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Our experts answer your questions about buying a home
How much do I need for a deposit to buy a house in Southeast Michigan?
With VA or USDA loans you can buy with 0 % down, while most first-time buyers use 3 % down conventional or 3.5 % down FHA financing. Michigan’s MI 10K and First-Generation programs can add $10k–$25k toward down payment and closing costs. Many buyers end up needing only their earnest-money deposit (1–3 % of price) plus inspection fees out of pocket.
How long does it take to buy a house?
Plan on 30–60 days from accepted offer to closing while the lender completes appraisal, underwriting, and title work. Add a few weeks up front for pre-approval and house hunting. Most buyers move from first showing to keys in roughly 8–12 weeks.
What is the process of buying a house?
Start with lender pre-approval and an agent who knows the local market. Tour homes, write an offer with inspection, financing, and appraisal contingencies, then complete those inspections and loan underwriting. After a final walk-through you’ll sign closing documents, fund the loan, and get your keys.
What credit score is needed to buy a house?
Conventional loans usually require 620+ (740+ for the best rates), while FHA allows 3.5 % down at 580+ or 10 % down between 500–579. VA and USDA have no official minimum, but lenders typically look for 620–640. Higher scores lower your rate and mortgage insurance, so pay bills on time and keep credit-card balances low before applying.
