It depends on the closing date stated in the contract. I have had several instances where from official loan application start to clear to close took 7 days! Sometimes, the contract will call for a 2-week close. About a month is probably the most typical time frame I see. But it is all contract dependent. Clear instruction and communication help us get cleared to close much quicker!

You do not! For a primary residence using a conventional loan, first time homebuyers are eligible to put down as little as 3% down. Non-first time home buyers, 5% minimum. Government loans (USDA, FHA, VA) never require 20% down payments.

Getting pre-approved means a lender has checked your employment/income, assets, debt to income ratio, etc. and determined that you meet the initial requirements to be approved for a loan! Soft credit pulls do not impact your credit score. Hard credit inquiries may initially have a small impact on your score, however, you usually will have a 45-day window where mortgage inquiries count as only one inquiry.

Yes! The knowledge, availability, willingness to explain different programs, scenarios, answer questions, and offer transparency are all factors that can impact the homebuying experience. In my opinion, feeling like your loan officer has your best interest in mind and is easy to get a hold of to talk to is extremely important!

Your loan officer will go over your profile and analyze all components to determine which programs are best for your qualification. Different debt-to-income ratios, areas of town (such as rural vs. city), income limits, and credit scores could all lead to different loan programs being ideal for each individual buyer.

It's never too early to start talking pre-approval. Let's say the month is January and you know you want to buy by June, definitely talk to someone now! You'll want a game plan and to understand your budget vs. your want. Is the home you’re looking to buy easily attainable or something that'll require time and patience. 6+ months for pre-approval is nice, but if it happens with less time, that won't necessarily hurt you either. There's no harm in understanding where you stand financially even if it is several months or even over a year away from your ideal time to buy!

Both VA loans and USDA loans allow 0% down payments. There are also potential down payment assistance programs depending on the state that could keep costs low. Many of these have income limits or other stipulations. Check with a loan officer to see what could be available if you're looking for very low cost options.

Interest rates will of course impact your payment, however, it may be easier to look for homes in higher interest rate environments. All depends on how much competition is out there. Refinancing is always an option several months or years after you purchase a home if you notice that the market interest rates have shifted downwards.