Quick Checklist — Homebuying

Homebuyer Readiness Checklist

One page. All five areas — fill in and check every box before you start touring homes.

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Step 1
Credit Score
  • Pulled all 3 reports at AnnualCreditReport.com
  • Score is 680 or above700+ for best rates — below 680, pause and improve first
  • No unresolved collections or charge-offs
  • No missed payments in the last 12 months
  • Errors identified and disputes submitted
Step 2
Savings & Down Payment
ItemMy Amount
Down payment (3–10%)$
Closing costs (~2–3%)$
Cash reserves (2 months PITI)$
Moving / setup costs$
Total needed$
  • Full savings amount is in the bank
  • Checked AHFA Step Up for down payment assistance
  • Funds sourced and documented (60 days of statements)
Step 3
Debt & Income
  • Back-end DTI (all debt + mortgage) is under 43%Monthly debt + PITI ÷ gross monthly income
  • Stable employment — 2 years in same field
  • Income is W-2 or 2 years of tax returns (self-employed)
  • No new debt planned before closing
Step 4
Pre-Approval
  • Documents gathered: W-2s (2yr), pay stubs (30 days), bank statements (60 days), tax returns (2yr), photo ID
  • Contacted TVACU for mortgage pre-approval
  • Compared rates from 2–3 lendersRate-shop within 14–45 days to count as one inquiry
  • Pre-approval letter in hand (dated within 90 days)
  • Know my pre-approved amount — and the amount I should spend
Step 5
Buying Process
  • Buyer's agent identified (Tuscaloosa-area specialist)
  • Non-negotiables written down: neighborhood, schools, bedrooms, commute
  • Checked flood zone at msc.fema.gov for target areaZone AE = mandatory flood insurance at $800–$2,500/year extra
  • Home inspection budgeted ($300–$500) — never waive
  • Earnest money ready (~1% of purchase price)
  • Reviewed Alabama first-time buyer programs (AHFA, MCC)
  • Budgeted for ongoing homeownership costs (1–2% of value/year for maintenance)
Final Check
Readiness Summary
Credit 680+, no collections, errors clear
Savings Down + closing + 2mo reserve saved
Debt/Income DTI under 43%, stable 2yr history
Pre-Approval Letter in hand from TVACU or lender
Process Agent, non-negotiables, programs done
TVACU Financial Wellness • tvacu.com • Educational use only, not financial advice.
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