Home Financing 101: What First-Time Buyers Should Know Before Applying for a Mortgage
In partnership with Dave Bouvier, Mortgage Loan Officer at Regions Bank
Buying your first home is an exciting milestone—but before you start picking paint colors or imagining furniture layouts, there’s one important step to take care of first: financing.
At Patterson Company, we believe in helping our buyers feel informed and empowered through every stage of the homebuying process. That’s why we’ve teamed up with Dave Bouvier,a trusted Mortgage Loan Officer with Regions Bank, to break down what first-time buyers should know before applying for a home loan.
Whether you’re planning to build from the ground up or are eyeing one of our beautifully designed quick-move-in homes, here’s what you need to know before you apply.
Start with a Solid Financial Picture
Before you begin shopping for homes, it’s important to understand where you stand financially. Lenders will evaluate your:
- Credit score
- Debt-to-income ratio (DTI)
- Income and employment history
- Savings for a down payment and closing costs
If you’re not sure where to begin, Regions Bank offers free tools and resources to help you assess your credit, create a savings plan, and even estimate what you might be able to afford.
Get Prequalified—Then Preapproved
Prequalification gives you a rough idea of what you might be able to borrow, based on basic information. Preapproval involves a deeper review and provides a more accurate loan estimate.
Why it matters: A preapproval letter strengthens your offer—especially in competitive markets—and gives you confidence in your home search.
“Think of preapproval as your green light,” Dave explains. “It shows sellers you’re serious, and it helps your builder stay on track with the timeline and budget you need.”
Explore Your Loan Options
There’s no one-size-fits-all mortgage. Dave and the Regions team help buyers explore loan programs like:
- Conventional Loans
- FHA Loans (ideal for lower down payments)
- VA Loans (for veterans and active-duty military)
- Jumbo Loans (for high-value homes)
“Each loan type has different requirements and benefits,” Dave says. “We take the time to walk buyers through every option to find the best fit for their financial goals.”
Many first-time buyers are surprised to learn they don’t need 20% down—some programs offer options as low as 3% down, with competitive rates and flexible terms.
Understand the True Costs of Homeownership
Your monthly mortgage is just one piece of the puzzle. Be sure to also budget for:
- Property taxes
- Homeowners insurance
- HOA dues (if applicable)
- Utilities and maintenance
When building or buying with Patterson Company, our sales team works closely with lenders like Dave to ensure buyers have a clear understanding of total costs—so there are no surprises down the road.
Ask Questions and Stay Informed
Navigating mortgage terms, rates, and timelines can feel overwhelming—but you’re not in it alone.
Regions offers helpful articles, calculators, and tools for first-time buyers—including resources on building credit, comparing loan types, and preparing for closing day.
“Buyers shouldn’t be afraid to ask questions,” says Dave. “A good loan officer is your guide—not just someone who crunches numbers, but someone who helps you understand what you’re signing up for.”
Let’s Build Your Future—Together
Patterson Company is proud to work with experienced, local lending partners like Dave Bouvier who share our commitment to helping buyers feel confident and prepared.
Whether you’re just starting your search or ready to take the next step, we’re here to help you understand every option—and every opportunity—on your path to homeownership.
🔗 Connect with Dave Bouvier at Regions Bank
🏡 Explore homes, floorplans, and communities at BuyPatterson.com