Frequently Asked Questions EXPERT GUIDANCE How much money do I need for a down payment? The amount required for a down payment typically ranges from 3% to 5% of the purchase price, depending on the loan type. How long does the home buying process typically take? The home buying process typically takes around 30 to 45 days from offer acceptance to closing. However, this timeline can vary depending on various factors. Do I need to have a home inspection?
At minimum, you should make your offer contingent on a general home inspection.
Additional inspections to consider include pest inspections, foundation inspections, and mold inspections. What credit score would I need to purchase a home?
Generally, a credit score of 620 or higher is recommended. However, some lenders may approve buyers with scores as low as 580. A higher credit score usually results in better lending term. Your mortgage lender can provide more information on credit score qualifications.
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