Buying Your First Home in Kentucky
Buying your first home is a big step, and it doesn't have to be overwhelming. I'll walk you through every part of the process in plain English, from pre-approval to picking up your keys.
The first-time buyer process
Check your finances
Look at your monthly budget, savings and credit. Knowing your comfortable monthly payment matters more than the maximum a lender will approve.
Get pre-approved
A lender reviews your income, assets and credit and tells you what you can borrow. Ask about first-time buyer programs and down payment assistance while you're there. Start with a lender I trust.
Make your wish list
Bedrooms, location, commute, yard, garage. We'll sort your must-haves from your nice-to-haves so you don't waste time on homes that won't work.
Tour homes and make an offer
I'll help you look past the paint and furniture, compare each home to recent sales and write an offer that's competitive and protects you.
Inspection, appraisal and closing
We'll review the inspection together, your lender handles the appraisal and I keep everything on schedule until closing day.
Costs first-time buyers should plan for
Your down payment isn't the only money you'll need. Here's what to budget for.
Earnest money
A good-faith deposit you put down when your offer is accepted. It's applied toward your purchase at closing.
Home inspection
A professional inspection is one of the best investments you'll make. You'll typically pay the inspector directly.
Closing costs
Lender fees, title insurance, prepaid taxes and insurance. Your lender will give you a Loan Estimate with the details.
First-time buyer questions
How much do I need to save to buy my first home?
It depends on your loan type. Some programs allow very low down payments, and VA and USDA loans can allow none for eligible buyers. You'll also want money set aside for closing costs, inspections and moving. A lender can give you exact numbers for your situation.
Are there down payment assistance programs in Kentucky?
Yes. Kentucky Housing Corporation offers down payment assistance and home loan programs for eligible buyers, and some lenders have their own programs too. Ask your lender which ones you qualify for.
What credit score do I need?
Requirements vary by loan program and lender. If your credit needs some work, a lender can show you what to focus on, and I'm happy to connect you with one who takes time to explain it.
What's the difference between pre-qualified and pre-approved?
A pre-qualification is a quick estimate. A pre-approval means a lender has reviewed your income, assets and credit, and it carries much more weight with sellers when you make an offer.
Want everything in one place? Download my free Kentucky Buyer's Guide.
Ready to buy your first home?
Let's talk through your budget and goals. You'll leave the conversation knowing exactly what your next step is.