Guide
First-time buyer guide
What actually happens between looking at homes and getting keys.
First-time buyer guide
First-time buyers
The first purchase is less mysterious than it feels. You get clear on a monthly number, you get a named loan officer, and you shop with a letter that tells sellers you are real.
Hancock’s job is to match the loan to your life (down payment, timeline, and the property), then keep the file moving. You should never be guessing what happens next.
01
Start with a monthly number you can live with, not the highest letter a lender will write.
02
Prequalification is a conversation. Pre-approval is a letter sellers can take seriously.
03
The property type can change which loan is even available. Fall in love after you know the house.
04
Once you are under contract, treat job, credit, and accounts as part of the offer.
How this actually goes
- 01
Pick the monthly number
Principal, interest, taxes, insurance, HOA, and any mortgage insurance all sit in the same month. Use the calculator as a sketch. Leave room for furniture, repairs, and a spare tire.
- 02
Talk to a loan officer before you write offers
Bring an honest picture of income, debts, and cash. You do not need a perfect document stack to start. You do need the truth, including self-employment and gifts.
- 03
Get a real pre-approval
Credit and documents in, conditional letter out. That is what listing agents take seriously. Then stop opening new credit and moving unexplained money.
- 04
Match the program to the house
FHA, conventional, VA, and USDA can all be first-purchase loans. Condos, manufactured homes, and new construction can knock a favorite program out. Confirm the property before you commit to a slogan.
- 05
Close with the file still boring
Appraisal, title, insurance, underwriting, disclosures. Answer conditions quickly. Do not change jobs or finance a car in the last mile.
Do this
Keep evenings livable
A payment that only works on a spreadsheet is how people become house-poor. Say the number out loud before you shop.
Ask what is still open
A present officer can tell you what underwriting is waiting on. Silence is not a status update.
Skip this
Maxing the letter
Pre-approval is a ceiling, not a target. Stretching to it because you “qualified” is not a strategy.
Shopping a program name first
“I want FHA” is not a file. Occupancy, credit, down payment, and the property decide what is real.
From this guide
Common questions
No, not necessarily. Several programs allow lower down payments for eligible borrowers. You still need closing costs and a buffer. Twenty percent mainly avoids conventional PMI, it is not a moral requirement.
First home
The letter is how you shop. The payment is how you live.
Get both right before you fall in love with a listing.
Ready when you are
The house is the point.
Whether you’re buying your first home, moving into your next one, refinancing, or exploring your options, we’re here to help you figure out the next step.