Orange County First-Time Buyers
The Orange County First-Time Buyer Checklist: Everything You Need Before You Make an Offer
A step-by-step timeline from credit prep to closing day — including down payment assistance programs that could save you thousands.
Your 8-Stage Homebuying Timeline
12 Months Before
- Pull your credit reports from all 3 bureaus (AnnualCreditReport.com)
- Dispute any errors that could be dragging down your score
- Pay down revolving credit card balances below 30% utilization
- Avoid opening new credit accounts
9 Months Before
- Research down payment assistance programs (CalHFA, CALHOME, city programs)
- Set a monthly savings target for down payment and closing costs
- Calculate your target purchase price based on income and debt
- Start tracking your monthly income and expenses
6 Months Before
- Get pre-qualified with Mo to understand your buying power
- Gather income documents: 2 years W-2s, 30-day paystubs
- Gather asset documents: 2 months bank statements
- Research target neighborhoods in Orange County
3 Months Before
- Get fully pre-approved with a credit pull and underwriting review
- Lock in your down payment assistance program application
- Interview and select a real estate agent
- Define your must-haves, deal-breakers, and commute requirements
House Hunt
- Attend open houses and schedule private showings
- Review comparable sales (comps) before making offers
- Understand your offer strategy: price, contingencies, timeline
- Keep Mo in the loop — some sellers verify financing before accepting
Under Contract
- Wire earnest money deposit within 3 business days
- Schedule and attend home inspection
- Order appraisal (Mo coordinates this with the lender)
- Review HOA documents if applicable
- Complete any remaining items from Mo's loan conditions list
Final Approval
- Respond to any lender conditions immediately
- Do NOT make major purchases or open new credit
- Review and sign loan disclosures
- Receive and review your Closing Disclosure 3 days before closing
Closing Day
- Wire closing funds (confirm wire instructions by phone)
- Do final walkthrough of the property
- Sign closing documents at escrow
- Get your keys — you're a homeowner
Orange County Down Payment Assistance
Orange County buyers may qualify for up to $150,000 in down payment assistance. Programs include CalHFA, CALHOME, and local city programs in Anaheim, Garden Grove, Santa Ana, and more.
Income limits and eligibility requirements apply. Contact Mo to check current program availability in your target city.
Top Loan Programs for First-Time Buyers
FHA Loan
3.5% DownMin. Down Payment: 3.5%
Credit Score: 580 minimum (500 with 10% down)
Best For: Buyers with lower credit scores or limited savings
- Lower credit score threshold
- Gift funds allowed for down payment
- Higher DTI flexibility
Conventional 97
3% DownMin. Down Payment: 3%
Credit Score: 620 minimum (740+ for best rates)
Best For: Buyers with good credit who want to avoid FHA premiums
- PMI can be removed at 80% LTV
- Lower long-term cost vs FHA
- Primary or second home eligible
CalHFA MyHome
DPA ProgramMin. Down Payment: 0–3% (assistance covers gap)
Credit Score: 660 minimum
Best For: First-time buyers who need down payment help in California
- Up to 3.5% down payment assistance
- Deferred payment (no monthly payment on DPA)
- Can combine with FHA or conventional
Download the Complete Checklist + DPA Program List
Get the full 30-item checklist plus a current list of down payment assistance programs available in Orange County — sent directly to you by Mo.
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The Full 30-Item Checklist by Phase
Pre-Approval Phase
Request credit reports from Experian, Equifax, TransUnion
Dispute any inaccurate collection accounts or late payments
Pay balances below 30% on all revolving credit accounts
Gather last 2 years of W-2s and tax returns
Gather last 30 days of paystubs
Gather last 2 months of bank statements (all pages)
Gather last 2 months of investment account statements
Note any large deposits to explain source of funds
Calculate current monthly debt payments
Contact Mo to review your file before applying
House Hunt Phase
Get fully pre-approved letter from Mo
Set up MLS auto-searches with your agent
Research school districts, walkability, commute times
Attend at least 5–10 homes before making an offer
Review 3–6 months of comparable sales before every offer
Confirm HOA dues, special assessments, and rules
Check if the home is in a flood zone (FEMA map)
Confirm Mo can close in the seller's preferred timeframe
Under Contract Phase
Wire earnest money deposit to escrow on time
Schedule a licensed home inspector (not recommended by the seller)
Attend the home inspection in person
Review the appraisal report when it comes in
Negotiate inspection repairs or credits if needed
Complete any title review questions
Review HOA docs for pending litigation or high reserves
Closing Phase
Review Closing Disclosure 3 days before closing — compare to Loan Estimate
Confirm wire instructions by phone (never by email alone)
Do final walkthrough 24 hours before closing
Bring government-issued photo ID to signing
Set up homeowner's insurance before closing date
Transfer utilities into your name for closing day
Understand your first mortgage payment due date
Keep all closing documents in a safe place