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What do you need to buy a house? Credit score / debt-to-income ratio. To get a home loan, youll need to meet the lenders credit score and debt-to-income ratio (DTI) criteria. Proof of income / job history. Down payments / closing costs. Mortgage lender.
How much cash you need for a down payment depends on you and your lender. For a $200,000 loan, the amounts are as follows: 5% - $10,000. 10% - $20,000.
Keep in mind that these calculations do not include the cash youll need for a down payment and closing costs. So a $300K home on a $70K salary might be possible, but would likely be a bit of a stretch.
Conventional mortgages usually require you to pay for private mortgage insurance if you put down less than 20%. Once you start making mortgage payments, you can ask to cancel PMI after you have over 20% equity in your home.
Downsides of a 20% Down Payment Also, keep in mind that youll need to have enough cash for closing costs and other savings needs. Wont provide as much benefit when rates are low: If mortgage rates are low, you could potentially put that money to better use by investing it or paying down high-interest debt.

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A conventional loan down payment could be as little as 3 percent. FHA loans require as little as 3.5 percent, and VA loans and USDA loans have no down payment requirement at all.
What to look for when buying a house Healthy bones: roof, foundation, and systems. Some of the things we think about the least in a home matter the most. No signs of water damage. Reasonable renovation needs. Easy-to-open windows. No health hazards. Clean insurance history. The right neighborhood.
10 Things to Look for When Buying Your First Home The Location. They say the three most important things to think about when buying a home are location, location, location. The Site. The Neighborhood. The Homes Curb Appeal. The Size and the Floor Plan. The Bedrooms and Bathrooms. The Kitchen. The Closets and Storage.

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