First time homebuyer in Texas - Learning Real Estate Investing

First-Time Homebuyer Workbook – Haslet, TX

Straight talk. Step-by-step. Texas-specific.

VA / FHA / USDA / Conventional TSAHC / TDHCA Checklists + Calculators + Visuals

How to Use This Workbook

Work through each section in order. Check items off as you complete them and watch your progress climb. Use the calculators to sanity-check your numbers before you make an offer.

Checklist completion

Keep total monthly housing ≤ 28% of gross income and total debts ≤ 43% DTI.

Get Updates & Checklists

⬇ Download Your Free Homebuyer Checklist (PDF)

Tip: Put this PDF on the opt-in confirmation page to boost completions.

1) Get Your Money Right

Build a housing budget ≤ 28% of gross income; target total DTI ≤ 43%. Pull all three credit scores; dispute errors; pay down revolving balances < 30% utilization. Decide your loan path: VA (0%), FHA (3.5%), Conventional (3–5%+), USDA (0% if eligible). Estimate cash to close (down payment, closing costs, prepaids, reserves). Keep funds seasoned (≥ 60 days). No big unexplained deposits. Do NOT open new credit or finance a car before closing.

Illustrative; actual costs vary by lender, title, taxes, and insurance.

Property taxes and insurance hit harder in Tarrant/Denton. Budget honestly—don’t go house-poor.

2) Gather Documents for Pre-Approval

Government ID & Social Security number 30 days of pay stubs; 2 years W-2/1099 + full tax returns 2 months of bank/asset statements (all pages) + retirement/brokerage 12 months rent history (if applicable) Letters of explanation for credit gaps/large deposits VA buyers: COE, DD-214, disability rating if applicable Self-employed: YTD P&L + balance sheet; business returns

3) Shop Lenders & Get Pre-Approved

Get written Loan Estimates from at least 3 lenders (local + online). Compare APR, points, lender credits, underwriting & origination fees. Ask about rate lock length and float-down options. Confirm eligibility for TSAHC/TDHCA/USDA/VA and seller-paid cost limits. Secure a strong pre-approval letter with program and price ceiling.

For a $350,000 example. Verify current rates with your lender.

4) Down Payment Assistance / Grants

Texas options include TSAHC, TDHCA – My First Texas Home, and USDA (if property qualifies). VA buyers may combine certain assistance toward closing costs—ask your lender.

Complete required homebuyer education. Verify income and purchase-price caps for Tarrant/Denton County. Understand second-lien/forgiveness terms and recapture rules.

Some assistance raises your base rate or adds a lien. Read the fine print before you lock.

5) Choose Your Agent (Local to Haslet/Tarrant/Denton)

Interview 2–3 buyer agents; verify new-construction and resale experience. Sign Buyer Representation Agreement; clarify commission & duties. Set must-haves, deal-breakers, school zones, commute times.

6) House Hunting (Discipline Wins)

Screen property taxes, HOA dues, and any MUD/PID assessments. Check flood zone and request Seller’s Disclosure up front. Compare builder incentives vs third-party lender offers. Verify which appliances convey (fridge, washer, dryer).

Location beats upgrades. You can change countertops—not floodplains, schools, or commute.

7) Offer Strategy

Use agent CMA comps—price based on data, not emotion. Earnest money (1–2%) and option fee (7–10 day option typical in TX). Include financing & appraisal contingencies, or plan appraisal gap funds. Ask for seller credits (2–3% if market allows) or repairs—don’t try for both. List inclusions/exclusions and target closing date.

8) Option Period = Inspections

General home inspection Specialists: roof, foundation, HVAC, plumbing, electrical WDI/termite; sewer scope; pool inspection (if applicable) Well/septic tests (if rural) Negotiate repairs/credits; act before option expires

Walk if foundation is moving, flood risk is high, or issues are uninsurable without expensive mitigation.

9) Appraisal & Underwriting

Lender orders appraisal—value must support contract price. Send conditions fast: new pay stubs, VOE, LOX, proof of funds. Avoid new debt or job changes before funding.

10) Insurance, Title, & Survey

Shop homeowners insurance (wind/hail deductibles of 1–2% common). Review title commitment, HOA resale certificate, and survey/T-47. Consider home warranty or builder 1-2-10 warranty on new builds.

11) Final Walkthrough & Closing

Final walkthrough 24–48 hours before close; verify repairs & condition. Review Closing Disclosure (CD) at least 3 business days pre-close. Wire funds with verified instructions—beware fraud. Bring government ID(s); sign; get keys once funded & recorded.

12) After Closing (Texas-Specific)

File Homestead Exemption (Jan 1–Apr 30). Set up mortgage, insurance, and HOA portals; auto-pay if desired. Change locks, re-code garage, update mail & utilities. Create a maintenance calendar (filters, gutters, sprinklers, WH flush).

Budget 1–2% of home value annually for maintenance. On $350k, that’s $3,500–$7,000.

Calculators

Affordability Quick Check

Gross Monthly Income

Total Monthly Debts (min payments)

Target DTI (%)

Enter numbers to see your max PITI.

Mortgage Payment Estimator

Home Price ($)

Down Payment (%)

Rate (APR %)

Term (years)

Est. Taxes/Insurance ($/mo)

PMI ($/mo, if any)

Enter details to calculate a payment estimate.

These tools are educational—confirm numbers with your lender before making offers.