Getting pre-approved is the first step. Don’t just go to your bank and hope you get a good lender. Find a great real estate agent and ask for a referral to one of their best lenders.

Closing on a house takes 30-45 days typically. Finding the house can take anywhere from days to months. Talk to an agent to get a clear understanding of when it makes sense to start shopping with your timeline. Don’t wait until 30 days before your lease ends!

The absolute minimum is 580 to get qualified for an FHA loan. Having a higher credit score qualifies you for better loan types and better interest rates. Ideally a having a credit score over 640 gives you the best options. The higher the score, the better interest rate.

1) Earnest Money Deposit - $1,000 (this dollar amount is an average, due immediately after contact acceptance)

Varies depending on how your offer is written.

2) Appraisal - $500-700 (usually within 7 days of an accepted offer)

3) Home Inspection - $400-600 (usually paid at closing)

4) Down Payment - 3-5% of the purchase minimum.

VA & USDA type loans are 0% down payment loans.

5) Closing Costs - 2-5% of Purchase Price (due on closing day)

Closing costs are the fees included for escrow, title, and lender services. They range from 2-5% of purchase price. The amount changes widely depending on your type of loan and which lender you use.

Escrow is the neutral 3rd party that takes paperwork from all sides, handles the process of delivering funds to the appropriate parties, and works with a title company to ensure the deed is recorded in the buyer’s name - basically the middle man!

Escrow is also a process in which all that is handled, and can take anywhere from 20-45 days depending on various variables.