First-Time Buyer Checklist

Conventional guidelines generally want a two-year history of vesting or bonus and evidence it's likely to continue, then average it (often a 52-week share-price average, or the lower of recent values). New-grad RSUs with under two years of history usually can't be counted yet, so plan your timing around that gap.

Budget closing costs of about 2–5% of the price on top of the down payment, plus a post-close reserve. Jumbo loans often require 6–12 months of full housing payments (PITI) in reserves that must remain after closing — winning a bid by draining that reserve can sink the loan.

Locally, sellers often expect buyers to pre-inspect and waive the contingency. Protecting yourself means doing a real inspection — with a sewer scope on older stock — during the pre-offer window instead of skipping it. You keep the information even when you waive the contingency to compete.

At jumbo tiers, 10–20%+ down is common. More down lowers the payment and can improve terms, but never at the cost of your reserve. The right split leaves you liquid after closing rather than minimizing the rate.

Expect escalation clauses, shortened or waived contingencies, and pre-inspection. Knowing the norms before you fall for a house keeps you from overpaying in a panic or losing every bid by writing a "clean" offer that isn't clean by local standards.

Spending the reserve to win. The two things that matter most on a first purchase at this price point are the reserve that survives closing and the inspection depth on an older home. Nail those and most other mistakes are recoverable.

A jumbo/RSU-fluent lender, escrow, and agent — in that order — plus your documented income. Touring before the money is confirmed is how buyers fall for a home they can't actually fund.