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What do Buyers Need to Purchase a Home?

Updated: Sep 11, 2023



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

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.


Please keep in mind that while the author of this article (Adam Garrett) is a real estate agent, he is not a certified public accountant, lender, or financial advisor. The content on this site is not provided by a bank or issuer. Opinions expressed here are author's alone, not those of a bank or issuer, and have not been reviewed, approved or otherwise endorsed by a bank or issuer.

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