Buying Your First Home in The DFW? Here’s How to Get Started!

So, you're thinking about buying your first home in the DFW—exciting, right? But if you’re like most first-time home buyers, you probably have a ton of questions:

1. Where do I even start?
2. How much do I need for a down payment?
3. What’s an FHA loan, and do I qualify?
4. Can I afford a home right now?

If any of these sound familiar, don’t worry—I’ve got you! I’m Mario Cottman, a DFW Realtor, and I help first-time home buyers just like you get the keys to their dream home. Let’s break it down and make this process simple.

Step 1: Get Pre-Approved

Before you start scrolling through home listings, you need to know what you can afford. This is where a lender comes in. They’ll look at your income, credit score, and debt to figure out how much you can borrow.

💡 What’s Your Debt-to-Income Ratio? (DTI)
Lenders check your DTI ratio, which is your total monthly debt divided by your gross monthly income.

✅ Most lenders want a DTI of 43% or lower (meaning no more than 43% of your income goes toward debts like credit cards, car loans, and your future mortgage).

✅ With FHA loans, you may be approved with a DTI as high as 50% if you have a good credit score and other strong financial factors.

💰 How Much Can You Get with an FHA Loan in the DFW?
As of 2024, the maximum FHA loan limit in the Dallas - Fort Worth area is $531,300 for a single-family home. That means if you're using an FHA loan, your home price needs to be at or below this amount (unless you're making a larger down payment).

Step 2: Set a Budget & Wish List

Now that you know what you can afford, it’s time to decide what you need in a home:

🏡 How many bedrooms and bathrooms?
📍 What areas in the DFW do you love?
💰 What monthly payment feels comfortable?

Having a clear idea of what you want will help you find the perfect home faster!

Step 3: Start House Hunting!

This is the fun part! As your DFW Realtor, I’ll help you find homes that match your needs, schedule showings, and guide you through the buying process. I’ll also make sure you don’t overpay and that your offer stands out in this competitive market.

Step 4: Make an Offer & Get to Closing

Once we find the right home, I’ll negotiate on your behalf and walk you through inspections, appraisals, and paperwork. In about 30-45 days, you’ll have the keys to your new home!

The Surprises No One Tells First-Time Home Buyers About 🤯

Buying a home is exciting, but there are some things most first-time home buyers don’t expect. Let’s go over a few surprises so you won’t be caught off guard!

💰 Closing Costs Can Add Up – Many buyers focus on the down payment, but closing costs can be 2-5% of the home price. Some loans let you roll these into the mortgage, but you’ll still need some cash upfront.

🏡 Your First Mortgage Payment Might Be Delayed – Unlike rent, your mortgage usually doesn’t start the next month. If you close in mid-April, your first payment might not be due until June 1st!

🔧 Home Repairs & Maintenance Are Now Your Job – Unlike renting, there’s no landlord to call when the AC goes out. A home warranty can help cover big-ticket repairs, but it’s smart to have a savings cushion for unexpected fixes.

📜 Property Taxes & Insurance Can Fluctuate – Even if your mortgage payment is fixed, your escrow (taxes & insurance) can go up over time, which means your monthly payment could increase.

📦 Moving Costs More Than You Think – Budget for moving trucks, new furniture, deposits for utilities, and all the little things that come with setting up a new home.

Knowing these ahead of time will help you feel confident and prepared when buying your home!

Ready to Buy in the DFW? Let’s Talk!

Buying a home doesn’t have to be stressful. With the right plan and guidance, you could be moving into your new home before you know it!

If you’re ready to take the first step, reach out HERE—I’d love to help you become a first-time home buyer in DFW! 🚀🏡