BORROWER LEARNING CENTER
Your first home, one step at a time.
Start with a comfortable budget, compare financing, and know what comes next.
Plan your first purchaseWhere should a first-time homebuyer start?
First-time homebuyers should start with a comfortable total housing budget, a document review, and a comparison of available financing. Faulkner Financial Group helps buyers explore programs through Barrett Financial Group LLC, NMLS #181106. Include taxes, insurance, association charges, closing costs, and reserves; eligibility and assistance depend on the borrower, property, and program.
On this page
1. Set a budget you can live with.
Include principal and interest, property taxes, insurance, mortgage insurance, HOA dues, maintenance, and savings for unexpected costs. Use our affordability calculator to explore your own assumptions.
2. Prepare for pre-approval.
Gather income records, asset statements, identification, and existing debt information. Documentation varies by program and employment type. Send sensitive records only through your originator’s secure application channel. Read the pre-approval guide.
3. Explore down payment options.
Compare conventional, FHA, VA, and USDA options as applicable. Ask about assistance programs, eligibility, repayment terms, and funds needed at closing.
4. Shop the loan alongside the home.
Request comparable Loan Estimates. Consider upfront fees, monthly costs, service, and the ability to meet your contract timeline. A pre-approval is conditional, so confirm financing before making commitments.
5. Stay ready for closing.
Coordinate inspection, appraisal, insurance, and final document requests with your team. Discuss new debt, employment changes, and large transfers with your originator before acting. Review your final Closing Disclosure and verify wire instructions by calling a trusted, independently verified number.
Further reading: CFPB: Compare and negotiate loan offers. Reviewed October 21, 2026.
Let’s compare your options.
Tell us your goals, then speak with Jindra or Brian about available programs and next steps.
Get personalized guidance Call (847) 238-9932Content updated · Published by Faulkner Financial Group LLC. Contact Jindra Faulkner, NMLS #225020, with content questions.