1. Get a pre-approval letter
This is a document from a lender that states how much money you are qualified to borrow. It’s important to get a pre-approval letter before you start looking at homes, as it will show sellers that you are serious about buying and that you have the financial means to do so.
2. Have a credit score of 560 or above.
This is the minimum credit score required for most conventional mortgages. A good credit score will help you qualify for a lower interest rate on your mortgage, which will save you money in the long run.
3. Down payment
The amount of money you need for a down payment will vary depending on the type of mortgage you get. A conventional mortgage typically requires a down payment of at least 20%, but there are also government-backed mortgages that allow for down payments of as little as 3.5%.
