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The amount you need for a down payment depends on the type of loan and your financial situation. While 20% is a common benchmark, many buyers put down less—some conventional loans allow as little as 3%, and FHA loans require just 3.5%.

Pre-Qualification - a quick, unverfied estimate based on self-reported fininacial info-no documents are checked.

Pre-Approval - a lender verifies income, credit, andv assets, producing a conditional loan commitment for a specific amount - carries real weight with sellers.

Higher credit scores = lower perceived risk and as a result lenders offer lower rates which equals fininacial savings for the borrower.  Likewise a lower credit score will result in higher rates and cost the borrower more money to service their loan. 

Closing cost are the fees and expenses needed to finalize a real estate tranaction.  These cover the lender, title company, government recording, and other services required to legally transer ownership of a property.  

Buyers typically pay 2-5% of the loan amount.

Sellers typically pay 8-10% of the sale price.    

Yes- self employed and irregular income buyers can absolutely qualify for a mortgage.  The process is more document heavy though and underwriting looks different than a W-2 employee.  Typically 2 years of tax returns are required.  

Principal - the portion that pays down your actual loan balance. Early in the loan, this is a small slice of your payment; it grows larger over time as you pay down the balance.  

Interest - What you pay the lender for borrowing the money.  Early in the loan this is the largest slice of the payment.  The first several years of payments go mostly towards interest.  

Taxes - your share of annual property taxes collected monthly and held in an escrow account and paid by the lender when the bill comes due.  

Insurance - homeowners insurance, also collected monthly and paid via escrow.  Flood insurance may also be included in this if you are in a flood zone.  

PMI - insurance required on conventional loans with less than 20% down; typically removable once you hit 20% to 22% equity.  

MIP - insurance required on FHA loans 

Conventional Loan: Down Payment = 3-5% Minimum, Credit Score = 620+, Best for buyers with solid credit and stable income

FHA Loan: Down Payment = 3.5% (580+ Credit Score) or 10% (500 to 579 Credit Score), Credit Score = 500+, Best for first time buyers and those with lower credit scores

VA Loan: Down Payment = 0% required, Credit Score = Typically 580-620+ (lender dependent), Best for eligable veterans, active duty military, and surviving spouses

USDA Loan: Down Payment = 0% required, Credit Score = 640+, Best for buyers in eligable rural or suburban areas with moderate income