What credit score do I need to buy a house?

Minimum scores by loan type: Conventional: 620 (though some lenders have no minimum as of late 2025) FHA: 500 with 10% down, 580 with 3.5% down VA: No official minimum, but most lenders require 580–620 USDA: 640 for streamlined processing

How much do I need for a down payment?

Conventional: 3% for first-time buyers, 5% for repeat buyers FHA: 3.5% (with 580+ credit score) VA: $0 with full entitlement USDA: $0 if you qualify Jumbo: Usually 10–20%

How long does it take to close on a mortgage?

Most lenders close in 30–45 days, though some (like Rocket and AmeriSave) can close in as little as two weeks if everything goes smoothly.

Should I get prequalified or preapproved?

Prequalification is an estimate based on what you tell the lender. Preapproval involves verification and is much more reliable. If you get preapproved before house shopping, sellers take you more seriously.

What's the difference between APR and interest rate?

The interest rate is what you pay on the loan amount. APR (Annual Percentage Rate) includes the interest rate PLUS fees and costs, giving you a truer picture of what you'll pay. Always compare APRs, not just interest rates.

Can I get a mortgage with bad credit?

Yes, but your options are more limited. FHA loans accept scores as low as 500 (with 10% down). Focus on improving your credit first if possible — even 20–40 points can significantly improve your terms.

How much house can I afford?

Many lenders use the 28% rule as a guideline: Your monthly housing payment (including principal, interest, property taxes, homeowners insurance and HOA fees) shouldn't exceed 28% of your gross monthly income. So if you make $6,000 per month, that's $1,680. However, some financial experts consider this outdated, especially in high-cost housing markets, and affordability really depends on your complete financial picture, including debts, savings and lifestyle. Use a mortgage calculator to get estimates, but talk with lenders about what makes sense for your specific situation.