Buying your first home is a lot of new vocabulary at once. If you’re a first-time homebuyer in Bloomington, here’s the short version of getting ready.
Getting ready as a first-time homebuyer in Bloomington
Check your credit and savings
Know your score and what you have for a down payment, closing costs, and a cushion.
Talk to a lender early
A lender confirms what you can borrow, so you can shop with confidence and make a strong offer.
Look into assistance programs
Indiana and the City of Bloomington both offer help for qualifying buyers. Programs change often, so start with the official sources below.
Plan for closing costs
These are separate from your down payment. Your lender’s Loan Estimate spells them out.
Homebuyer assistance programs
- Indiana Housing and Community Development Authority (IHCDA): Homebuyers
Indiana’s statewide programs for qualifying homebuyers, including down payment assistance. - City of Bloomington Housing and Neighborhood Development (HAND): Home Ownership
City programs and information for people buying a home in Bloomington.
A few terms you’ll hear
Pre-approval, earnest money, contingency, appraisal, title insurance, closing disclosure. I’ll explain each one as it comes up, so nothing in the paperwork is a surprise.
Ready to talk it through?
Ask me for my lender list, or let’s meet over coffee, by phone, or on video to talk about what you want.