FHA Home Loans and the First 30 Days After Closing
June 16, 2025
I just got the keys to my first house! What are the very first things I should do?
Change the locks on all exterior doors immediately. You don't know who has a copy of the old key. At the same time, recode the garage door opener and any other keypad entry systems.
Next, find your two most important emergency controls: the main water shutoff valve and the main electrical circuit breaker panel. Take a picture of them to find them quickly in an emergency.
Finally, every smoke and carbon monoxide detector in the house must be tested, and all the batteries must be replaced, regardless of whether they seem to be working.
Are there other practical tasks to consider before I start unpacking?
The best time to do a deep clean is when the house is completely empty. Scrub the inside of all cabinets and closets, wipe down baseboards, and thoroughly clean the bathrooms.
File a change of address with the post office and begin the process of updating your address with important accounts like banks, credit cards, your employer, and any subscription services.
My home inspection report looked pretty good. Should I still expect to find problems?
In the first month, you will become the new inspector. You can anticipate finding small but annoying issues. You may encounter a range of minor problems, such as a faucet with a slow drip or a window that’s been painted shut.
Keep a running list of these minor issues on your phone or in a dedicated notebook so you can track them and decide what to fix first.
What are classic "first-time homeowner" surprises I might encounter?
Prepare yourself for frequent trips to the hardware store; you'll quickly find that the small toolkit in your apartment isn't sufficient for a house, and you'll constantly need a specific tool or part for a small repair.
Some repairs require very specific tools, others may be of the hammer-or-screwdriver variety.
What should I budget for immediate move-in costs?
A non-emergency contingency fund is needed here, and a good target for this is between $500 and $1,500.
This money will go toward expenses like hiring a locksmith or buying the supplies to repaint a bedroom. In addition to saving money for minor repairs, cosmetic issues, and the like, don’t forget about feeding anyone who helps you move into your new home. Yes, you may need a pizza budget for move-in.
FHA Loan Articles
June 30, 2026FHA loans offer low down payment options and more forgiving credit requirements for borrowers who may not qualify for a conventional mortgage or need to save more money out of pocket at the front end of the mortgage. But even with more forgiving credit requirements, some borrowers are tempted to omit certain debt information from their home loan applications. What does it mean to conceal a debt or financial situation from your loan officer?
June 30, 2026Some borrowers start working on their credit scores but get impatient with the process because they can't predict when their efforts will change their FICO scores. How long does it take for your FICO scores to update when you pay off a loan, reduce your credit card balances, or take other steps to make yourself a better credit risk? The short answer is that credit reporting procedures are not standardized, and it may take more time than you realize to get those positive credit actions added to your credit report.
June 29, 2026Mortgage interest rates are "moving targets" shaped by national economic trends and the borrower's specific financial profile. What is your FHA loan interest rate? Much depends on the financial data you bring to the table. Lenders set interest rates daily based on a snapshot of market conditions, but the rate ultimately offered also reflects risk, equity, and the lending institution's internal operational costs.
June 28, 2026An FHA appraisal differs from a conventional appraisal. While the goal of a conventional appraisal centers on market value, the FHA appraisal also focuses on the buyer's safety and soundness. FHA lenders select the appraiser, not the home buyer.
June 24, 2026FHA loan closing costs vary by property price and geographic location, rather than by a single nationwide flat fee. Total settlement charges combine percentage-based fees, local government taxes, and marketplace service costs. If you are new to buying a home, you'll want to get familiar with the closing cost issues discussed here to avoid budgetary surprises later on.
