Buyer Tool

Rent-to-Buy Readiness Planner

Thinking about making the leap from renting to owning? This planner walks you through the key milestones, pre-approval, saving for your down payment, and exploring assistance programs, so you can move forward with a clear, structured plan.

Also check out our Move Timeline Planner , a journey map for the full moving process, from deciding to move through settling in.

Making the transition from renting to buying is one of the biggest financial decisions you will make. It is also one where most people feel unsure about where to start. This checklist gives you a clear, step-by-step path, so you know what to tackle first, what can wait, and how to set yourself up for the strongest possible position when you are ready to make an offer.

Work through each phase at your own pace. There is no single "right" timeline, but there is a smart order of operations, and that is what this planner is built around.

Start Here

Check Your Credit & Get Your Finances in Order

Before you talk to anyone about a mortgage, take a clear-eyed look at where you stand. This is not about being perfect, it is about knowing your starting point so you can plan around it.

Pull your credit report and check your score, you can get a free copy at AnnualCreditReport.com Review for errors or outdated items and dispute anything that is inaccurate Pay down outstanding balances if possible, aim to keep credit utilization below 30% Avoid opening new credit accounts or making large purchases before buying a home Gather recent pay stubs, W-2s, tax returns, and bank statements, you will need these for pre-approval Calculate your debt-to-income ratio, most lenders look for a total DTI under 43%

Build Your Fund

Save for Your Down Payment & Closing Costs

The down payment is not the only cash you will need at closing. Between closing costs, prepaid taxes and insurance, and an emergency cushion, you want a full picture of what you are saving toward, not just the headline number.

Set up an automatic transfer to a dedicated high-yield savings account each payday Understand the full picture, in Texas, plan for 2–5% down payment plus 2–4% in closing costs Keep 3–6 months of mortgage payments in reserve as an emergency cushion after closing Explore whether you qualify for a conventional 3% down, FHA 3.5%, or VA/USDA zero-down program Use the Buyer Cash to Close calculator to estimate your total cash needed Use the Payment Calculator to understand your estimated monthly payment including Texas-specific taxes and insurance

Pro Tip: Think monthly, not just lump sum

Instead of fixating on the total down payment, break it into a monthly savings target. If you need $18,000 and you have 12 months, that is $1,500 per month, much more actionable than a daunting lump sum. The Comfort Range Finder can help you work backwards from a monthly budget to a home price.

Find Free Money

Explore Down Payment Assistance Programs

Many buyers qualify for down payment assistance without realizing it. These programs are not just for first-time buyers, income limits and eligibility vary, and some are surprisingly generous. This is free money or low-interest loans that can meaningfully reduce the cash you need to close.

Check your eligibility through Diane's DPA resource, Start here Ask your mortgage broker about statewide and local programs, Texas has several options through TDHCA and local housing authorities Understand if the assistance comes as a grant (free money), a forgivable loan, or a deferred second lien Ask whether your employer offers any homebuyer benefits or housing assistance programs Note deadlines, some DPA programs have limited funding and operate on a first-come, first-served basis

Get Your Green Light

Get Pre-Approved with a Mortgage Broker

Pre-approval is the moment this stops being hypothetical and becomes real. It tells you exactly what you can afford, and it tells sellers you are a serious buyer. This is where working with the right mortgage broker makes a real difference.

Why a mortgage broker, not a bank?

I recommend working with a mortgage broker rather than going directly to a bank, credit union, or online lender. A broker shops your loan scenario across multiple wholesale lenders, which means you get access to a wide range of rates and programs without having to apply separately at each one.

Instead of you comparing two or three options on your own, your broker shops the entire market on your behalf. One application, one relationship, and a professional working to find you the best fit for your specific situation.

See the mortgage brokers and lenders I trust on the Trusted Vendors page

Connect with a mortgage broker from the Trusted Vendors page Submit your pre-approval application with your full documentation package Review your pre-approval letter and understand your price range, rate terms, and loan program options Ask about first-time buyer programs, FHA, VA, or conventional options that match your situation

You Are Ready

Start Your Home Search with Confidence

With your pre-approval in hand and your savings on track, you are in a strong position to start looking. This is the fun part, but it is also where having a clear strategy keeps you from getting overwhelmed or settling for the wrong home.

Define your must-haves vs. nice-to-haves in a home Research neighborhoods, school zones, commute times, community feel, and future development Schedule a planning session with Diane to align on strategy, neighborhoods, and priorities Attend open houses to calibrate your expectations and refine your vision Stay responsive to your broker and agent, momentum matters once you find the right home

Printable Checklist

Want this on paper? Click below to print a clean version of all five steps, or save it as a PDF for reference.

Schedule a Planning Session

Every buyer's path is different. A quick conversation can help you figure out where you stand, what to prioritize, and how to build a realistic plan, whether you are ready to move in three months or three years.

Book a Planning Session

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Tools that pair well with this planner

Move Timeline Planner

A full journey map for your move, from deciding to move through settling in.

Comfort Range Finder

Find the right price range based on what you can comfortably afford each month.

Buyer Cash to Close

See the total cash you will need at closing, not just the down payment.

Trusted Vendors

Mortgage brokers, inspectors, and professionals I personally recommend.

This planner is for educational and informational purposes only. It is not financial, legal, or lending advice. Down payment assistance programs, income limits, and eligibility requirements change frequently. Consult a licensed mortgage broker and your financial advisor for guidance specific to your situation.

Rent-to-Buy Readiness Checklist

A step-by-step planning guide from Diane Hibbs, eXp Realty

dianesellshtx.com

Step 1: Check Your Credit & Finances

☐Pull your credit report and check your score

☐Review for errors and dispute inaccuracies

☐Pay down balances, keep utilization below 30%

☐Avoid opening new credit before buying

☐Gather pay stubs, W-2s, tax returns, and bank statements

☐Calculate your debt-to-income ratio (aim for under 43%)

Step 2: Save for Your Down Payment & Closing Costs

☐Set up automatic transfers to a dedicated savings account

☐Plan for 2–5% down plus 2–4% closing costs in Texas

☐Keep 3–6 months of mortgage payments as an emergency cushion

☐Explore loan programs (conventional 3%, FHA 3.5%, VA/USDA)

☐Use the Buyer Cash to Close calculator for total cash needed

☐Use the Payment Calculator for estimated monthly costs

Step 3: Explore Down Payment Assistance

☐Check DPA eligibility: workforce-resource.com/dpr/pmt/HAR/DIANE_HIBBS

☐Ask your broker about statewide and local programs (TDHCA, local housing authorities)

☐Understand if it is a grant, forgivable loan, or deferred lien

☐Ask about employer homebuyer benefits

☐Note deadlines, some programs have limited funding

Step 4: Get Pre-Approved with a Mortgage Broker

Work with a mortgage broker, not a bank or credit union. A broker shops multiple wholesale lenders on your behalf. See Trusted Vendors: dianesellshtx.com/trusted-vendors/

☐Connect with a mortgage broker from Trusted Vendors

☐Submit pre-approval application with full documentation

☐Review your pre-approval letter, rate terms, and loan options

☐Ask about first-time buyer, FHA, VA, or conventional programs

Step 5: Start Your Home Search

☐Define must-haves vs. nice-to-haves

☐Research neighborhoods, schools, commutes, community feel

☐Schedule a planning session with Diane

☐Attend open houses to calibrate expectations

☐Stay responsive, momentum matters once you find the right home

Next Step

Schedule a planning session with Diane:

calendly.com/dianehibbs411/let-s-chat

dianesellshtx.com