Before you can secure a mortgage pre-approval, you must gather significant paperwork to verify your status: Requirements To Buy A House | 9 Rules For First-Time Buyers
While requirements are becoming more flexible, a score of 620 is generally the baseline for conventional loans. FHA loans allow scores as low as 580 with a 3.5% down payment, or even 500 with 10% down. what do you need in order to buy a house
You do not necessarily need 20% down. Many first-time buyer programs offer options as low as 3% (conventional) or 3.5% (FHA). VA and USDA loans can even offer 0% down for qualified borrowers. 2. Required Documentation Before you can secure a mortgage pre-approval, you