Jonesboro, AR – Contributed – June is National Homeownership Month, and Arvest is sharing some essential steps for those seeking to buy their first home this year.

According to survey data from the National Association of REALTORS (NAR), the typical first-time homebuyer age has risen sharply over time, from 29 in 1981 to 40 in 2025. NAR attributes the aging buyer trend primarily to severe affordability constraints, surging home prices and limited inventory that disproportionately lock younger, first-time buyers out of the market.

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“Buying a home is one of the most significant milestones in your life, but the path to the front door can feel like a maze of financial decisions and paperwork,” said Ricardo Centeno, Mortgage Lender, Arvest Bank – Jonesboro. “If you’re unsure if you can afford a down payment or a monthly mortgage, don’t let that stand in the way of making your homeownership dreams a reality. There are specific steps you can take that will help turn uncertainty into clarity.”

If you’re considering buying your first home, Centeno recommends the following steps:

Utilize contingencies as a safety net

Contingencies are conditions that must be met before the sale becomes legally final. A financing contingency protects you if your loan approval hits a snag, ensuring you don’t lose your earnest money deposit. An inspection contingency lets you renegotiate repairs or walk away if major issues, such as structural problems, are uncovered, while an appraisal contingency ensures the home is worth the agreed-upon sales price.

Check your credit score

Your credit score is an important part of buying a home because it shows mortgage lenders your financial health and ability to repay loans. But instead of focusing on the number, the best thing you can do is meet with a lender early to review your credit profile and get a clear picture of your finances. There are many loan options available for a range of credit histories.

Determine how much you can afford

Buying a home involves budgeting for both upfront and ongoing costs. Upfront costs include a potential down payment, closing costs, a home inspection, and any fees associated with the realtor. Ongoing costs include your monthly mortgage payment, property insurance and taxes, utilities, and any applicable association dues.

Use an online calculator to help determine how much house you can afford or follow the 28/36 rule: your monthly housing costs should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%.

Explore down-payment options

Many people assume they can’t buy a home because they can’t afford a 20% down payment. While it’s true that once you have 20% equity in your home, you no longer must pay private mortgage insurance (PMI), it doesn’t mean you can’t qualify for an affordable mortgage. There are many options available to first-time homebuyers, including assistance programs, federal and national options and bank-specific loans.

Contact a lender to get prequalified

Before you start touring homes, you’ll want to get prequalified to show sellers and realtors that you are a serious buyer with verified buying power, which is critical in competitive bidding.

Start your search with realistic expectations

It’s critical to separate your non-negotiables from your “nice-to-haves.” Focus on elements that you cannot easily change, such as the neighborhood, school districts or the layout. Cosmetic features like countertops and paint colors can always be updated later.

Utilize contingencies as a safety net. Contingencies are conditions that must be met before the sale becomes legally final. A financing contingency protects you if your loan approval hits a snag, ensuring you don’t lose your earnest money deposit. An inspection contingency lets you renegotiate repairs or walk away if major issues, such as structural problems, are uncovered, while an appraisal contingency ensures the home is worth the agreed-upon sales price.

Utilize contingencies as a safety net

Contingencies are conditions that must be met before the sale becomes legally final. A financing contingency protects you if your loan approval hits a snag, ensuring you don’t lose your earnest money deposit. An inspection contingency lets you renegotiate repairs or walk away if major issues, such as structural problems, are uncovered, while an appraisal contingency ensures the home is worth the agreed-upon price.

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