A comprehensive step-by-step guide to buying your first home in Roanoke Valley. Covers everything from getting pre-approved to closing day, including local tips for the Virginia market.
Provided by Robert Krause | Krauses Houses | Long & Foster REALTORS®
Welcome to Your Home Buying Journey
Buying your first home is exciting—and can feel overwhelming. This comprehensive guide walks you through every step of the process, from getting pre-approved to receiving your keys.
Step 1: Assess Your Financial Readiness
Before You Start Looking
- Credit Score: Check your credit report. Aim for 620+ for conventional loans, 580+ for FHA
- Savings: You'll need funds for down payment (3-20%), closing costs (2-5%), and reserves
- Debt-to-Income: Calculate your DTI ratio. Most lenders want 43% or less
- Employment: Two years of stable employment history is preferred
Step 2: Get Pre-Approved
Pre-approval is different from pre-qualification. Pre-approval means the lender has verified your finances and will lend you a specific amount.
Documents You'll Need
- Two years of tax returns
- W-2s or 1099s for two years
- Recent pay stubs (30 days)
- Bank statements (2-3 months)
- ID and Social Security number
- Employment verification
Step 3: Define Your Home Search Criteria
Must-Haves vs Nice-to-Haves
Make two lists before you start looking. Your must-haves are non-negotiable (number of bedrooms, location, etc.). Your nice-to-haves are features you'd love but can live without.
Step 4: Start Your Home Search
Work with your realtor to view homes that match your criteria. In the Roanoke Valley, inventory varies by neighborhood and price point.
Pro Tip: Visit neighborhoods at different times of day. A quiet street at 2 PM might be busy at 6 PM.
Step 5: Make an Offer
When you find "the one," we'll prepare a competitive offer based on comparable sales analysis, days on market, seller motivation, current market conditions, and property condition.
Step 6: Under Contract—Due Diligence Period
- Schedule home inspection (within 7-10 days)
- Review inspection report and negotiate repairs
- Order appraisal through your lender
- Secure homeowner's insurance
- Complete any additional inspections (radon, termite, etc.)
- Lock your interest rate
Step 7: Final Steps Before Closing
- Final walkthrough (24-48 hours before closing)
- Review closing disclosure (at least 3 days before)
- Transfer funds for closing
- Gather required documents and ID
Step 8: Closing Day
You'll sign many documents, receive your keys, and officially become a homeowner!
Questions About Buying Your First Home?
I'm here to guide you through every step.
Robert Krause | 540-598-1267 | [email protected]