: This compares your monthly debt payments to your gross monthly income. Lenders typically prefer a DTI of 43% or lower , with some suggesting a "28/36 rule" where housing costs don't exceed 28% of your gross income.
: While 20% is the standard to avoid private mortgage insurance (PMI), many programs allow for much less. FHA loans require 3.5% , and some programs like VA or USDA loans may offer 0% down options for qualified buyers. what are requirements for buying a house
To verify your financial profile, lenders will require a comprehensive set of legal and financial records: : This compares your monthly debt payments to
How to buy a house: Your step-by-step guide to buying in 2026 FHA loans require 3
Your financial health is the primary factor in securing a home loan.
: You must have additional liquid savings to cover fees like title insurance, appraisals, and loan origination. These typically range from 2% to 6% of the home's purchase price. 2. Required Documentation