Buying your first home in Collin County is one of the most significant financial steps you’ll take. North Texas is one of the best markets in the country for first-time buyers — with strong job growth, diverse price points, and programs to help you get in the door.
Step 1: Know Your Credit Score
Your credit score determines your interest rate. Before anything else: pull your free report at AnnualCreditReport.com, dispute any errors, pay down credit card balances below 30% utilization, and don’t open new credit accounts before buying. Minimum scores: 620 for conventional, 580 for FHA.
Step 2: Understand Your Loan Options
| Loan Type | Min Down | Min Credit | Best For |
|---|---|---|---|
| Conventional | 3% | 620 | Good credit, avoid PMI faster |
| FHA | 3.5% | 580 | Lower credit, flexible guidelines |
| VA | 0% | 580–620 | Veterans & active military |
| USDA | 0% | 640 | Rural/suburban North Texas |
Step 3: Get Pre-Approved Before You Shop
In competitive markets like Frisco, McKinney, Allen, and Celina, sellers expect a pre-approval letter with every offer. Pre-approval takes about 15 minutes and is completely free.
Step 4: Find a Local Real Estate Agent
A buyer’s agent costs you nothing — the seller pays their commission. Choose someone who specializes in Collin County and knows the neighborhoods, school districts, and HOA landscapes of communities across the area.
Step 5: Make an Offer and Go Under Contract
Once you find a home, your agent submits an offer. Expect to negotiate on price, closing costs, and repairs. When accepted, you’ll put down earnest money (typically 1% of purchase price) and enter the option period.
Step 6: Inspection, Appraisal, and Underwriting
- Home inspection — hire your own inspector (~$400–600); review findings carefully
- Appraisal — lender orders this to confirm the home’s value supports the loan
- Underwriting — lender reviews all documents; respond quickly to any requests
Step 7: Closing Day
Budget for 2–3% of the purchase price in closing costs. You’ll sign documents, wire your funds, and get your keys. Welcome to homeownership in Collin County!
Down Payment Assistance for First-Time Buyers in Texas
Texas has several programs through TSAHC and TDHCA that can help cover your down payment and closing costs. Ask me about what’s available for your income level and target city.
Ready to Take the Next Step?
Get a free, no-obligation pre-approval in about 15 minutes. I’ll show you exactly what you qualify for in North Texas.
Apply Now — It’s Free Call 945-300-4644
Or see what North Texas homebuyers say about working with Wayne →
Homewood Mortgage, LLC | NMLS #294974 | Wayne Wallace NMLS #745186 | Licensed in Texas | This is not a commitment to lend. Loan approval subject to credit, income, and property qualification. Programs, rates, and terms subject to change without notice.