PURCHASE MORTGAGE
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Frequently Asked Questions
How much house can I afford?
Most lenders use the 28/36 rule — your housing costs should stay under 28% of gross monthly income, and total debt under 36%. On a $75,000 salary, that’s roughly a $350,000–$400,000 home depending on your debts, down payment, and local tax rates.
What credit score do I need for a mortgage?
Conventional loans typically require 620+. FHA loans accept 580+ with 3.5% down, or 500+ with 10% down. VA and USDA loans have no official minimum, though most lenders want 640+. Higher scores unlock significantly better rates.
How much down payment do I need to buy a house?
It depends on the loan type. VA and USDA offer 0% down. FHA requires 3.5% with a 580+ credit score. Conventional loans start at 3% for first-time buyers. Putting 20% down eliminates PMI, but most buyers put down far less.
How long does it take to close on a house?
The average closing timeline is 30–45 days from accepted offer to keys in hand. Getting pre-approved before shopping can speed up the process. Complex loans (jumbo, self-employed) may take 45–60 days.
What documents do I need for a mortgage?
Standard requirements: last 2 years of W-2s or tax returns, recent pay stubs, 2 months of bank statements, photo ID, and proof of any additional assets. Self-employed borrowers may need profit/loss statements or 12–24 months of bank statements.