Buying your first home in DFW is a big deal. Here's the process demystified.
Step 1: Check your finances
- Credit score: 620 minimum for most loans, 740+ for best rates. Free check: annualcreditreport.com
- Debt-to-income ratio: under 43% (total monthly debt / gross monthly income)
- Down payment: 3-20% depending on loan type
- Closing costs: budget 2-4% of purchase price
Step 2: Get pre-approved (not pre-qualified)
- Pre-approval = lender has verified your income, credit, and employment
- Shop 3+ lenders. Credit inquiries within 14-45 days count as one. Source: CFPB.gov
- DFW lenders to consider: Prosperity Bank, CUTX (credit union), Fairway Independent, local mortgage brokers
Step 3: Find a buyer's agent
- Buyer's agents are free to you (seller pays commission, though rules are changing — ask your agent)
- Find one who knows your target DFW area specifically
- Source: realtor.com agent finder or personal referrals
Step 4: House hunt
- Set Zillow/Redfin alerts for your criteria and target areas
- See 10-15 homes before making an offer (more in competitive areas)
- DFW tip: homes in top school districts (Frisco, Southlake, Coppell) sell faster
Step 5: Make an offer
- Your agent will guide offer price, earnest money ($1,000-5,000), and contingencies
- Inspection contingency is NON-NEGOTIABLE. Never skip this.
- DFW average: offers at 97-102% of list price (market-dependent)
Step 6: Under contract to close (30-45 days)
- Home inspection: $350-500. Worth every penny.
- Appraisal: $500-700 (lender orders this)
- Title search and insurance: required in Texas
- Survey: $400-600 (sometimes seller provides existing one)
Step 7: Close
- Sign approximately 1 million documents
- Wire closing funds (verify wire instructions by phone — wire fraud is real)
- Get keys
DFW-specific first-time buyer programs:
- TSAHC (Texas State Affordable Housing Corporation) — down payment assistance. Source: tsahc.org
- TDHCA (Texas Dept of Housing) — My First Texas Home program. Source: tdhca.state.tx.us
- Dallas Homebuyer Assistance Program — up to $40,000 in DPA for qualifying buyers. Source: dallascityhall.com
Sources:
- CFPB.gov — homebuyer guides
- TSAHC and TDHCA for Texas-specific programs
- City of Dallas Housing Department
First home purchase is stressful. But the math works in DFW if you do it right.
What do you think?