The questions we hear most.
Written for first-time buyers, in plain language. If yours isn't here, send it over.
The amount of money you need will depend on your loan type, purchase price, and individual situation. While many people believe you need 20% down, that isn't always the case! Some loan programs offer low or even no down payment options for qualified buyers. You'll also want to plan for expenses such as earnest money, a home inspection, appraisal, and closing costs. We can help you understand the costs involved and connect you with a trusted lender to determine what options may be available to you.
We highly recommend getting pre-approved before beginning your home search. A pre-approval helps you understand your buying power and gives you a realistic price range to work within. It also allows you to move quickly when you find the right home, since most sellers will require a pre-approval letter or proof of funds when an offer is submitted.
A pre-qualification is typically an initial estimate of how much you may be able to borrow based on the financial information you provide. A pre-approval generally involves a more detailed review of your income, credit, assets, and financial history by a lender. Because it is more thorough, a pre-approval can provide a clearer picture of your purchasing power.
It depends on the loan program you qualify for. Some buyers may be eligible for loan programs requiring little to no down payment, while others may choose to put more money down. Conventional, FHA, VA, and USDA loans each have different requirements. There may also be down payment or closing cost assistance programs available. A lender can review your specific financial situation and help determine the best option for you. Let us know if you need a lender, we have a few great recommendations we work with regularly!
Every buyer's journey is different! Finding the right home could take a few days or several months. Once you're under contract, closing typically takes around 30–45 days, depending on financing and the terms of the contract. Our job is to help keep you informed, organized, and moving forward through each step of the process.
Still wondering?