Speak with a financial advisor or mortgage lender. This will give you an idea on how much you can purchase, how much it will cost, your estimated monthly payment, and information on financial tools you could use (assistance and/or grants).

If you are purchasing with all cash you will need to present a valid documentation of funds. This could be a letter from your institution stating the amount that you wish to purchase is available in funds, or a bank statement. (a snapshot photo of your bank account is not acceptable.)

Depending on your loan/loan program it can vary. In general, you don’t need 20% down, 3-10% also works. FHA can be as low as 3.5% down, and VA is 0% down! Keep in mind there are DPA (down payment assistance programs) and grants you could qualify for.

Closing costs will range from 2-5% of the homes purchase price.

To get an accurate estimate it is advised you speak with a mortgage lender.

Your deposit is to show your “good faith” to the seller. There are contingencies that protect you and your deposit for the opportunity for it to be returned to you when it applies, but beware, should you breach your purchase contract you could be in a position where you will be subject to forfeiting it to the seller.

The amount is negotiable, it usually ranges from 1-2% of the homes purchase price, and due within 48 hours after getting your offer accepted. These funds will go towards your down payment or closing costs.

When getting pre-approved for a mortgage the lowest minimum FICO score possible is 580. Ideally, a 620 FICO is a good rule of thumb to start. It is advised you speak with a mortgage lender.

I recommend buyers take preparation minimum three months in advanced from the day they want to receive keys.

This better assures that any factors that could jeopardize your closing in the loan process or other issues that need to be resolved, be worked out beforehand. It also may take time to find the home you’re searching for.

Keep in mind, the escrow process (the time frame your offer is accepted to the day you close) typically takes about 30 days. Rest assured, everyone involved is working as diligently as possible to make sure you close on your home, and if closing earlier is possible, then we will do so.

If you are buying cash the escrow process could range from 3-14 days.

If you do not have a mortgage lender I could give you recommendations. Please reach out for more information.