• First-Time Home Buyer Guide

First-Time Home Buyer Guide

Buying your first home is an exciting milestone—but it can also feel overwhelming if you don’t know where to start. At Slater Real Estate Group, we specialize in helping first-time buyers navigate the process with confidence.

Whether you're just starting to explore or ready to buy, this guide will walk you through everything you need to know.

How to Buy Your First Home

  1. Get pre-approved for a mortgage
  2. Start your home search
  3. Tour homes and find the right fit
  4. Submit an offer
  5. Complete inspections and negotiations
  6. Close on your home and get the keys

👉 Want a deeper dive? Visit our Home Buying Process page for a step-by-step breakdown.

How Much Do You Need to Buy a Home?

One of the biggest misconceptions is that you need 20% down to buy a home—you don’t.

Down Payment

  • 3–5% for many buyers
  • Sometimes 0% for qualified buyers

Closing Costs

  • Typically 2–5% of the purchase price

Other Costs

  • Inspection ($300–$500)
  • Appraisal
  • Moving expenses

Loan Options for First-Time Buyers

Conventional Loan

  • Low down payment options
  • Great for buyers with strong credit

FHA Loan

  • As little as 3.5% down
  • Flexible credit requirements

Jumbo Loan

  • Loans for higher priced homes
  • Require larger down payment (10%-20%)

👉 Not sure which is right for you? We can connect you with trusted local lenders.

What Credit Score Do You Need?

  • 580+ for FHA loans
  • 620+ for conventional loans

Even if you’re not quite there yet, we can help you create a plan to get ready.

Where Should You Buy?

Many first-time buyers in North Texas explore areas like Frisco, Prosper, Plano, and McKinney. Each offers unique benefits depending on your lifestyle and goals.

👉 Explore our “Living in [City]” guides to compare neighborhoods and find the best fit.

Tips for First-Time Buyers

  • Get pre-approved early
  • Don’t max out your budget
  • Think long-term
  • Work with a local expert

First-Time Buyer FAQs

Do I need 20% down?
No—many buyers purchase with far less depending on the loan.

Is it better to rent or buy?
Buying allows you to build equity over time instead of paying rent.

How long does the process take?
Typically 30–45 days once under contract.

Can I get help with closing costs?
Yes—sometimes sellers or lenders can help cover costs.

What if I’m nervous?
That’s completely normal—we guide you every step of the way.

Guiding You Home

👉 Download our Home Buyer Guide here

Ready to Get Started?

We’re here to make your first home purchase simple and stress-free.

👉 Contact Slater Real Estate Group today to begin your home search .