Legacy Real Estate Partners
First-Time Homebuyer Workbook
Step 0 of 6
Readiness Workbook — Est. 2026

Are you actually ready to buy a home?

A complete, no-fluff walkthrough of the same numbers a lender will pull on you. You'll leave this workbook knowing exactly where you stand and exactly what to do next.

5
Worksheets
15 min
To Complete
$0
No Cost, No Catch
100%
Private — Nothing Stored
What's Inside
  • 01
    Monthly Income
    Take-home pay, spouse income, side income
  • 02
    Monthly Debt
    Cars, cards, loans, childcare
  • 03
    Monthly Expenses
    The full household budget picture
  • 04
    Prequalifying Math
    Your max mortgage, calculated live
  • 05
    Readiness Assessment
    MSHDA-aligned readiness checklist
  • 06
    Your Action Plan
    Where you stand and what's next
A note before you begin: Pull up your last pay stub, any credit card or loan statements, and a recent bank statement. Being accurate now saves you from surprises when a lender does the same review. Nothing is stored anywhere — close the tab and it's gone. You can also print or save your results at the end.
Worksheet 01 of 05

Monthly Income

We'll capture both take-home pay (what hits your account) and gross pay (before taxes, what lenders use). You need both. Only include overtime if it's been consistent for the last 2 years.

§ 01
Your Income
Pay Frequency
Your take-home pay per week
$
Your gross pay (before taxes) per week
$
Spouse / Household Partner Optional
Spouse take-home pay per week
$
Spouse gross pay (before taxes) per week
$
Other Monthly Income
Second job monthly
$
Consistent overtime 2+ years history required
$
Public assistance
$
Child support received
$
Pension / retirement
$
Social Security
$
Other income source
$
Total Monthly Take-Home
$0
Total Monthly Gross (lender uses this)
$0
Worksheet 02 of 05

Monthly Debt Payments

List every minimum monthly payment you're obligated to make. Lenders care about the minimums — not what you actually pay. Include any debt with 10 or more months remaining.

§ 02
Your Debts
Vehicle Payments
Primary car payment
$
Second vehicle payment
$
Credit Cards $0
Loan Payments $0
Childcare & Support
Weekly childcare cost will convert to monthly
$
Child support paid (monthly)
$
Alimony paid (monthly)
$
Total Monthly Debt
$0
Gross Monthly Income
$0
Total Debt
$0
Debt-to-Income
0%
—
Worksheet 03 of 05

Monthly Expenses

This is the full household budget — not just debt. Lenders don't scrutinize this, but you need to. You can't see what's affordable until you see where every dollar is going. Be honest. If you spend $300 a month on fast food, write $300.

This step is optional — but completing it transforms the readiness picture. Skip down to the total bar if you want to move on without filling it in.
§ 03
Household Budget
Housing $0
Rent or current mortgage
$
Heating (gas/oil)
$
Electricity
$
Water / sewage
$
Phones (cell + land)
$
Renters/homeowners insurance
$
Trash service
$
Home maintenance & supplies
$
Transportation $0
Fuel / gas
$
Car insurance
$
Repairs & maintenance
$
Registration / plates
$
Public transit / parking
$
Food $0
Groceries
$
Work lunches & snacks
$
School lunches
$
Medical & Insurance $0
Health insurance (if not payroll-deducted)
$
Life / disability insurance
$
Doctor / dentist
$
Prescriptions
$
Personal & Family $0
Clothing
$
Laundry / dry cleaning
$
Barber / beauty shop
$
Toiletries / personal care
$
Children's allowances
$
Tobacco / vape
$
Alcohol (beer, wine, liquor)
$
Entertainment & Lifestyle $0
Streaming / cable / TV
$
Internet service
$
Movies, concerts, events
$
Restaurants / take-out
$
Fitness / gym
$
Hobbies / crafts
$
Gambling / lottery
$
Vacations / travel
$
Other & Misc $0
Pet care & supplies
$
Education / tuition
$
Gifts (birthdays, holidays)
$
Charity / religious giving
$
"Mad money" / misc
$
Everything else
$
Total Monthly Expenses
$0
After Expenses & Debt (discretionary)
$0
Worksheet 04 of 05

Prequalifying Math

This is the same math a mortgage officer runs. Housing costs should stay under 31% of gross income. Your total debt plus new mortgage shouldn't exceed 43%. Here's what that means for your purchase power.

%
(30-year fixed — ask your lender for today's actual rate)
§ 04
The Lender's Math
1
Total Gross Monthly Income
$0
2
Max housing payment (31% of gross)
$0
3
Max total debt ceiling (43% of gross)
$0
4
Your current monthly debt payments
$0
5
Available for housing after debt (Line 3 − Line 4)
$0
6
Max mortgage payment (lesser of Line 2 or Line 5)
$0
7
Reserve for taxes & insurance (~20% of payment)
$0
8
Available for principal & interest
$0
9
Max Mortgage Loan Amount (30-year fixed)
$0
What this means: Your max home price is roughly the loan amount plus your down payment. If you're going FHA with 3.5% down, divide the loan by 0.965 for your rough max. MSHDA programs can offer up to $10,000 in down payment help if you qualify.
Est. Max Home Price
(FHA, 3.5% down)
$0
Assumes you bring your own 3.5% down payment
Est. Max Home Price
(USDA/VA, 0% down)
$0
If you qualify for USDA rural or VA programs
Down Payment Needed
(for FHA option)
$0
Or $0 with USDA/VA — or MSHDA assistance
Worksheet 05 of 05

Readiness Assessment

The math is one piece. The MSHDA-aligned readiness profile is the other. Answer honestly — a "Short-Term Ready" answer today becomes "Ready Now" in 90 days with the right plan.

§ 05
Your Readiness Profile
Credit Score
Employment History
Down Payment Savings
Housing Payment History
Other Factors (check all that apply)
Your Results

Where You Stand

Here's the full picture — the math, the readiness tier, and exactly what to do next. Print this page or screenshot it so you have it when you call a lender.

Gross Monthly Income
$0
The number lenders qualify you against
Debt-to-Income Ratio
0%
Target: under 43%
Est. Max Home Price
$0
Based on FHA with 3.5% down
Max Monthly Housing Payment
$0
Principal, interest, taxes & insurance
Max Mortgage Loan
$0
At the rate you entered
Down Payment Target
$0
3.5% of max price — or $0 with USDA/VA
Unlock Your Full Action Plan

Your personalized next steps are ready.

Based on your readiness tier, we've built a tier-specific action plan that tells you exactly what to do — in what order, over what timeline. Plus a follow-up call from a Legacy agent who knows these programs inside and out.

Your privacy matters. We do not collect, transmit, or store any of the financial numbers you entered in this workbook. Only your contact info and readiness category leave this page. That's it.
Takes 5 seconds. No spam, ever.
✓ Your plan is unlocked
Your full results are below. A Legacy agent will reach out within 1 business day. Check your email for a copy of your results you can save or share.

Ready to talk to a human?

You've done the hard work. Next step is a conversation with a loan officer who knows the MSHDA programs and Legacy Real Estate agents who specialize in first-time buyers in the West Michigan market.

Schedule My Free Consultation