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What do Buyers Need to Purchase a Home?

Updated: May 23

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.



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