Buying your first home can be a daunting task and feel overwhelming... It’s a BIG decision. Here are 4 steps to get you started.

#1 Check your credit score.

Do not pass “GO”! Before falling in love with your dream home online, do a serious audit of your finances. Start cleaning up any blemishes now and boost your score in advance to nab a great rate.  You’ll thank yourself later.

#2 How much HOME can you afford?

There is more to it than a mortgage, odds are you will have a monthly PMI fee. You’ll need home insurance, taxes, utilities and possibly Home Owners Association fees. Most importantly, make sure there is wiggle room in your budget—taxes do go up, bonds get passed. You’ll need to find that sweet spot so that taking a vacation is possible also. There are several mortgage calculators online to assist. Fit your mortgage around your budget NOT your budget around your mortgage.


This maybe a boring step but, you will thank yourself when that home emergency appears. PLUS you will need a down payment, inspections, appraisal and possibly more at the closing table before receiving those keys. Save as much as possible, 10% of a home’s price is a good place to start. 

#4 Shop for a Lender.

Once Step #2 and #3 are completed its time to interview some lenders. You are prepared and know your score, ask questions. They can verify you qualify for a mortgage and confirm the maximum amount of a mortgage you can afford. There is a wide variety of rates and programs available to you as a first-time home buyer so shop around and find your best option.

Your Ruidoso HOME Team can help you every step of the way, give us a call (575) 257-3221 or email us at