While 20% is the gold standard to avoid Private Mortgage Insurance (PMI), many programs (like FHA) allow for as little as 3.5% or even 0% down.
Distinguish between "needs" (3 bedrooms, good school district) and "wants" (granite countertops, hardwood floors). Phase 3: The Search & The Offer
A higher score equals a lower interest rate. If yours is under 620, consider a few months of "credit repair" before applying. home buying guide pdf
You'll meet at a title company or attorney's office to sign a mountain of documents and wire your down payment.
Look past the paint colors and staging. Check the age of the roof, the HVAC system, and the "vibe" of the neighborhood at different times of day. While 20% is the gold standard to avoid
As a buyer, having a Realtor is usually free (the seller pays the commission). They handle the paperwork, negotiations, and scheduling.
Don't be afraid to ask for closing cost credits or repairs if the house needs work. Phase 4: Due Diligence Once an offer is accepted, you enter "Escrow." If yours is under 620, consider a few
Usually 24 hours before closing, you'll visit the house one last time to ensure it’s in the agreed-upon condition.