How long does it take to buy a house in 2026?

The entire homebuying process, from starting your financial preparation to closing day, typically takes 3 to 6 months. This includes time for saving, getting pre-approved, searching for homes, making an offer, and finalizing the mortgage. The actual closing process, once an offer is accepted, usually takes 30 to 45 days.

What credit score do I need to buy a house?

For a conventional loan, you generally need a minimum FICO score of 620. For an FHA loan, the minimum is typically 580 with a 3.5% down payment, or 500 with a 10% down payment. VA and USDA loans often have lender-specific minimums, but usually around 620-640. A higher score will always secure better interest rates.

How much down payment do I need for a house?

Down payment requirements vary by loan type. Conventional loans can require as little as 3% down, FHA loans require 3.5% down, while VA and USDA loans can offer 0% down for eligible borrowers. Putting down less than 20% on a conventional loan usually means paying for private mortgage insurance (PMI).

What are closing costs when buying a house?

Closing costs are fees paid at the end of a real estate transaction, covering services like loan origination, title insurance, appraisal, and attorney fees. They typically range from 2% to 5% of the loan amount and are separate from your down payment.

What is earnest money?

Earnest money is a good-faith deposit you provide with your offer to show the seller you are serious about purchasing the home. It's usually 1% to 3% of the purchase price and is held in an escrow account. If the sale closes, it's applied toward your down payment or closing costs. If you back out without a valid contingency, you could lose it.

Should I use a real estate agent as a first-time buyer?

Yes, it is highly recommended. A buyer's agent represents your interests, helps you navigate the market, negotiate offers, and guides you through the complex process. In most cases, the seller pays their commission, so their services are essentially free to you as the buyer.

How to Buy a House in 2026: First-Time Buyer's Guide | One…