First-Time Homebuyer Checklist | Lisa Reynolds

Step

1

Get Your Finances Ready

Before you look at a single home, get your financial house in order

3–6 Months Before

Credit & Debt

Pull your credit report from all 3 bureaus Critical

Get free reports at AnnualCreditReport.com. Review Equifax, Experian, and TransUnion for errors. Dispute any inaccuracies immediately — this process can take 30–60 days.

Know your credit score Critical

For a conventional loan you need 620+. For the best interest rates, aim for 740+. FHA loans allow scores as low as 580 with 3.5% down, or 500 with 10% down.

Calculate your debt-to-income ratio (DTI)

Add up all monthly debt payments ÷ gross monthly income. Most lenders want DTI under 43%. The lower, the better. Pay down credit cards and car loans if you're over.

Avoid opening new credit accounts or large purchases

No new car loans, credit cards, or major purchases from now until after closing. Any new debt can tank your approval at the last minute — I've seen it happen.

Savings & Budget

Calculate your true homebuying budget Money

Your monthly payment should be no more than 28% of gross monthly income. Factor in mortgage, property taxes (~1.1% in Jackson County), insurance, HOA, and maintenance (budget 1% of home value/year).

Save for your down payment Money

Conventional: 3–20% down. FHA: 3.5% down. USDA/VA: 0% down if eligible. On a $400K Georgia home, 5% down = $20,000. Don't forget you also need closing costs on top of this.

Save for closing costs Critical

Georgia closing costs typically run 2–4% of the purchase price ON TOP of your down payment. On a $400K home that's $8,000–$16,000 extra. Many buyers are blindsided by this.

Set up a dedicated homebuying savings account

Keep your down payment money separate from your regular savings. A high-yield savings account earns interest while you're saving up.

💡

Georgia Dream Program: Georgia's state-run down payment assistance program offers up to $10,000 for qualified first-time buyers. Income limits apply. Ask me about this — it's one of the best programs most buyers never hear about.

Step

2

Explore Georgia Buyer Programs

Free money and low-down-payment options most buyers never use

3–5 Months Before

Research the Georgia Dream Homeownership Program Georgia

Offers 30-year fixed-rate mortgages AND up to $10,000 in down payment assistance for first-time buyers who meet income limits. Visit dca.ga.gov/safe-affordable-housing for details.

Check USDA Rural Development loan eligibility Georgia

Parts of Jackson County (Commerce, Nicholson, Arcade) may qualify for USDA loans — zero down payment. Use the USDA property eligibility map at usda.gov to check your target area.

Check FHA loan eligibility (3.5% down)

Great option if your credit score is 580–739. FHA loans are more flexible on credit history but require mortgage insurance premium (MIP) for the life of the loan if you put less than 10% down.

Check VA loan eligibility if you're a veteran or active military Tip

VA loans offer 0% down, no private mortgage insurance, and competitive rates. One of the best loan products available. If you served, use this benefit.

Ask lenders about conventional 3% down programs Money

Fannie Mae's HomeReady and Freddie Mac's Home Possible programs allow 3% down with income limits. Some lenders also offer their own first-time buyer grants and rate incentives.

Step

3

Get Pre-Approved for Your Mortgage

Not pre-qualified — pre-approved. There is a critical difference.

2–3 Months Before

Documents to Gather

Gather last 2 years of W-2s and tax returns

Self-employed buyers need 2 years of tax returns plus a year-to-date profit & loss statement. Lenders want to see consistent income history.

Collect last 2 months of bank statements (all accounts)

Lenders will ask where your down payment is coming from. Every dollar needs to be traceable. Large deposits need a paper trail — "gift letters" if money came from family.

Gather last 30 days of pay stubs

All employers. If you have multiple jobs, include all of them. Overtime income is typically averaged over 2 years.

Have your photo ID and Social Security number ready

Standard requirement for all lenders. The lender will run a hard credit inquiry — this is expected and only impacts your score by a few points temporarily.

The Pre-Approval Process

Shop at least 2–3 lenders before choosing Tip

Interest rates and fees vary significantly between lenders. Comparing 3 lenders can save you thousands over the life of your loan. Multiple credit pulls within a 14-day window count as just ONE inquiry.

Get a full pre-APPROVAL letter (not just pre-qualification) Critical

Pre-qualification is a quick online form worth very little. Pre-approval means the lender has verified your income, assets, and credit. In Georgia's market, sellers won't consider offers without it.

Understand your Loan Estimate document

Within 3 days of applying, lenders must send you a Loan Estimate. Review the interest rate, APR, monthly payment, closing costs, and cash to close. Compare these numbers across lenders.

⚠️

Do NOT do any of these between pre-approval and closing: Change jobs, open new credit accounts, make large cash deposits, buy a car, co-sign a loan, or miss any bill payments. Any of these can cause your loan to be denied at the last minute.

Step

4

Choose Your Agent & Start Your Search

The right agent protects you — and costs you nothing as a buyer

1–3 Months Before

Choosing Your Agent

Choose a buyer's agent who works for YOU Critical

The listing agent works for the seller — not you. As a buyer, you need your own agent who is legally obligated to protect your interests. This service is FREE to buyers in Georgia.

Interview your agent and ask the right questions Tip

Ask: How many buyers have you represented in this area? How do you communicate? What's your strategy for winning in a competitive offer situation? Do you know the GAR contract inside and out?

Sign a Buyer Brokerage Agreement

This is now required in Georgia following NAR settlement changes in 2024. It formalizes your agent relationship and clarifies compensation. Review it carefully before signing.

Your Home Search

Create your Must-Have vs. Nice-to-Have list

Separate non-negotiables (school zone, minimum bedrooms, max commute) from preferences (pool, finished basement, open floor plan). This prevents emotional decisions during the search.

Research school zones for every home you consider Georgia

In Jackson County, school zoning doesn't always follow city limits. Verify your specific address's school zone directly with the school district — not just Zillow, which is often wrong.

Drive the commute route during rush hour before you buy

Don't just Google Maps it. Drive it yourself at 7:30 AM on a Tuesday. The difference between a 25-minute and 65-minute commute can completely change your quality of life.

Visit the neighborhood at different times of day

A neighborhood can feel completely different at 8 AM, 3 PM (school pickup), and 9 PM on a weekend. Go at least twice before making an offer.

Research HOA rules and fees before falling in love with a home Money

Many Jackson County communities have HOAs. Request the CC&Rs, bylaws, and financials. HOA fees of $200–$500/month are common and significantly affect your true monthly cost.

Step

5

Make a Strong, Smart Offer

Strategy wins over emotion — here's how to compete without overpaying

When You Find the One

Review comparable sales (comps) with your agent Critical

Look at homes that sold within the last 90 days, same size, same neighborhood, similar condition. This is the only way to know if the listing price is fair, high, or low.

Determine your earnest money deposit amount Georgia

In Georgia, earnest money (good faith deposit) is typically 1–2% of the purchase price. It shows the seller you're serious. In competitive situations, higher earnest money strengthens your offer.

Understand Georgia's Due Diligence Period Georgia

Georgia's GAR contract includes a Due Diligence Period — typically 7–14 days — during which you can walk away for ANY reason and get your earnest money back. This is your primary protection window.

Include a financing contingency to protect yourself

If your loan falls through, a financing contingency lets you exit the contract without losing your earnest money. Never waive this without fully understanding the risk.

Ask your agent about an escalation clause in competitive situations Tip

An escalation clause automatically increases your offer up to a set cap if another buyer bids higher. Powerful tool in multiple-offer situations — but use it strategically.

Consider a flexible closing date as a negotiating tool Tip

If the seller needs more or less time to move, accommodating their timeline can make your offer win even if it's not the highest price. Ask your agent to find out the seller's ideal closing date.

Step

6

Inspections & Due Diligence

Your most important protection window — don't skip a thing

Days 1–14 After Offer Accepted

Schedule a general home inspection immediately Critical

Hire a licensed Georgia home inspector. Cost: typically $350–$600. ALWAYS attend in person — walk through with the inspector and ask every question you have. Never skip this step.

Order a radon test Georgia

Northeast Georgia, including Jackson County, has elevated radon levels in some areas. Radon is odorless and is the second leading cause of lung cancer. Test costs ~$150 and is absolutely worth it.

Consider a sewer scope inspection on older homes

For homes built before 1990, a sewer scope ($200–$350) can detect root intrusion or collapsed pipes before you buy. A sewer line replacement in Georgia runs $5,000–$15,000.

Have HVAC system inspected separately if it's 10+ years old Money

Georgia's HVAC systems work overtime in summer heat. An aging unit nearing end of life is a $5,000–$12,000 replacement expense. Know its age and condition before you commit.

Review the Seller's Property Disclosure Statement carefully

Georgia sellers must disclose known defects. Read every line. If something is checked "unknown," that's worth investigating. Use this document alongside your inspection findings.

Negotiate repairs or a price reduction based on inspection findings Tip

You don't have to accept the home as-is after inspection. Within your Due Diligence Period, you can request repairs, a seller credit at closing, or a price reduction. Your agent negotiates this for you.

Review the survey or plat of the property

Understand exactly where the property lines are. Confirm fences, structures, and driveways are within the legal boundaries. Encroachments can be expensive problems to resolve.

Step

7

The Final Stretch to Closing

Stay focused — most deals fall apart in this window

2–4 Weeks Before Closing

Respond immediately to all lender document requests Critical

Your lender's underwriter will ask for additional documents. Delays in responding delay your closing. Treat every lender request as urgent — same-day response when possible.

Review the appraisal when it comes in

Your lender will order an appraisal to confirm the home's value. If it comes in below the purchase price, you'll need to negotiate with the seller, cover the gap in cash, or walk away.

Purchase homeowner's insurance and get proof of coverage

Your lender requires this before closing. Shop at least 3 insurance companies. Get quotes from State Farm, Allstate, and local Georgia providers. Georgia homeowner's insurance averages $1,500–$2,500/year.

Review your Closing Disclosure carefully 3 days before closing Critical

By law, you must receive this document 3 business days before closing. Compare it line-by-line to your Loan Estimate. Question ANY number that changed. Mistakes happen.

Wire your closing funds or get a cashier's check Money

You'll need certified funds — no personal checks — for closing. Wire transfers are most common. BEWARE wire fraud: always call the title company directly to verify wire instructions before sending.

Do a final walkthrough 24 hours before closing Critical

Verify all agreed-upon repairs are complete. Confirm all appliances and fixtures included in the sale are still there and working. Check for any new damage since your inspection.

Step

8

Closing Day & First 30 Days as a Homeowner

You made it — now protect your investment from day one

Closing Day & Beyond

Closing Day

Bring your photo ID to the closing table

Government-issued photo ID is required. Bring the original — not a copy. If married, both spouses typically need to be present unless a power of attorney is in place.

Sign all closing documents — read before you sign

You'll sign 50–100 pages of documents. Take time to read each one. Ask the closing attorney to explain anything you don't understand. This is one of the biggest financial decisions of your life.

Receive your keys and celebrate! 🎉

Once all documents are signed and funds are disbursed, you're a homeowner! Take a photo with your keys in front of your new home. You've earned this.

First 30 Days as a Homeowner

Change ALL locks on day one Critical

You have no idea how many copies of the old keys exist. Rekey or replace every exterior lock before you go to sleep on move-in day. Cost: $100–$250 and completely worth it.

Apply for Georgia Homestead Exemption Georgia Money

FILE BY APRIL 1ST of the year following your purchase. This exemption reduces your property taxes by hundreds of dollars per year. Do not miss this deadline — it cannot be backdated.

Set up all utilities in your name

Georgia Power, gas (Atlanta Gas Light in most areas), water/sewer (through your city or county), and internet. Set up before moving day so everything is on when you arrive.

Locate all home shutoffs (water, gas, electrical panel)

Know where to go in an emergency. Find your main water shutoff, gas shutoff, and electrical panel before you need them urgently. Label your breaker box while you're at it.

Forward your mail and update your address Tip

Update: USPS mail forwarding, bank accounts, employer, IRS (file Form 8822), driver's license (Georgia requires within 30 days of moving), voter registration, subscriptions.

Start your home maintenance fund Money

Budget 1% of your home's value per year for maintenance ($4,000/year on a $400K home). Open a dedicated savings account and deposit monthly so you're never caught off guard by a repair.

🎉

Congratulations, Georgia homeowner! Remember to file your Homestead Exemption by April 1st — it's one of the most important things you can do after closing. And if any questions come up in your first year of homeownership, don't hesitate to reach out. I'm always here to help — even after the sale.

First-TimeHomebuyerChecklist

First-Time
Homebuyer
Checklist