First-Time Home Buyers in the Tri-Cities
Every step explained before you take it, from pre-approval to keys in hand.
First-time home buyers: every step explained first
First-time home buyers in the Tri-Cities usually tell me the same thing: they don't know what they don't know. That's fine. My job is to explain every cost, deadline and decision in plain words before you reach it, so nothing catches you off guard.
I'm Brandon Muzatko, a REALTOR® and Washington Managing Broker with TKO Realty Group at Real Broker, LLC. One first-time buyer put it this way:
"Brandon always made sure to educate during the whole process, and clearly explained each step to us to make sure we knew ALL of our options before making any big decisions." First-time buyer
You may count as a first-time buyer
If you haven't owned a home in the last three years, many first-time buyer programs may still be open to you. Ask your lender.
The Washington State Housing Finance Commission offers down payment help for qualifying buyers. Some lenders also have programs for teachers, nurses, first responders and veterans, and my TKO Service Program adds a $1,500 rebate credit for those who serve (applied as a credit at closing, subject to lender approval and loan program limits). I'll point you to lenders who dig for programs instead of just saying no. You choose, and I don't receive anything for a referral.
Loan types in plain English
- Conventional: on some programs, as little as 3% down, though those come with income limits. Under 20% down usually means mortgage insurance, which comes off as you build equity.
- FHA: 3.5% down with a credit score of 580 or above, and more flexible on credit.
- VA: for eligible veterans, service members and some surviving spouses. Often no down payment and no monthly mortgage insurance. Read VA and military buyers.
- USDA: for eligible homes in qualifying rural areas, with income limits. Often no down payment.
These are general descriptions. Programs, limits and rates change, and your lender gives the actual numbers. Compare every lender's Loan Estimate side by side, and look at the APR, not just the rate.
What it really costs to buy
Here's every dollar and when it's due:
- Earnest money, due shortly after your offer is accepted, held in escrow and credited back at closing. It's negotiable.
- Inspection, about $500 for a home inspection lately, paid during your inspection period.
- Appraisal, about $700, ordered by your lender.
- Down payment, closing costs and prepaids, due at closing. Closing costs often run about 2% of the price.
Seller credits can cover part of your closing costs. I've had first-time buyers come away with about $29,200 in negotiated concessions.
The must-nots, and where to start
Want to learn it at your own pace first? The Tactical Buyer Course is a set of free short videos on how buying works in Kennewick, Pasco, Richland and West Richland, from pre-approval to keys.
From your first lender conversation until you have your keys, don't change jobs, don't buy a car or furniture, don't open or close credit, don't move money around without your lender's OK, and don't co-sign for anyone. Not sure if something's safe? Text me first.
I help first-time buyers across the Tri-Cities, including first-time buyers in Kennewick, first-time buyers in Pasco and buying a home in Richland. Read the full step-by-step buying process, then contact me to get started as a first-time home buyer.
Frequently Asked Questions
Do I need 20% down to buy my first home?
No. Some conventional programs allow as little as 3% down, FHA starts at 3.5% with a 580 credit score, and VA and USDA loans can be 0% down for those who qualify.
Is there down payment help in Washington?
Yes. The Washington State Housing Finance Commission offers down payment help for qualifying buyers. Ask your lender which programs fit you.
What if I've owned a home before?
If you haven't owned a home in the last three years, many first-time buyer programs may still be open to you.
First-Time Buyers by neighborhood
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Ready to make your move with TKO Realty Group?