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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?
Most buyers in the DMV area need a minimum of 3%–5% down with conventional loans. FHA loans require a minimum of 3.5%, while VA and USDA loans may allow 0% down. To be more competitive, many buyers put down 10%–20%+. For a $600,000 home, that means anywhere from $18,000 to $120,000, depending on the loan program and strategy.
How long does it take to buy a house?
On average, buying a house in the DMV area takes 30–45 days from offer acceptance to closing. The full process, including searching for homes and getting pre-approved, can take 2–6 months depending on market competition, financing, and how quickly you find the right property.
What is the process for buying a house?
· Get pre-approved for a mortgage.
· Hire a real estate agent you trust
· Search for homes and attend showings.
· Make an offer and negotiate terms.
· Conduct inspections and finalize financing.
· Appraisal and underwriting by the lender.
· Close on the home by signing documents and transferring funds.
· Receive keys and officially move in.
What credit score is needed to buy a house?
· Conventional loan: Minimum 620 credit score.
· FHA loan: Minimum 580 (with 3.5% down) or 500 (with 10% down).
· VA & USDA loans: Usually 620, though some lenders may approve lower.
For the best interest rates in DC area, aim for a 740+ credit score.
