Home Buyer

Frequently Asked Questions

Purchasing a home can be a complicated process. The following are some of the most frequently asked questions i've received during the home buying process. Give me a call for more information on your specific requirements!

What Is the First Step in Purchasing a Home?

Answer: The mortgage pre-approval

You’ll need a mortgage unless you’ve been saving your money for a long time and can pay cash for a house.
You’ll need to get pre-approved for a loan to figure out how much house you can afford.
This is the first step towards purchasing a home.

What is the Average Time to Buy a House?

Answer: Between 30 and 45 Days

Because there are so many factors, the time it takes to find a home varies tremendously.
It normally takes 30 days to close once you find a house and have an accepted offer.
If everything between the buyer and the seller goes properly, the entire process should take roughly 40 days.

What Does a Real Estate Agent Do?

Answer: Almost every aspect of the home buying or selling process.

When it comes to buying a home, a realtor is your most significant asset.
They’ll help you through every step of the home-buying process and take care of a lot of the legwork.
They will inform and educate you about all of your possibilities.
Finally, they will represent you throughout every part of the transaction.


Answer: $0

In most circumstances, you will not be required to pay your realtor anything for their assistance in helping you purchase a home.
The sellers pay a fee to their realtor, who then pays the buyer’s agent for bringing the buyer and facilitating the transaction.

What advice would you provide to a first-time homebuyer?

Answer: Trust Your Realtor!

Avoid taking advice from those who aren’t in the field.
Real estate is a hot topic, and practically everyone thinks they have something to say about it.
In truth, the people who work in the business are the ones who know the most.
Good real estate agents have sold hundreds (if not thousands) of homes.
They are aware of what to expect and what to avoid.
“Well, a few of my friends and relatives have bought and sold properties.”
Buying and selling a few houses does not qualify someone as a knowledgeable resource.
Too many first-time buyers have been duped by well-intentioned friends and family members, only to be disillusioned later.

What Credit Score Do I Need to Purchase a Home?

Answer: 620+….however….

…it ultimately depends on your lender. As you probably know, a higher credit score offers better lending terms. There are some lenders who will approve buyers with a 580 score or sometimes even lower. Your loan officer will be the best source to give you a current answer for today’s lending requirements.

Are There Any Helpful Programs for First-Time Home Buyers?

Answer: Of Course!

There are some great home buying programs to research. The main ones would be VA loans, USDA Loans, and FHA Loans. Knowing the difference between these types of loans is very important.

What is the minimum down payment?

Answer: 3-5%…Usually.

The minimum down payment for FHA loans has just been lowered from 3.5 percent to 3.0 percent.
Some traditional loans only need a 3% down payment.
A VA loan, which requires no money down, is typically available to veterans.
A USDA loan, which requires no money down and is typically available in rural areas, is frequently available.

Are there any other fees Besides the down payment?

Answer: Yes, Loan Origination Fee’s and Closing Costs

The down payment is typically the greatest expense connected with purchasing a home, followed by loan fees.
Depending on the loan type, most lenders will impose loan origination costs ranging from 2% to 4% of the loan amount.
Conventional loans feature lower loan origination fees, but often require a larger down payment.
Your loan officer will be able to advise you on how much you should budget for loan origination and closing charges.

When do I Get the Keys?

Answer: After Closing!

The keys are usually handed over at the closing, which takes approximately an hour.
The lender may require additional time to fund the loan, and you will be required to pick up the keys once the loan has been funded.
You might not get the keys until Monday if you have a Friday evening closing and the loan doesn’t fund until Monday.
If you want or need to obtain the keys on the same day, make sure to arrange your closing.

Still Have Questions?