First Time Homebuyer Guide
Budget-wise planning, curated tours, confident decisions.
The First-Home Advantage
This First-Time Homebuyer Guide is a clear, step-by-step roadmap to your first home in Dallas–Fort Worth. It distills the process into plain English, from budgeting and pre-approval to touring, offers, inspections, and closing. You’ll learn how Texas contracts work (option periods, earnest money), what costs to expect, how to compare neighborhoods and schools, and which red flags actually matter. We’ve included checklists, timelines, and partner recommendations so you can move with confidence, avoid common pitfalls, and make smart decisions at every turn. Think of it as your playbook—and our team as your coaches—all the way to keys in hand.
Set Your Budget with Confidence
Your monthly payment includes principal, interest, taxes, insurance, and any HOA dues. Many buyers aim for housing costs around 28–31% of gross monthly income, with total debts under 43% (program dependent). Plan for cash to close: down payment (3–20% typical) plus closing costs around 2–5%.
Pro tip: Keep funds “seasoned” in one account and avoid opening new credit before or during the process.
Get Pre-Approved
A strong pre-approval sets your search range and strengthens your offer. Lenders typically review ID, income and tax documents, and bank statements. We’ll introduce trusted lenders and help you compare rates, programs, and points so you choose the right structure for your goals.
Choose the Right Loan
Different loans serve different buyers: • Conventional: 3–20% down; PMI can fall off. • FHA: 3.5% down; flexible credit; upfront and monthly MI. • VA: 0% down for eligible service members; no PMI. • USDA: 0% down in eligible areas; income/geography limits.
We’ll help you weigh buy-downs, points, and rate locks to balance payment and risk.
Define Your Lifestyle Fit
We translate your priorities into the right neighborhoods: commute times, school zones, taxes by county, HOA rules, lot size, work-from-home needs, and future development plans. You’ll get a curated shortlist with private previews, not a random scroll of listings.
Tour with Purpose
During showings, we help you evaluate the big-ticket items: roof age, HVAC, windows, water pressure, grading and drainage, insulation, and any signs of foundation movement. For high-rises, we review amenities, reserves, elevator condition, and HOA policies.
Make a Strong Offer
We use TREC contracts and structure terms that protect you and keep you competitive. • Earnest money: typically 1–3% of price, held by title. • Option period: a paid window (often 5–10 days) to inspect and terminate for any reason. • Contingencies: financing, appraisal, HOA review, and sale of your current home if needed. • Inclusions: appliances, fixtures, and window coverings spelled out to avoid surprises. Negotiation levers: price vs. closing-cost credits, option fee and length, repair credits vs. fixes, appraisal-gap strategies, and possession timing (lease-back when appropriate).
Inspect, Verify, and Move Forward
Within the option period, schedule inspections. Start with a general inspection and add specialists as needed: roof, foundation, sewer, pool, stucco, termites. We’ll negotiate repairs or credits based on real findings. In parallel: • Title & HOA: review title commitment, restrictions, fees, and minutes/reserves for condos. • Appraisal: confirms value for the loan after inspections. • Insurance: shop quotes early; certain roofs or claim histories can affect premiums. • Survey: provide an existing one if acceptable or order a new survey.
Close Smoothly
Expect 25–35 days from contract to close, depending on loan type and repairs. • Closing Disclosure: arrives ~3 business days before closing. • Final walk-through: confirm condition and agreed repairs. • Funds: wire to title only after independently verifying instructions by phone. Utilities: set up electric, gas, water, internet, movers, and cleaners.
After You Get the Keys
• File your Texas Homestead Exemption once you occupy as primary residence. • Set up HOA autopay and note approval rules for exterior changes. • Keep warranties, manuals, inspection reports, and your settlement statement in one folder. • Calendar routine maintenance: HVAC filters, roof/gutters, slab watering, smoke/CO batteries.
Resources
Texas Department of Housing and Community Affairs
Texas State Affordable Housing Corporation
Learn more about assistance options for home buyers.
Texas State Affordable Housing Corporation
U.S. Department of Housing and Urban Affairs
Financing & Down Payment
Texas Department of Housing and Community Affairs
Texas Department of Housing and Community Affairs
Texas State Affordable Housing Corporation
FAQ
What’s the difference between pre-qualification and
pre-approval?
Pre-qualification is an estimate; pre-approval is document-verified and carries more weight with sellers.
Can I terminate during the option period for any reason?
Yes. That’s what the option period provides in Texas. You’ll forfeit the option fee but keep your earnest money if you terminate within the window.
How much should I ask the seller to repair?
We target health, safety, and system integrity first, then decide whether repairs or a credit make more sense.
Do I need a new survey?
If the seller’s existing survey is acceptable to title and unchanged by improvements, it can often be reused. Otherwise, a new one is ordered.
How Tinsley Supports You
End-to-end coordination with your lender, title, inspectors, and insurance. Private previews, market-driven pricing guidance, strategic offers, and deadline management so nothing slips.
White Glove Cadillac Service
All luxury buyers are escorted in our Blacked out Cadillacs with their preferred beverages and snacks. Our team are Certified Master Negotiation Experts who teach CE classes on the subject. We speak multiple languages and can therefore easily negotiate with a multitude of cultures, Important in DFW.