First-time homebuyers · Knoxville + Nashville
Buy your first home with fewer unknowns.
Know the costs, the tradeoffs and what comes next.MaX House helps first-time buyers in Greater Knoxville and Greater Nashville compare homes, understand the full cost and work through the decisions from the first showing to closing.
Talk about my first homeYou don’t need every answer before you begin.
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A first home has to work after closing, too.
Use this guide to compare the monthly costs, everyday routes, property questions and decisions ahead.
A useful starting point
Set the priorities before the wish list.
A payment that leaves room
Keep room for the rest of your monthly budget, the costs of owning the property and the savings you want to keep.
A location that fits your week
Start with work, regular stops and the drive you're willing to repeat. Then see which homes fit that map.
A decision you understand
Know what the terms, inspection findings and deadlines mean for your money and choices before you commit.
01 / Your budget
Build the budget around the full cost.
A lender helps establish what financing is available. Your regular expenses and savings goals help you decide what you’re comfortable spending. Set a comfortable range before narrowing the search.
Look beyond principal and interest. Property taxes, homeowners insurance, mortgage insurance when required, and HOA or condo dues can change the monthly total. Utilities, maintenance and repairs need room too, even when they aren't part of the mortgage payment.
If you're moving from a rental, compare the full cost of ownership with what you pay now. Include expenses your landlord currently handles. A roof repair and a higher utility bill feel different when both belong to you.
Bring a comfortable monthly range, a cash limit for the purchase and a savings amount you want left afterward. You can refine them with your lender before narrowing the homes.
Use the CFPB home-loan toolkit to organize the financing questions. We'll help you put the home and its likely upkeep alongside those numbers.
When should you talk with a lender?
Start before you narrow the home search. A lender reviews your income, debts, credit and available funds to discuss loan options and what you may qualify to borrow. Ask which documents they need and what their preapproval includes.
Preapproval is conditional, not a final loan commitment. Final approval depends on verifying your finances, reviewing the property and meeting the lender's requirements. Keep your own comfortable budget in view even if you're preapproved for more.
02 / Cash + loans
Plan for more than the down payment.
Ask your lender for an estimate tied to your situation. Then separate money due during the purchase from the money you'll want after moving in.
Down payment
The part of the purchase price you pay upfront. The amount depends on the loan and your circumstances; ask about options before assuming you need 20%.
Closing costs and prepaid expenses
Loan and settlement charges, plus items such as prepaid insurance and funds collected for a mortgage escrow account—money set aside to pay property taxes and insurance bills. These are separate from the down payment. Ask which costs you can shop for.
Money due before closing
Earnest money is a good-faith deposit toward the purchase. It can be credited toward your down payment or closing costs; the contract controls its deadlines and when it may be returned. Inspection fees and other upfront charges may be due separately.
Money for the first months
Moving, utility setup, immediate repairs and the cash you want to keep available. A purchase that uses every available dollar can leave little room for the house itself.
Compare the loan, not just the advertised rate
Use written Loan Estimates to compare similar loan options, including payment, points, lender credits and cash to close. A smaller upfront bill may come with a different rate or ongoing cost. CFPB's Loan Estimate guide shows where to look.
Could Tennessee assistance help?
THDA offers home-loan and down-payment-assistance options for qualified buyers. Great Choice Plus assistance is a second loan. Ask a THDA-approved lender about current eligibility, education requirements, payments and what happens if you sell or refinance. Review THDA's current assistance information before building the funds into your plan.
If you may use a VA loan, our VA and military homebuyer guide covers the related home-search, cash and property questions.
03 / Your location
Compare the price, the drive and the upkeep.
A longer drive, more upkeep or higher dues can change what looks like a better deal. Compare those costs before widening the search.
Around Knoxville: test the route you'll repeat
A workday in Oak Ridge, Downtown Knoxville or Maryville creates a different starting point. Test the drive at the time you'd actually make it before treating a home farther out as the answer to your budget.
If the listing says Knoxville, confirm the parcel's actual city or county jurisdiction. Use Knox County / KGIS property resources as a starting point, then confirm taxes and services for that address. The mailing address alone doesn't settle those questions.
For an older home, put the roof, heating and cooling, crawlspace or basement alongside the finishes you like. A lower asking price and a repair you need soon belong in the same conversation.
Around Nashville: name the daily destination
Downtown, Midtown and a workplace in Franklin are different daily destinations. Compare the route you need with the homes you can afford, rather than treating every Nashville-area commute as the same trip.
If a townhome or condo looks easier on the budget, add the dues and ask what they cover. Who handles the roof, exterior maintenance and insurance? Review restrictions and possible assessments before comparing it with a detached home.
Check water and drainage questions at the address. Metro Nashville/Davidson County flood guidance explains why being outside a mapped flood hazard area is not a guarantee against flooding. For homes in other counties, use the relevant local flood resources.
04 / Home tours
Tour for the way you'll live there.
Notice how the home works on an ordinary day. Layout, access, storage and upkeep deserve the same attention as the kitchen.
Try the everyday routine
Notice the drive into and out of the property, parking, stairs, storage, laundry and space for the way you live. Visit the area during the hours that matter to you. Separate what you observe from what still needs checking. Buying from another state? Plan your remote tours and in-person visit.
Ask what you’ll be responsible for
Ask about the age and condition of major systems, visible moisture, repairs and alterations. For a managed community, request the governing documents and cost information. For a property with septic or well systems, identify the records and specialist checks it needs.
Keep inspection and appraisal separate
An inspection investigates the home's condition. An appraisal addresses value for the lending process. Neither replaces the other. Read the CFPB inspection guidance and leave time for any follow-up checks your inspector recommends. If a listing is described as “as-is,” see what to check before committing to an as-is home.
Ask the same questions of a new home
New construction still calls for a review of the contract, inspection opportunities, warranty and completion timing. Compare a builder incentive with the full financing offer and the home's total cost.
Keep a short note for each home: what works, what you'd have to accept and what you need answered. That makes the next conversation more useful than a longer favorites list.
05 / Your offer
Understand what each offer term changes.
Price is one decision. Deposits, financing and possession dates affect your money and choices too. Contingencies are contract conditions, such as financing or inspection requirements, that can let you end the purchase under specified terms and deadlines. We'll help you compare them before you commit.
What money is at risk?
Understand the deposit, when it's due and what the contract says about getting it back. Ask how a low appraisal, financing change or inspection concern could affect your cash and choices.
Which deadlines protect your choices?
Review inspection, financing and other applicable contingencies, including what you must do by each deadline. Discuss the consequence before shortening a period or giving up a protection.
How does the timing fit your move?
Compare the proposed closing and possession dates with your lease, moving arrangements and lender's schedule. If the dates leave a gap, plan for it before making a commitment.
06 / Closing
From accepted offer to move-in
The exact sequence depends on your contract and financing. Keep the dates where you can see them, and know who needs the next answer from you.
Follow up on the findings
Schedule inspections promptly, review the reports and discuss any repairs, credits or further checks within your contract deadlines. Keep your lender updated on issues that could affect the loan.
Keep the financing moving
Respond to document requests through your lender's secure process. Ask your lender before taking on new debt or making a major financial change during the purchase.
Read the final numbers
Review your Closing Disclosure and other documents before closing. Compare the payment, cash to close and agreed credits with what you expected; ask about differences. CFPB's closing-document guide can help.
Check the home and confirm your move-in
Use the final walk-through to check the home's condition and agreed work. Confirm possession, keys, utilities and your move-in arrangements. Verify payment instructions directly with the closing professional using a trusted phone number.