First-Time Home Buyer Checklist for Indianapolis

This is the short version: 15 things to do, in order, when you buy your first home in Indianapolis. Print it, check items off and take it to your first call with a lender. For the long explanation of each step, read our full first-time homebuyer guide.

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Two numbers set the stage. The 30-year fixed rate averaged 7.18% the week of November 5, 2026 (Freddie Mac). The September 2026 median single-family sale price was $255,000 in Marion County and $320,000 across the 17 counties MIBOR tracks (MIBOR). Your budget starts there.

What Should I Do Before I Start Looking at Homes?

1. Check your credit reports. Pull your free reports from AnnualCreditReport.com and fix errors early. For FHA loans, a 580 credit score or higher allows maximum financing, which is 3.5% down on a purchase, and a score from 500 to 579 limits the loan to 90% of the home's value, so 10% down (HUD Handbook 4000.1). Other loans set their own minimums.

2. Set a monthly payment you can carry. Count principal, interest, property taxes, homeowners insurance, mortgage insurance and upkeep. Pick a payment that leaves savings untouched each month.

3. Build your cash to close. That means the down payment, closing costs and a cushion for repairs. On the Roots Podcast (July 21, 2026), Max Moore said a $300,000 home takes about $15,000 in ready cash.

4. Get preapproved. A preapproval means a lender reviewed your documents. Expect to share pay stubs, tax returns or W-2s, bank statements and ID. A preapproval letter shows a seller that a lender has reviewed your finances.

5. Take a homebuyer education course. IHCDA requires one for its programs and accepts certificates from Fannie Mae HomeView or Freddie Mac CreditWise.

6. Ask about down payment help. IHCDA's First Step gives 5% of the price as a second mortgage and Next Home gives up to 3.5% (IHCDA Homeownership Program Guide). See Indianapolis first-time homebuyer programs for who qualifies.

What Should I Do While I Search?

7. Write down your must-haves. Commute, number of bedrooms, age and condition of the house, yard, and your top price. Split them into needs and nice-to-haves.

8. Read the listing history. In September 2026, Zillow showed 35.8% of Indianapolis listings with a price cut and a median of 20 days to pending, and MIBOR showed homes selling at 98.1% of list price. Days on market and price changes tell you how much room a seller may have.

9. Tour with an agent. Take notes and photos at each showing. Your agent can flag issues you would not notice.

10. Decide what to ask for in the offer. Closing-cost help, a rate buydown, repairs, the closing date. Ian DeFelice, a Roots agent, lists the options in what a first-time buyer can ask the seller for.

What Happens After My Offer Is Accepted?

11. Deliver earnest money and book the inspection. Your purchase agreement sets the deadlines. Put them on your calendar.

12. Review the inspection report and decide what to request. Focus on safety issues, major systems and water problems. Our guide to repair negotiations after the inspection covers the steps.

13. Keep your finances steady until closing. Do not change jobs, open new credit or make large purchases while the lender finishes underwriting. Respond to lender requests the same day.

14. Do the final walkthrough. Confirm the home is in the agreed condition, any repairs are done and everything that should stay is still there.

15. Close. Bring your photo ID and the funds your title company requests. Then collect your keys.

What Tools Does Roots Offer First-Time Buyers?

Roots Realty Co. agents are investors who buy in this market themselves, with 400+ transactions since 2023. Our free first-time buyer tools are on the Roots buyer resources page: the First-Time Buyer Quiz, the Homeownership Blueprint, the Indy Neighborhood Map and the House Hack Playbook. Want to talk it through? Book a free first-home consultation and bring this list.

Sources: HUD Handbook 4000.1; Freddie Mac PMMS, week of November 5, 2026; MIBOR Market Insights Report, September 2026; Zillow metro-level data for Indianapolis, IN, share of listings with a price cut and median days to pending, September 2026; IHCDA Homeownership Program Guide; HUD Mortgagee Letter 2025-23; Roots Podcast, July 21, 2026.

Frequently asked questions

Quick answers from this guide.

What should a first-time buyer do first in Indianapolis?

Check your credit reports, set a monthly payment you can carry, and talk to a lender about preapproval. Those three steps tell you your price range and your cash needs before you tour any home. Add a homebuyer education course if you plan to use IHCDA assistance.

How much should I save before buying my first home?

Plan for the down payment, closing costs and a repair cushion. Max Moore of Roots said on the Roots Podcast in July 2026 that a $300,000 home takes about $15,000 in ready cash. IHCDA down payment assistance can lower the amount you need to bring yourself.

What documents do I need for mortgage preapproval?

Lenders ask for documents such as recent pay stubs, tax returns or W-2s, bank statements, a photo ID and a list of debts. Self-employed buyers can be asked for profit and loss statements. Ask your lender for their exact list so you can gather everything in one pass.

What is the difference between preapproval and prequalification?

Prequalification is a quick estimate based on what you tell a lender. Preapproval means the lender has reviewed your documents and credit. A preapproval letter shows a seller that a lender has reviewed your finances. Get one before you start touring homes and attach it to your offers.

Can I change jobs or buy a car while my loan is processing?

Avoid it. Underwriting looks at your income, debts and credit up to closing, so a job change, a new loan or a big purchase can delay or sink the approval. Tell your lender before any change, and keep your finances steady until you have the keys.

When should I schedule the home inspection?

Right after your offer is accepted. Your purchase agreement sets an inspection deadline, and missing it can cost you your right to ask for repairs. Put the deadline on your calendar the day you sign, and tell your agent which day you want the inspector on site.

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Indianapolis First-Time Home Buyer Checklist: From Budget to Keys