Beginners Guide To Buying A House < 2026 Edition >

After an offer is accepted, you enter the "under contract" or "escrow" phase. :

: Check your credit score through official channels like AnnualCreditReport.com [27]. A score of 760+ typically unlocks the best interest rates, though some loans, like those from the Federal Housing Administration (FHA) , may accept scores as low as 500–580 [5, 27]. beginners guide to buying a house

: Find a professional, ideally a REALTOR®, to act as your advocate. They help find listings, schedule tours, and negotiate on your behalf [1, 27]. After an offer is accepted, you enter the

: While 20% is the "gold standard" to avoid Private Mortgage Insurance (PMI) , many beginners use programs requiring only 3% to 3.5% [5, 8, 24]. : Find a professional, ideally a REALTOR®, to

The lender will order an to ensure the home is worth the loan amount [14, 19].

: Be prepared to pay a "good faith" deposit (usually 1% to 2% of the price) once your offer is accepted to show the seller you are serious [14, 19]. Phase 4: Due Diligence and Closing (1–2 Months Out)