First-Time Buyer Checklist — NY First Home Guide

Your Progress0 of 52 items checked

1. Financial Foundation

Pull your credit reports from all three bureaus (Equifax, Experian, TransUnion)
Free at AnnualCreditReport.com
Review credit reports for errors and dispute any inaccuracies
Know your credit scores — SONYMA typically requires 620+, FHA allows lower
List all debts (student loans, car, credit cards) and monthly minimum payments
Calculate total liquid savings (checking + savings + investment accounts)
Identify any gift funds from family and understand documentation requirements

Verify you meet SONYMA first-time buyer definition (no primary home ownership in past 3 years)
Confirm your household income is within SONYMA limits for your target county
Confirm SONYMA purchase price limits for your target county
Research SONYMA DPAL availability (up to 3% of purchase price)
Contact your county community development office about HOME program funds
Ask about additional local DPA programs (city, nonprofit, employer)

Contact a HUD-approved housing counselor for a one-on-one session
Required for some programs; strongly recommended for all buyers
Complete a SONYMA-approved homebuyer education course
Required for SONYMA loans; often available online
Obtain your homebuyer education completion certificate and save it

Interview at least 2–3 SONYMA-participating lenders — compare rates and fees
Get pre-approved (not just pre-qualified) in writing
Choose a buyer's real estate agent with local experience
Hire a New York real estate attorney (required at closing in NY)
Do this before making an offer — not after
Identify a licensed home inspector you will call the moment an offer is accepted

Create a list of must-haves vs. nice-to-haves for your home search
Research target neighborhoods: commute, schools, services, flood zones
For each property of interest, get the current annual property tax amount
If applicable, review HOA fees and bylaws before making an offer
Verify the property has a valid certificate of occupancy matching its advertised use

Schedule and attend the home inspection — read the full report
Negotiate repairs or price reductions based on inspection findings
Submit formal mortgage application with all documentation
Ask your lender about locking your interest rate and understand the lock period
Order title search and title insurance through your attorney
Understand the appraisal process — if the home appraises below purchase price, know your options
Shop for homeowners insurance and obtain a binder before closing

Review your Loan Estimate and compare to your Closing Disclosure (must be provided 3 business days before closing)
Verify wire transfer instructions by calling your attorney or title company using a number you independently verified
Wire fraud is common — NEVER trust wire instructions sent by email alone
Do a final walk-through 24–48 hours before closing
Obtain a certified or cashier's check (or confirm wire transfer) for closing funds
Confirm exact amount and acceptable payment method with your attorney
Bring valid government-issued photo ID to closing

Change the locks on all exterior doors
Transfer or establish utility accounts in your name
Confirm your deed has been recorded and obtain a copy
Establish or rebuild an emergency fund for home repairs (target 1–2% of home value per year)
Apply for STAR property tax exemption if eligible (New York State Basic STAR)
If you used SONYMA DPAL, understand the 10-year conditions for forgiveness — set a calendar reminder

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