Time Homebuyer Guide

Your game plan for buying a home in Fall 2026.

Your lease is up in October or November. You've got 4–5 months. That's enough time to get financially ready if you start today. Here is everything you need to know.

4–5Months to prepare
21+Years DFW experience
$0Cost to get started
See the Game PlanView Prep Checklist

Your target numbers at a glance

Loan typeFHA · 3.5% down
Target price range$300K – $350K
Minimum down payment$10,500 – $12,250
Estimated closing costs$6,000 – $10,500
Total savings target$23,500 – $29,750
Credit score goal650 or higher
Estimated new payment~$3,500 / month
King Realty has you covered.
21+ years helping DFW buyers win. We'll be with you every step of the way.
Your 4-month countdown

The exact game plan, month by month.

Do not get overwhelmed. Focus on what is in front of you. This is your step-by-step roadmap from today through closing day.

01
Month One

Lay the foundation

  • Pull your free credit report at AnnualCreditReport.com.
  • Know your credit score and aim for 650+.
  • Open a dedicated house savings account.
  • List all debts and calculate your DTI.
  • Get pre-qualified with a soft pull.
02
Month Two

Build momentum

  • Pay credit cards below 30% utilization.
  • Set up automatic savings transfers.
  • Start the $1,000 payment challenge.
  • Gather tax returns, pay stubs, W-2s, and bank statements.
  • Set up autopay on all accounts.
03
Month Three

Protect and grow

  • Check credit score progress.
  • Keep credit cards under 10% utilization if possible.
  • No new debt or credit inquiries.
  • Maintain consistent savings pace.
  • Define must-have versus nice-to-have home features.
04
Month Four

Pull the trigger

  • Complete the official hard credit pull when ready.
  • Finalize full mortgage pre-approval.
  • Start touring homes with King Realty.
  • Review homeowner insurance quotes.
  • Make your move with confidence.
FHA loan · $300K–$350K purchase

Know your numbers before you start.

No surprises. Here is what you are working toward.

$10,500+Minimum FHA down payment on a $300K purchase.3.5% of purchase price
$6K–$10KEstimated closing costs including lender fees, title, and escrow.2–3% of purchase price
~$7,000Recommended reserves for your safety net after closing.2 months PITI buffer
650+Credit score target for the best available FHA rate options.Target credit score

The $1,000 payment challenge.

You are paying $2,500 per month in rent right now. Your new mortgage may be around $3,500. Starting this month, transfer that extra $1,000 directly into your house savings. You build your down payment faster and prove to yourself that you can comfortably handle the new payment.

$2,500Current rent
$3,500New payment
$1,000Save the diff
Homebuyer prep checklist

Your complete first-time buyer checklist.

Twenty clear steps between you and closing day.

1. Get finances organized

Pull your free credit report.Review all three bureaus for errors or surprises.
Know your credit score.Aim for 650+ if possible.
List every debt you carry.Include credit cards, student loans, car payments, and personal loans.
Calculate your DTI.Add monthly debt payments and divide by gross monthly income.

2. Build your house fund

Open a dedicated savings account.Keep house money separate from daily spending.
Set automatic transfers.Move money before it can be spent.
Start the $1,000 challenge.Save the difference between rent and the expected new payment.
Document every deposit.Lenders review bank statements, so keep transfers consistent.

3. Improve credit

Pay cards below 30% utilization.Under 10% is even better if possible.
Set up autopay.Protect your score from missed payments.
Do not open new credit.No new cards, store financing, or car loans before closing.
Dispute report errors.Start early because disputes may take 30–45 days.

4. Work with your lender

Get pre-qualified with a soft pull.Learn what you qualify for without hurting your score.
Gather your documents.Tax returns, pay stubs, bank statements, W-2s, and photo ID.
Time the hard pull carefully.Usually closer to the buying window.
Ask about assistance programs.Texas first-time buyer programs may be available.

5. Prepare for ownership

Budget beyond the payment.Plan for HOA, utilities, lawn care, and maintenance.
Research homeowner insurance.Rates vary by zip code in North Texas.
Define must-haves.Beds, baths, commute, school district, garage, and non-negotiables.
Connect with King Realty.Get a free buyer consultation and payment comparison.
King Realty · Free buyer estimate

Ready to get your personalized buyer estimate?

King Realty can send a customized payment comparison built around your price range, income, credit, and goals. No cost. No pressure. Just clarity.

All numbers are estimates only. Please consult your lender, tax professional, and real estate advisor before making a purchase decision.