Before you browse listings, you must understand your true purchasing power.
It is easy to get distracted by "shiny" features, but focus on the elements you cannot easily change. what to know when buying a house
: While 20% down helps you avoid PMI, many programs allow for much less. Conventional loans can require as little as 3% down, while FHA loans allow for 3.5%, and VA or USDA loans may require 0% down. 2. The Search: Prioritizing Your Lifestyle Before you browse listings, you must understand your
: Your score determines your interest rate and loan eligibility. Even a small difference in your rate can cost or save you tens of thousands of dollars over the life of a 30-year loan. Conventional loans can require as little as 3%
: Once you are under contract, do not take out new loans, open credit cards, or change jobs. Lenders re-check your credit right before closing, and major changes can disqualify your loan. Common Mistakes to Avoid