First-Time Home Buyer in Longview, TX? Start Here

What should a first-time buyer in Longview do first?

Talk with a loan officer and get pre-approved before you shop. You do not need a real estate agent first. Sellers frequently want to see a pre-approval letter before they accept an offer, and you may have only a couple of days to arrange financing once they do.

Sources: Get a preapproval letter, CFPB; Contact multiple lenders, CFPB

What do I need to gather?

Most lenders start with proof of income, assets, debts and identity. Exact requirements vary by lender and loan program.

• Recent pay stubs
• W-2 forms and signed federal tax returns for the last two years
• Your most recent bank statements
• Statements for your debts
• Photo ID and Social Security number

Source: Create a loan application packet, CFPB

Is pre-qualified the same as pre-approved?

Not always. Lenders use the words differently, so ask what was actually checked. A letter based on verified income, assets and credit carries more weight than one based only on what you reported. Neither one is a promise of a loan.

Source: What's the difference between a prequalification letter and a preapproval letter? CFPB

How much money do I need to buy my first home?

It depends on the loan program, the price of the home and your closing costs, so ask for your own numbers. Your Loan Estimate shows the cash you are expected to bring. Do not move large sums between accounts before you talk to your loan officer, because lenders have to document where the money came from.

Source: Loan Estimate explainer, CFPB