What Do You Need To Buy A House May 2026

How to buy a house: Your step-by-step guide to buying in 2026

: Historically, a minimum of 620 was required for conventional loans. However, as of late 2025, Fannie Mae and Freddie Mac have moved toward more holistic risk assessments, sometimes eliminating hard minimums in favor of looking at overall financial patterns. That said, a score of 740+ is still recommended to secure the best rates. what do you need to buy a house

: Beyond the down payment, you'll need funds for closing costs (typically 2–5% of the home price) and an emergency fund covering 3–6 months of expenses. 2. Essential Documentation How to buy a house: Your step-by-step guide

: This is your monthly debt payments divided by your gross monthly income. Lenders generally prefer a DTI of 43% or lower . as of late 2025