Do You Qualify to Buy a Home in New York, Connecticut, or Pennsylvania?
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Your Home Buying Evaluation
Group Qualification for Home Purchase
Add up to 3 additional people (spouse, child, etc.) to assess your combined buying capacity. Incomes and savings are combined; credit scores are averaged.
Frequently Asked Questions
The typical down payment ranges from 3.5% to 20% of the property price. For first-time buyers, there are programs with down payments as low as 3.5% if you qualify. For luxury properties, up to 25% or more may be required.
For conventional loans you need at least 620 points. For FHA (Federal Housing Administration) loans, from 580 points. With 740+ you get the best interest rates. A higher score means better conditions and lower rates.
Closing costs are 2–5% of the price. They include: inspection ($500–800), appraisal ($500–700), insurance, transfer taxes, legal fees ($2,000–4,000), and title costs.
