Some home-buying rules are federal and the same in all 50 states. FHA loans need 3.5% down with a 580 credit score. Federal law lets you ask to cancel PMI when your balance is scheduled to reach 80% of the original value, and ends it at 78%. Sell your main home and exclude up to $250,000 of gain ($500,000 for joint filers) if you owned and lived in it 2 of the last 5 years.
Buying
Steps to buy a home in the United States
The CFPB splits home buying into four steps. Your lender must send a Loan Estimate within 3 business days of your application.
How long does it take to buy a home?
No official source gives an average. Federal rules set the clock: Loan Estimate in 3 business days, Closing Disclosure 3 business days before closing.
Closing costs explained: what each line means
Read the Loan Estimate and Closing Disclosure line by line. Some costs cannot rise, recording fees may rise 10 percent as a group, others have no cap.
Earnest money: how much and when you get it back
Earnest money is a good-faith deposit on a signed contract. No federal rule sets the amount or the refund: your contract does.
Buyer agreements after the 2024 NAR settlement
Since August 17, 2024, MLS agents must sign a written agreement with you before touring a home, stating a set fee. What it must say; what VA buyers can pay.
Real estate commission: how agents are paid now
Commissions are negotiable and not set by law. Since August 17, 2024, offers of compensation are banned from the MLS and buyers sign a written agreement first.
Home inspection cost and what it covers
No federal agency sets or publishes a home inspection price. HUD says FHA performs none, and EPA says fix radon at 4 pCi/L or more.
Home appraisal cost and how it works
VA single-family appraisal fees run $650 to $1,500 by county (May 2026). Lenders must give you the appraisal promptly or 3 business days before closing.
Land survey cost and when you need one
No federal agency publishes survey prices. Lenders, VA rules and FEMA elevation certificates decide when one is needed; a purchase survey adds to tax basis.
Buying land: costs, financing and checks
Federal loan programs fund land mostly with a home or a farm: FHA, VA, Fannie Mae and FSA rules compared. FSA direct farm loans go up to $600,000.
Title insurance explained
Lender's title insurance is usually required, owner's is optional. In a CFPB example, $2,568 and $1,175 premiums cost $2,768 together at a simultaneous rate.
Financing
Mortgage preapproval: what lenders check and how long it lasts
A preapproval letter typically lasts 30 to 60 days, and mortgage credit checks within 45 days count as one inquiry. What lenders check, with a DTI example.
Conventional loans: requirements and 2026 limits
The 2026 conforming loan limit is $832,750 for one unit, up to $1,249,125 in high-cost areas. Down payment, credit, DTI and mortgage insurance rules.
FHA loans: requirements, 2026 limits and mortgage insurance
FHA loans need 3.5% down with a 580 credit score.
VA loans: eligibility and funding fee
VA loans need no down payment or monthly mortgage insurance. The funding fee is 2.15% on a first use with under 5% down, 1.25% with 10% down.
USDA loans: eligible areas, income limits and fees
USDA guaranteed loans need no down payment in eligible rural areas. For fiscal year 2027 the upfront guarantee fee is 1.00% and the annual fee 0.35%.
How much down payment do you need to buy a home?
FHA needs 3.5% down, Fannie Mae's HomeReady 3%, VA and USDA 0%. On a $400,000 home that is $14,000, $12,000 or $0, plus 2% to 5% for closing costs.
Private mortgage insurance (PMI): how to remove it
Federal law lets you ask to cancel PMI when your balance is scheduled to reach 80% of the original value, and ends it at 78%.
Credit score and mortgage rates: what lenders look at
Lenders usually price on the middle of your three scores. Fannie Mae sets 620 as the floor for manual fixed-rate loans; its automated system has no minimum.
Debt-to-income ratio: the limits mortgage lenders use
Fannie Mae allows a DTI up to 50% on loans run through its system, 36% to 45% on manual ones. Federal rules require lenders to check DTI.
How mortgage rates are set: rate, APR, points and locks
Your rate follows long-term market yields, then credit, down payment and term adjust it. One point costs 1% of the loan.
Escrow accounts for taxes and insurance: your rights
Under Regulation X a servicer may hold a cushion of at most one-sixth of annual bills and must send a yearly statement within 30 days.
Refinancing a mortgage: costs, break-even and your rights
A refinance brings new closing costs. Example: a $197 monthly saving repays $6,000 of costs in about 31 months. Your rescission rights and tax notes.
Owning
Homeowners insurance: what lenders require and what it covers
Fannie Mae caps the deductible at 5% of coverage: $20,000 on $400,000. What a lender-required policy must include, and why flood is not covered.
Flood insurance and the NFIP: rules, limits and cost
Federally regulated lenders must require flood insurance in high-risk zones. NFIP covers up to $250,000 for the building and $100,000 for contents.
Taxes
Mortgage interest deduction: the $750,000 limit in 2026
You can deduct interest on up to $750,000 of mortgage debt ($375,000 if married filing separately). Mortgage insurance premiums are deductible again for 2026.
Property tax deduction and the SALT cap in 2026: $40,400
For 2026 the SALT cap is $40,400 ($20,200 if married filing separately), shrinking above $505,000 of income to a $10,000 floor.
Capital gains on a home sale: the $250,000 / $500,000 exclusion
Sell your main home and exclude up to $250,000 of gain ($500,000 for joint filers) if you owned and lived in it 2 of the last 5 years.
1031 exchange for investment property: 45 and 180 days
A 1031 exchange defers tax on investment real estate if you identify a replacement in 45 days and close in 180. It does not apply to your home.
Selling
Selling a home without an agent (FSBO)
FSBO sellers keep federal duties: lead-paint disclosure for pre-1978 homes, fair housing ad rules, the $250,000 gain exclusion. FHA caps seller help at 6%.