Guide to buying your first home in Dallas-Fort Worth
The complete guide to buying in Dallas-Fort Worth: your real number, your loan, and the right order to buy your home.
Veronica Yeary
REALTOR®, CRS, ABR, SRS, CIPS · All City Real Estate DFW
The full guide, to keep
This page is the short version. The printable guide has every chapter.
Before You Tour a Single House (PDF)Before we start: what this guide is and what it isn't
This guide explains how buying a home works, in the order things happen, so nothing catches you by surprise.
I'm Veronica Yeary, REALTOR® with All City Real Estate DFW. I've been in real estate since 2010 and have worked with more than 450 families across the Dallas-Fort Worth area.
This describes my general process as a REALTOR® in Texas and is not legal, tax, or loan advice. We go over the specifics of your case together, with your numbers and your situation on the table.
I want to start with my numbers
Step 1. Know what you can afford, before you see a single house
This is the step people skip, and skipping it is where almost every disappointment comes from.
Before looking at houses, you need to talk to a lender and get a pre-approval letter. That's a lender saying in writing, after looking at your documents, how much they'll lend you.
It does two things. First, you search in the right range instead of falling for something you can't reach. Second, without that letter, in this area your offer is barely considered, because the seller has no way of knowing whether you can pay.
There's an important difference almost nobody explains: what the lender approves you for and what you want to pay each month are not the same. The lender tells you the maximum; you decide what payment lets you live comfortably. That second number is the one we use.
Step 2. The money you need to have ready, and which is which
There are three different things, and it helps not to mix them up:
The down payment, which is the part of the price you put in. It doesn't always have to be twenty percent, and that surprises a lot of people: there are loans with a low down payment, and a VA loan can go as low as zero. Your lender tells you what you qualify for.
Closing costs, which are the costs of the transaction: the title, the appraisal, the recording, the insurance. They're separate from the down payment and need to be counted from the start.
Earnest money, which you hand over when the seller accepts your offer. It isn't an extra expense: it's credited to your purchase at closing. What you need to understand well is the point at which it stops being refundable, and I explain that before you hand it over.
There are also down payment assistance programs in several cities and counties in the area. Not all of them apply to everyone, and it's worth asking instead of assuming you don't qualify.
Step 3. Decide where, which matters more than deciding which house
You can change the house. You can't change the location.
Before we look at properties, then, we talk about what really decides it: where you'll be driving from and at what time, which school the house is assigned to, and what needs to be close by.
Two things in this area have to be checked by exact address, never by city name. One is the school district: some cities here are split between two, three, and even four districts, and two neighboring streets can fall in different ones. The other is property taxes, because some cities stretch across more than one county, and the county changes the bill, which goes into your monthly payment.
Drive time is measured by driving it, at the hour you'd actually be on the road, because a map average doesn't tell you how it feels every morning.
Step 4. Look at houses with a critical eye
When we go out to see homes, my job isn't to sell you the house. It's to tell you what I see, including what you won't like hearing.
In every house I check the age and condition of the construction, what's been replaced and when, and what's likely to come up in an inspection. In this area that includes looking closely at the roof, the air conditioning, and the foundation, because the climate here wears on them.
I also tell you when a house isn't right for you, even if you like it. A beautiful house in the wrong location is still the wrong location.
Step 5. The offer and what goes in it
An offer isn't just a price. It's price, dates, conditions, and what you ask to stay or be repaired, and every one of those parts can be negotiated.
Before writing it, I put together the comparables: what has actually sold nearby, so the number we offer has a reason behind it instead of coming from a hunch.
I explain the process and the documents you'll sign clearly, and I answer whatever you ask before you sign anything. You don't need to understand the law; you need to understand what you're agreeing to.
Step 6. Inspection, appraisal, and keys
Once the offer is accepted, the part that really protects your money begins.
The inspection is one you hire, done by someone independent. It will find things, always, even in a new home. My job there is to help you separate what's normal for the age of the house from what's a real problem, and to tell you what to ask for and what to let go.
The appraisal is ordered by your lender, to confirm the house is worth what you're paying. If it comes in different, there are ways forward, and we talk about them when it happens, not in a panic.
Until closing day I stay on top of the timeline, because one date that slips moves everything else. On signing day we go over the documents and you leave with the keys.
After closing I'm still here. When you need a plumber, an electrician, or have a question about the house, write to me.
The most common mistakes, and how to avoid them
Looking at houses before you have the pre-approval. You fall for something you can't reach, or you lose the one you could have had because you showed up without paperwork.
Spending up to the maximum the lender approved. The lender doesn't pay your electric bill or your groceries. You decide the payment you can live with comfortably.
Moving money from account to account during the process. The lender checks where every dollar comes from, and an unexplained deposit delays or sinks a loan. Ask before you move anything.
Buying furniture or a car before closing. New debt changes your numbers, and the lender checks again before closing.
Skipping the inspection to make an offer look more attractive. There are ways to compete that don't leave you blind on the biggest purchase of your life.
Assuming the school district from the city name. It's verified by exact address, with the district office.
What to do now
If you want to buy this year, start with the first step and not with the photos: knowing what you can afford.
Write to me and I'll connect you with local lenders who work well and explain things clearly. From there we go in order, and I explain each step before it arrives.
Frequently asked questions
How much do I need for a down payment?
It isn't always twenty percent. There are loans with a low down payment, and a VA loan can go as low as zero. Your lender tells you what you qualify for with your numbers.
What is a pre-approval letter and what is it for?
It's a lender saying in writing, after looking at your documents, how much they'll lend you. It helps you search in the right range, and without it, in this area your offer is barely considered.
Can I lose my earnest money?
It isn't an extra expense: it's credited to your purchase at closing. What matters is understanding the point at which it stops being refundable, and I explain that before you hand it over.
Is there help with the down payment?
There are programs in several cities and counties in the area. Not all of them apply to everyone, and it's worth asking instead of assuming you don't qualify.
Do I need an inspection if the house is new?
Yes, it's worth it. An inspection finds things even in a new home, and whatever it finds gets fixed while it's still the builder's responsibility.
How do I know which school the house is assigned to?
It's verified by exact address with the district office, never by city name. Some cities here are split between two, three, and even four districts.
Can I buy furniture or a car before closing?
It's better to wait. New debt changes your numbers, and the lender checks again before closing, so it can delay or sink the loan.
Will you be with me through the whole process?
The whole process, from start to finish. I explain each step before it arrives, and I'll answer the same question twice if I need to.
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Ready to talk about your move?
Or email veronica@veronicayeary.com