Thinking about buying a home, but not sure how to afford it? Welcome to the Down Payment Diaries, where real people spill about how they saved and splurged on their path to homeownership. If you’d like to submit your own Down Payment Diary, please fill out the form here.

Today, a 32-year-old married optometrist shares how he started his search for their first home. The couple looked at eight houses and made two offers before finding the one in Fresno, CA.

He did his research to find the right loan, one that was specific to his field and that allowed him to put just 5% down. This buyer also found a program that allows home-buyers to get points for the purchase, which they can transfer to travel reward programs. The end result: Finding a great first home and getting the chance to celebrate that with a big, international vacation.

Who is the homebuyer?

Age: 32

Pronouns: He/him

Household setup: Married 

Occupation: Optometrist

What is the home like?

Location: Fresno  

Property Type: Single-family home

Rooms: Four bedrooms, two bathrooms

Square footage: 1,518 square feet

What was the budget?

Max Budget: $450,000

Asking Price: $460,000

Closing Price: $435,000

Down Payment: $21,750

Mortgage: $3,200

Closing Costs: $20,000

Taxes: $5,300

Inside the homebuying process

I grew up in multiple homes. I have a big family with four siblings, and we helped my parents buy a home in LA in the early 2000s. I always wanted to be a homeowner.

Why did you start thinking about buying?

I had been living in the Central Valley for the past couple years and our lease was coming up. We had home ownership on our mind and started looking online.

What were the non-negotiables?

We wanted a single-family home with no HOA. I really wanted it to be a single-story home. We’d been living in a two-story townhouse and the stairs were a nuisance. It also seems like the same square footage feels like more space if it’s all on one story. Lastly, we wanted to be in a nice area close to shopping centers.

How did your online search start?

I had learned about Bilt while I was renting. I was paying rent via Zelle, and learned I could earn points through Bilt. I never set that up, but learned they had launched a program where you earn points when you buy a home, so I started there.

How did that work?

I downloaded the Bilt app and input where I was looking and what I was looking for, and they connected me with a realtor. She listened to my requests and answered my questions–and I had a lot. She was really fantastic throughout the process.

How long did you look before finding your home?

Five months. Our lease ended in September and we started looking in April, and closed at the end of August.

How many homes did you see in person?

Eight. That was a combination of open houses and having our realtor show us listings.

Did you make any other offers?

Two. The first one we lost out on to a buyer who was willing to skip an inspection, which we weren’t willing to do as first-time home-buyers. The second one, we were outbid on price.

How did you know this house was the one?

This was what we wanted and it was in a nice location. It was a single-family home with no HOA. It also had solar panels, which was a bonus. The biggest positive was that it had a pool.

What offer did you make?

It had originally been listed for $460,000 but by the time we saw it, it had been on for 75 days and they had just dropped it to $450,000. We offered $430,000 and we settled at $435,000.

How much did you put down?

We did 5% down ($21,750) and a conventional loan. It was a physician loan that we did through a credit union, and this loan didn’t require PMI. We were able to get a 6.5% interest rate, with a 10/1 ARM. That rate is locked in for 10 years, after which it can adjust annually. The plan is that we will either move or refinance before the 10 years are up.

Where did the down payment come from?

Savings. My wife and I both finished grad school in 2022. We’ve been working for almost four years, saving with this in mind. Putting down just 5% helped quite a bit. If we had needed to put down 20%, it would have taken much longer.

How did the purchase work with Bilt?

When you purchase a home, you get one Bilt point for every two dollars of the purchase price. So for this house, it was 217,500 points. I can transfer them to an airline or hotel. Alaska Airlines and Hyatt are both partners. Points transfer one-to-one with the partners, and that gives a lot of flexibility. That could be two round trip business tickets on a partner airline, or maybe two economy tickets plus a few nights in a hotel.

Was the closing more complicated?

The process was surprisingly much smoother than I thought. It didn’t seem as if anything was different by including Bilt in the purchase. Even if I hadn’t gotten the Bilt points, I would have been very satisfied with the experience.

How do you plan to spend your points?

My wife and I are planning a two-week international trip to Europe and Thailand. We want to start in Frankfurt and then fly to Phuket. We haven’t worked out the details yet, but if the home purchase entirely covered the trip, that would be amazing.

What do you love most about your home?

I didn’t realize how much I would like taking care of a home. So many friends told me it would be a hassle. I’m finding that I like learning the process of taking care of things and fixing small things that break. Learning how to take care of the pool has been especially rewarding. Most of all, I’m happy to have purchased a home. For my generation, it feels like home ownership is getting further out of reach. To have the dream of home ownership and that I get to celebrate that through travel is so huge.