Your complete guide toBuying a Homein California

It depends on your state and the home price, but generally you'll need 3-20% for a down payment plus 2-5% for closing costs. FHA loans require as little as 3.5% down. Many states offer down payment assistance programs that can cover some or all of your upfront costs.

For a conventional mortgage, most lenders want a credit score of 620 or higher. FHA loans accept scores as low as 580 with 3.5% down, or 500 with 10% down. The higher your score, the better your interest rate will be, which can save you tens of thousands over the life of the loan.

The typical home buying process takes 3-6 months from start to finish. Getting pre-approved takes 1-3 days, house hunting varies widely, and once you're under contract, closing typically takes 30-45 days. Some states with attorney requirements may take slightly longer.

Closing costs are fees associated with finalizing your mortgage, including lender fees, title insurance, appraisal, inspection, and state transfer taxes. They typically range from 2-5% of the home price. Our state guides provide specific average closing costs for each state.

While not legally required in most states, working with a buyer's agent is highly recommended. The seller typically pays the buyer's agent commission, so it costs you nothing out of pocket. An agent provides market expertise, negotiation skills, and guides you through the paperwork.

FHA loans are government-backed mortgages with lower down payment requirements (3.5%) and more flexible credit standards. They're ideal for first-time buyers, but they require mortgage insurance premiums (MIP). FHA loan limits vary by state and county - check your state's page for local limits.