Quick answer: The most important home buying tips for new buyers are simple: save for more than the down payment, get pre-approved before you shop, look into first-time buyer programs, and work with a local agent. Then choose a home with resale in mind, inspect carefully, and budget for taxes, insurance and repairs. In Texoma, add well, septic, flood zone and Texas-vs-Oklahoma differences to your list.
Buying your first home is exciting, and it can also feel like a lot. Our team has been part of 657+ transactions across Denison, Sherman, Durant and the rest of the Lake Texoma region, and the same handful of habits separate smooth purchases from stressful ones. Here are the ten we share with every new buyer, with a local twist.
1. How much money do you need saved to buy a home? 💰
More than just the down payment. Plan for three buckets:
- Down payment. Conventional loans with 20% down avoid private mortgage insurance, but some loan programs allow as little as 3% to 3.5% down, and certain VA and USDA loans may allow zero down for eligible buyers.
- Closing costs. Lender fees, title, prepaid taxes and insurance. Your lender will give you an estimate.
- Cushion. Money for moving, a few repairs and surprises in the first months.
Rules and limits change, so get current numbers from a lender. Our first-time home buyer guide and sibling post on FHA loans for first-time buyers go deeper.
2. Why should you get pre-approved before house hunting?
A pre-approval tells you what you can actually afford and shows sellers you're serious. The lender reviews your credit, income, debts and assets. Until you close, avoid opening new credit, financing a car or making large purchases, because changes can affect your approval.
Need a lender who knows rural and lake properties? Start with our preferred lenders and vendors.
3. Are there first-time home buyer programs in Texas and Oklahoma?
Yes. Both states offer programs through their housing finance agencies, and some lenders have their own down payment assistance. HUD's website (hud.gov) is also a good starting point for learning about federal programs and HUD-approved housing counselors. Eligibility, income limits and funding change, so ask your lender which programs fit you right now.
4. Why does a local real estate agent matter?
A local agent does more than open doors. We know which roads flood, which subdivisions have strict HOAs, what a fair price looks like on a particular street, and how to write an offer that wins without overpaying. We also guide you through the option period, inspections, appraisal and closing. Read how to work with a local realtor for what to expect.
5. What should be on your must-have list?
Before you tour, split your wish list into must-haves and nice-to-haves:
- Bedrooms and bathrooms you truly need
- Distance to work, school and family
- Layout, storage and garage space
- Energy efficiency and upkeep (pools, acreage and older homes all take more)
- City utilities vs. well and septic
No home checks every box. A clear list keeps you from losing a good home over something that doesn't really matter.
6. How do you pick a home with good resale value?
Even if you plan to stay a long time, think about the next buyer. Sensible layouts, a solid location and good access to jobs and shopping tend to hold up. Be careful with homes that have odd floor plans, major deferred repairs or tough locations. Our post on how schools affect home values explains one piece of the puzzle.
7. What should you look for at showings and open houses?
Look past the staging and the paint colors. Focus on:
- Water stains on ceilings, around windows and under sinks
- Cracks in brick or drywall and doors that stick (possible foundation movement)
- Age of the roof, HVAC and water heater
- Outlets, lighting, closet space and natural light
- Drainage around the house and how the lot slopes
8. What hidden costs come with owning a home?
| Cost | What to know |
|---|---|
| Property taxes | Rates vary by county, city and school district; Texas relies heavily on property taxes |
| Homeowners insurance | Hail and wind risk in Texoma can affect premiums; get quotes early |
| HOA dues | Common in newer subdivisions and lake communities |
| Utilities | Rural homes may have propane, well and septic instead of city services |
| Maintenance | Roofs, HVAC, septic pumping, docks and yard upkeep add up over time |
If a home needs a new roof or HVAC, get estimates before you make your offer so you can negotiate with real numbers.
9. Is a home inspection really necessary?
Yes, even on newer homes. An inspector can find plumbing, electrical, foundation and pest issues you'd never see on a tour. Go to the inspection if you can and ask questions. In Texoma, also consider septic and well inspections, a termite inspection, and a survey on rural property. Protect yourself with the right contingencies, and read our septic systems guide if the home isn't on city sewer.
10. How do you choose the right homeowners insurance?
Shop several quotes and compare coverage, not just price. Ask about wind and hail deductibles, and whether you need separate flood coverage. Near Lake Texoma and along creeks, some properties sit in mapped flood zones, and lenders may require flood insurance. Get quotes during your option or due diligence period so there are no surprises at closing.
Bonus Texoma tip: Texas and Oklahoma use different contracts, disclosures and timelines. If you're shopping on both sides of the Red River, make sure your agent is licensed in both states. We are. Learn more on our Texoma home buying guide and Moving to Texoma pages.
Where should new buyers in Texoma start looking?
Budget and lifestyle usually point the way. Homes $100K–$200K and $200K–$300K are popular starting ranges for first-time buyers. For affordable starter homes on the Oklahoma side, see our sibling guide to homes under $200K in Durant. On the Texas side, compare homes under $500K in Denison. Many buyers also look at Calera, Howe and Whitesboro.
Frequently asked questions
How much should a first-time buyer save in Texoma?
Plan for your down payment, closing costs and a cushion for moving and repairs. Some loan programs allow low down payments, so talk with a lender to see what applies to you.
Should I get pre-approved or pre-qualified?
Pre-approval is stronger because the lender actually verifies your income, credit and assets. Sellers take pre-approved buyers more seriously.
Do I need flood insurance near Lake Texoma?
It depends on the property. Some homes are in mapped flood zones where lenders require it, and others may still benefit from coverage. Check the flood designation and get quotes early.
Can one agent help me buy in both Texas and Oklahoma?
Yes, if the agent is licensed in both states. Our team is licensed in Texas and Oklahoma and works on both sides of the lake.
Related reading
- FHA loans for first-time home buyers in Texoma
- Contingencies when buying a home near Lake Texoma
- Affordable homes in Durant, OK under $200K
- How to work with a local realtor near Lake Texoma
Buying your first home in Texoma? Call or text Brian and Jonelle at (580) 217-7435. We're licensed in Texas and Oklahoma and happy to talk through your plans, no pressure. Love My Texoma Home Team | INC Realty
