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Most lenders require a down payment of at least 3–20% of the home’s purchase price. The exact amount depends on the type of loan you qualify for. For example, FHA loans may require as little as 3.5% down, while VA and USDA loans sometimes require no down payment at all. However, a larger down payment usually means lower monthly payments and better loan terms.

Pre-qualification is a quick estimate from a lender of how much you might be able to borrow, based on self-reported financial information.

‍Pre-approval is a more detailed process where the lender verifies your income, credit, and assets to determine exactly how much you’re qualified to borrow. Sellers often take offers more seriously when buyers are pre-approved.

In addition to the down payment, you’ll need to budget for closing costs (2–5% of the home price), which include appraisal fees, title insurance, and lender fees. You’ll also want to plan for moving expenses, a home inspection, and potentially some immediate repairs or upgrades.

While it’s possible to purchase a home without one, most buyers benefit from working with a licensed real estate agent. An agent can help you find homes that meet your needs, negotiate offers, handle paperwork, and guide you through inspections and closing. Best of all, the seller typically pays the agent’s commission, not the buyer.

When touring a home, look beyond the surface details like paint or décor. Check for signs of structural issues, the condition of the roof and windows, the age of major systems (HVAC, plumbing, electrical), storage space, and neighborhood noise or traffic. A professional home inspection after your offer is accepted will give you a deeper evaluation.