Buyer Frequently Asked Questions:
How much do I need for a down payment on a home?
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%. While VA borrowers can put 0% down and actually get money back at the closing table. There are also numerous down payment assistance programs.
What’s the difference between pre-qualification and pre-approval?
How does my credit score affect my mortgage rate?
What are closing costs, and how much should I expect to pay?
How long does the homebuying process usually take?
Can I buy a home if I’m self-employed or have irregular income?
What’s included in my monthly mortgage payment?