What do Buyers Need to Purchase a Home?

In this article, I wanted to go over what a buyer needs to buy a house.

A REALTOR® (optional but highly recommended)

Costs Involved

Some Savings (typically required)

Down Payment (or not)

Emergency Fund (recommended)

Funds for Inspections (typically recommended & sometimes required)

Appraisal (typically but not always required for loans)

Earnest Money Deposit (typically required but not legally required)

Closing Costs & Prepaid Expenses (typically required but sometimes not required from the buyer)

Up Front Deposits for Utilities (sometimes required)

Up Front Association Fees

Other Costs

Cost Depend on Day of Month (& Time of Year) You Close

Other Factors Involved for Those Using a Loan:

FICO Credit Score Above 580 (typically)

Tax Payment History (typically required)

2 Years of Similar Income History (typically)

A Mortgage Lender (typically)

Debt to Income Ratio

Investor Purchasers

Buying a modular, mobile or manufactured home

Buying an As Is Home

Buying Land

For more of what you need, go to the Mortgage & Financial page, Finding a Home, or my Credit's Impact & How to Build it page.

Disclaimer

Related:

• 10+ Types of No Down Payment Required Mortgages

• Where Can I Get My Free Credit Score?

• Credit's Impact and How to Build it

• Credit Boosting Meeting with Adam 

• Does the Day of the Month Matter for Closing? Not Much Typically w/ Decent Savings, Maybe if Living Paycheck to Paycheck or Getting Assistance

• Mortgage Recommendations

• Escrow Hold Backs

Overarching Related:

• Credit & Finances

• House Buyer Guide

• What Adam Offers Buyers

• Contact Adam