: While 20% avoids Private Mortgage Insurance (PMI) , some programs like FHA loans allow as little as 3.5% . Closing Costs : Typically 2% to 5% of the purchase price. Phase 2: Building Your Team & Searching
: A score above 740 is excellent, while 620 is the usual minimum for most mortgages. first time home buying process
: Use the 28/36 rule —your mortgage should not exceed 28% of your gross monthly income, and total debt shouldn't exceed 36%. : While 20% avoids Private Mortgage Insurance (PMI)
Before visiting homes, you must establish what you can afford. first time home buying process