Updated November 2026. The steps to buying your first home, in order, with the federal deadlines that protect you and what changes when the seller is selling by owner. Rates and NAR figures were read on November 5, 2026.
The steps to buying a first home are: check your budget, get pre-approved, pick your help, find the home, make a written offer, inspect, appraise, clear title and close. Expect about 30 to 60 days from accepted offer to keys. As of November 5, 2026, the 30-year fixed rate averaged 7.18% (Freddie Mac), and first-time buyers made up 31% of September sales (NAR).
Jump to: 🚶 10 steps · 💲 Money first · ✍️ Offer · 🔎 Under contract · 🔑 Closing · 🏡 Buying by owner · ❓ FAQ
Key takeaways
- Get pre-approved before you tour; it sets your budget and makes your offer believable.
- Your lender owes you a Loan Estimate within 3 business days of applying and a Closing Disclosure 3 business days before closing.
- Every offer goes in writing, with deadlines for inspection, financing and closing.
- Buying from an owner uses the same steps, but you or your attorney drive more of them.
First-time buyers are a small group right now. NAR’s 2025 Profile of Home Buyers and Sellers put their share at a record-low 21%, with a median age of 40 and a median down payment of 10% (NAR, 2025 Profile takeaways). If you’re one of them, the order of the steps below saves you money and stress.
What are the steps to buying your first home?
| Step | What you do | Typical timing |
|---|---|---|
| 1. Budget | Check credit, savings and a monthly payment you can carry | Weeks before you shop |
| 2. Pre-approval | Apply with two or three lenders, compare Loan Estimates | 1 to 2 weeks |
| 3. Your team | Choose an agent, an attorney, or both | Before touring |
| 4. Search | Tour homes, check sold prices nearby | Weeks to months |
| 5. Offer | Written offer with price, deposit and deadlines | 1 to 3 days to agree |
| 6. Inspection | Hire an inspector; negotiate repairs or credits | About 7 to 14 days |
| 7. Appraisal and loan | Lender values the home and approves the loan | 2 to 4 weeks |
| 8. Title | Title search and title insurance | Runs alongside step 7 |
| 9. Closing Disclosure | Compare final terms with your Loan Estimate | At least 3 business days before closing |
| 10. Closing | Final walk-through, sign, get the keys | About 30 to 60 days after the offer |
How should a first-time buyer handle the money?
Step 1: Know your budget
Pull your credit report, total your savings and pick a monthly payment you can live with, not the maximum a lender offers. Remember taxes, insurance and HOA dues. Rate tables on Bankrate show what a payment looks like at each price.
Step 2: Get pre-approved
Apply with two or three lenders. Each must send a Loan Estimate within three business days of your application (CFPB, Loan Estimate). Compare them line by line. Rates move every week: Freddie Mac’s 30-year average was 7.18% on November 5, 2026, against 6.22% a year earlier (Freddie Mac PMMS).
Buying in Florida? Beycome Mortgage’s first-time buyer page covers down payment, closing costs and credit score; Beycome Mortgage LLC (NMLS #2523620) is licensed in Florida only, and using it is optional.
Step 3: Choose your help
Most first-time buyers use an agent. Since August 17, 2024, an MLS agent working with you needs a written agreement before touring, stating their pay, which is negotiable (NAR settlement FAQs). Some buyers add a real estate attorney; Nolo has plain-English guides to start.
How do you make an offer on your first home?
Step 4: Search and price
Look at what similar homes sold for nearby, not just list prices. If you like a condo, read condo pros and cons for first-time buyers first.
Step 5: Put it in writing
A real offer is a written purchase contract: price, deposit, financing, inspection period, closing date and what stays with the home. Our guide to writing an offer letter helps you stand out without overpaying. Keep every deadline realistic; a missed one can cost your deposit.
What happens once your offer is accepted?
Step 6: Inspect
Hire a licensed inspector inside your inspection period. For a home built before 1978, the seller must give you the EPA lead pamphlet and disclose what they know, and you get 10 days to test unless you both agree otherwise in writing (EPA lead disclosure rule).
Step 7: Appraisal and loan approval
Your lender orders the appraisal. If it comes in low, you can renegotiate, bring more cash or walk away if your contract allows it. Don’t open new credit until closing.
Step 8: Title
A title company or attorney checks public records for liens and ownership problems. An owner’s title policy protects you if a claim from before your purchase turns up later (CFPB, owner’s title insurance). Our explainer on what a title company does covers the rest. In Florida, Texas, Michigan, Ohio, Illinois and Indiana, Beycome Title can close the deal.
How does closing work for a first-time buyer?
Step 9: Review the Closing Disclosure
Your lender must give it to you at least three business days before closing (CFPB, Closing Disclosure). Put it next to your Loan Estimate. If a number changed, ask why before you sign. The Consumer Financial Protection Bureau has more guides on your rights at closing.
Sell smarter
List your home on the MLS from $99
A flat fee instead of a percentage, and $0 to Beycome at closing. You stay in control of your sale.
Sell your home →Buy smarter
Get up to 2% back at closing
On homes listed by other agents, Beycome credits you up to 2% of the price at closing (1% kept, $1,499 minimum; not on FSBO homes or homes listed by Beycome sellers).
Buy a home →Step 10: Walk through, sign, get the keys
Check the home the day before or the morning of closing. Bring ID and wire funds only after confirming the instructions by phone with your title company. Not sure about local customs? HUD-approved housing counselors help first-time buyers for free or at low cost.
What changes if you buy your first home from an owner?
The steps stay the same. The difference is that no listing agent is managing the seller’s side, so you, your agent or your attorney make sure each step happens. Only 5% of sellers sold by owner in NAR’s 2025 profile, so it’s less common, but it happens.
- Ask the seller for the disclosures your state requires, in writing.
- Use a written contract; see our guide to FSBO purchase contracts.
- Insist on a title search and owner’s title insurance.
- If you use an agent, check who pays them; a FSBO seller may not offer anything.
For the full by-owner walk-through, read how to buy a house from an owner.
Buying a home listed by an agent instead? The Beycome buyer program has no upfront fee. Beycome keeps 1% of the price (minimum $1,499) and credits the rest of the buyer-agent commission at closing, with lender approval; on a $400,000 home with 3% offered, that’s $8,000 back (example only). It’s open to every buyer on homes listed by other agents; the credit can’t apply where no buyer-agent commission is offered, like most FSBO homes, or on homes listed by Beycome sellers. Rebate rules vary by state. Commissions are not set by law or NAR rules and are negotiable; sellers choose whether to offer buyer-agent compensation, and since August 17, 2024 those offers can’t be shown on the MLS.
Selling a place first? Beycome puts it on the major home search sites and the MLS from $99 in most states (see your state page on flat fee MLS listings). Beycome has helped 22,000+ homeowners save over $225 million (Beycome internal data, October 2026).
Frequently asked questions
What is the first step to buying a first home?
Check your budget and credit, then get pre-approved by a lender before you tour homes.
How long does it take to buy a first home?
The search can take weeks or months. From accepted offer to keys, about 30 to 60 days is common, depending on your loan and contract.
How much down payment do first-time buyers put down?
NAR’s 2025 profile found a median of 10% for first-time buyers. Many loan programs allow less.
Do I need an agent to buy my first home?
No, it’s not required; it’s your choice. Most first-time buyers use one. Others use an attorney or buy directly from an owner.
When do I get the Closing Disclosure?
At least three business days before closing. Compare it with your Loan Estimate and ask about any change.
Can I get a buyer credit on a FSBO home?
Usually not. A commission credit needs a buyer-agent commission to credit, and most FSBO sellers don’t offer one.
Rates: Freddie Mac PMMS, week of November 5, 2026. First-time buyer share in September 2026: NAR existing-home sales, read November 5, 2026. Profile figures: NAR 2025 Profile of Home Buyers and Sellers (July 2024 to June 2025). Loan Estimate and Closing Disclosure deadlines: CFPB. Lead rule: EPA. Timings are typical ranges. Commissions are not set by law or NAR rules and are negotiable; sellers choose whether to offer buyer-agent compensation, and how much; since August 17, 2024, those offers can’t be shown on the MLS.
Buyer credit: no upfront fee; Beycome keeps 1% of the price, minimum $1,499, and credits the rest at closing, subject to the compensation offered and lender approval; homes listed by other agents only; rules vary by state. Beycome Mortgage LLC, NMLS #2523620, is licensed in Florida only; using it isn’t required for the buyer credit. Beycome Title: Florida, Texas, Michigan, Ohio, Illinois and Indiana. General information, not legal or financial advice.
Sources
- Freddie Mac, Primary Mortgage Market Survey, read November 5, 2026.
- NAR, 2025 Profile of Home Buyers and Sellers takeaways, read October 28, 2026.
- NAR, existing-home sales, September 2026, read November 5, 2026.
- CFPB, Loan Estimate, read November 5, 2026.
- CFPB, Closing Disclosure, read November 5, 2026.
- CFPB, owner’s title insurance, read October 28, 2026.
- EPA, lead disclosure rule, read November 5, 2026.
- NAR, settlement FAQs, read November 5, 2026.
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