Buyer Resource Center › Before You Buy › 5 First Time Homebuyer Tips
Buying your first home is a big step, and it's normal to feel a little overwhelmed. The good news is that as a veteran or service member, you have one of the best home loan benefits available. These five tips will help you start strong and avoid the stress that trips up many first time buyers.
5 Tips for First Time Buyers
Start With Your VA Eligibility
Your Certificate of Eligibility confirms you qualify for a VA loan and shows how much entitlement you have. Most VA lenders can pull it for you in minutes. From there, get pre-approved so you know your price range before you start touring.
Know Your Real Monthly Budget
Your pre-approval shows what a lender will allow, not what feels comfortable. Add up the full monthly cost, including taxes, insurance, HOA dues, utilities, and upkeep, and pick a payment that still leaves room for savings and life.
Choose Your Team Early
Your agent, lender, inspector, and escrow officer all play a role. Picking an agent who represents only you, and a lender who knows VA loans well, makes everything that follows easier.
Protect Yourself During the Purchase
Always include an inspection contingency, review the seller's disclosures, verify wiring instructions by phone, and keep your credit and finances steady until closing.
Plan for Life After Move In
Keep an emergency fund for repairs, set aside a little each month for maintenance, and learn where your water shutoff and electrical panel are. Your first year of homeownership goes much smoother with a cushion.
For Veteran Investors
Thinking About a Duplex, Triplex, or Fourplex?
Your VA loan can buy a building with up to four units with no down payment, as long as you live in one of them. Rent from the other units helps cover the mortgage, and it's one of the best wealth building moves a veteran can make. As a Certified Investor Agent Specialist (CIAS™), I help you run the numbers before you ever write an offer.
Buying a Duplex With a VA Loan Free Investment CalculatorThe bottom line: Your first home doesn't have to be your forever home. It's a step toward building equity and stability. Start with your VA eligibility, set a comfortable budget, surround yourself with a team that works for you, and protect yourself at every step. I'd be honored to help you through it.
Frequently Asked Questions
How do I get my VA Certificate of Eligibility?
Most VA lenders can request it for you online in minutes. You can also apply through the VA directly. It confirms your eligibility and shows your available entitlement.
Can first time buyers use a VA loan?
Yes. The VA loan isn't limited to first time buyers, but it's one of the best options for them because it requires no down payment and no monthly mortgage insurance for eligible borrowers.
How much do I need saved to buy my first home with a VA loan?
You may not need a down payment, but plan for earnest money, inspections, any closing costs the seller doesn't cover, and a cushion for after you move in.
Should I find a lender or an agent first?
Ideally, talk to both early. A lender pre-approval tells you your price range, and a buyer's agent can help you understand the market and recommend VA experienced lenders.
Can I buy a duplex as my first home?
Yes. With a VA loan, you can buy a property with up to four units and no down payment, as long as you live in one of the units. Rent from the other units can help cover your mortgage.
Are there first time homebuyer programs in Oregon and Washington?
Yes. Both states offer programs that can help with down payment or closing costs for qualifying buyers. Your lender can tell you which ones work with your loan.
Keep Reading
8 Expensive Homebuyer Mistakes
Costly missteps veteran and first time buyers can easily avoid.
Read more ›15 Ways to Save Money for a Down Payment
Even with a zero down VA loan, cash for closing costs and reserves helps.
Read more ›Renting vs Buying
How to weigh rent against a mortgage, BAH, and long term equity.
Read more ›
Meet Your Veteran Realtor
Troy Doty, Principal Broker
Troy Doty is a Principal Broker with Northwest Realty Source in Portland, with 25 years in real estate and over 1,000 homes sold across the Portland metro and SW Washington. As a Marine Corps veteran, Troy has a true passion for helping Portland veterans and active duty military families buy and sell homes, whether you're PCSing in, transitioning out, buying your first home, investing in a duplex, triplex, or fourplex, or right sizing later in life.
Schedule a Call or Video Meeting ➜ More About Troy ➜ Free Veteran Buyer E-BookPrefer to call or email? 503.997.4169 · troy@nwrealtysource.com
Troy Doty, Principal Broker, Northwest Realty Source. Licensed in Oregon and Washington. ABR®, MRP, and SRES® are credentials of the National Association of REALTORS® and its affiliates. CIAS™ is a designation of U.S. Realty Training. Content adapted in part from ABR® consumer resources. This page is general information, not legal, tax, or lending advice.
