United States

Federal home buying guides

What works the same way in every state, written once.

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.

Local transfer taxes: what counties and cities add

Many counties and cities charge their own transfer tax on top of the state's. Payotte computed 106 of them: on a $500,000 home they range from $100 to $20,000.

Mansion taxes: when a higher price triggers a higher rate

New York, Los Angeles, San Francisco, Washington, DC and others charge more once the price crosses a threshold, often on the whole price. The thresholds and what they cost.

Manufactured Homes: HUD Code, Title and Financing

What the HUD Code covers, when a manufactured home is real or personal property, FHA Title I and Title II loans, and installation rules.

Buying a Condo: Documents, FHA Approval, Insurance

Condo vs house, the association documents to read, FHA condo approval rules from HUD, the master insurance policy and special assessments.

Types of Deeds: Warranty, Special Warranty, Quitclaim

How warranty, special warranty and quitclaim deeds differ, what each promises about title, and why recording the deed matters.

Buying New Construction: Contracts, Warranties, FHA/VA

Builder contracts, inspections, new-home warranties per the FTC, and the FHA and VA rules that apply when you buy a newly built home.

How to make an offer on a house: terms, deposit, contingencies

An offer is a written proposal, and its contingencies decide when you can walk away. The CFPB advises financing and inspection contingencies.

Home purchase contingencies: inspection, financing, appraisal

Contingencies let you cancel a home purchase without losing your deposit. The CFPB advises financing and inspection; appraisal and sale terms are also common.

What happens at closing: documents, walk-through, funds

At closing you sign loan documents and become responsible for the mortgage. Do the walk-through first, check the Closing Disclosure, and never sign blank forms.

Title search: what it checks before you close

A title search reviews public records for liens, easements and ownership gaps. FHA requires good and marketable title. The IRS releases paid liens in 30 days.

How to find out who owns a property: records by state

Who owns a house is public record in every state. The county assessor shows the owner's name for free; the recorder holds the deed. Where to search in all 50 states and DC.

Deed recording fees by state: what it costs to record a deed

What it costs to record a deed in all 50 states and DC: the fee set by statute or by the county, the statewide surcharges, and how it differs from the transfer tax.

Buying a foreclosed home: HUD Homes and bank-owned sales

HUD sells foreclosed FHA homes as-is, with a 15-day owner-occupant bidding period for insurable ones. Auction rules depend on state foreclosure law.

Rent vs buy: what goes into the comparison

HUD's FY2027 Fair Market Rent is the 40th percentile rent plus utilities. Compare it with interest, tax, insurance and upkeep, not the mortgage payment alone.

Financing

Mortgage Discount Points: How They Work and Tax Rules

What mortgage discount points cost, how they lower your rate, how to compare offers and when the IRS lets you deduct them.

Adjustable-Rate Mortgage (ARM): Index, Margin and Caps

How an adjustable-rate mortgage works: initial period, index plus margin, the three kinds of rate caps and how to read the AIR table.

15-Year vs 30-Year Mortgage: Payment and Interest Compared

How a 15-year and a 30-year mortgage compare on monthly payment, total interest and equity, with a worked arithmetic example.

Mortgage Rate Lock: Lock Periods, Float-Down and Expiry

What a mortgage rate lock is, common lock periods, what can still change a locked rate, float-down options and what to ask if the lock expires.

Jumbo Loans and 2026 Conforming Loan Limits

The 2026 conforming loan limit is $832,750 in most counties and up to $1,249,125 in high-cost areas. Loans above the limit are jumbo loans.

Home Equity Loan vs HELOC: Key Differences

Lump sum or credit line: how a home equity loan and a HELOC differ on rates, draw and repayment periods, federal protections and risks.

Reverse Mortgage (HECM): Rules and Repayment

How the FHA reverse mortgage (HECM) works: age 62 rule, required counseling, non-borrowing spouse protection and when the loan comes due.

Gift Funds for a Down Payment: Rules and Gift Letter

Who can give money for a down payment, what the gift letter must say, how lenders trace the funds, and the 2026 IRS gift tax exclusion.

Assumable Mortgages: FHA, VA and USDA Rules

Which mortgages a buyer can take over, how the seller is released from liability, the fees allowed, and what happens to a veteran's VA entitlement.

Mortgage preapproval: what lenders check, 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.

Loan Estimate: what it is and when you must get it

Lenders must send a Loan Estimate within three business days of your application. Get several and compare the totals before you choose.

Closing Disclosure: the 3-business-day rule and what to check

Your lender must make sure you receive the Closing Disclosure three business days before closing. Compare it to your Loan Estimate; some changes restart the wait.

Bridge loans: how they work and how lenders count them

A bridge loan funds a new home before the old one sells. Fannie Mae counts it as debt unless you have a signed sales contract and cleared financing contingencies.

Down payment assistance programs: how they work

FHA requires at least 3.5% of value from permitted sources, and government second loans can supply it. Fannie Mae Community Seconds allow up to 105% CLTV.

How much house can I afford? The ratios lenders use

FHA manual underwriting allows 31/43, up to 40/50 with compensating factors. Fannie Mae allows 36% to 45% manually, 50% in DU. The 28% rule is not Fannie Mae's.

Owning

HOA Fees and Rules: CC&Rs, Reserves, Disputes

What HOA fees cover, Census figures on fees, how CC&Rs work, why reserves matter, special assessments and where to take a dispute.

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.

Rent increase laws by state: limits and notice

Only California, Oregon and Washington cap rent increases statewide, plus DC rent stabilization. Most states ban local rent control. Notice rules for all 50 states and DC.

Homeowners insurance by state: premiums and risks

Median homeowners premium in 2022 ranged from $1,015 in Pennsylvania to $3,211 in Florida (Treasury FIO data). Flood needs a separate NFIP policy.

Selling

Selling an Inherited Home: Basis, Tax and Reporting

How the IRS sets the basis of an inherited home, why the gain is long-term, when the main home exclusion applies and how to report the sale.

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%.

Cost of selling a house: what sellers pay and deduct

No law sets a seller's total cost. Commission is negotiable, the mortgage is paid off at closing, and selling expenses lower your taxable gain (IRS Pub. 523).

Selling a house with a mortgage: payoff and penalties

Your sale proceeds pay off the loan at closing. Your servicer must send a payoff statement within 7 business days of a written request (12 CFR 1026.36).

How long it takes to sell a house: the steps and clocks

No official source gives a typical sale time. Federal rules fix two clocks: the Loan Estimate in 3 business days and the Closing Disclosure 3 days before closing.

Selling and buying a house at the same time: debt rules

If your old home has not closed before the new loan, Fannie Mae counts both payments unless you have a signed sales contract and cleared financing contingencies.

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: $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.

States with no real estate transfer tax: the list

15 states charge no state real estate transfer tax on a home sale, six of them barred in law. Which ones, what remains, and where to check your county.

States with the lowest property taxes: effective rates

Hawaii (0.27%), Alabama (0.38%) and Nevada (0.47%) have the lowest effective property tax rates in Census 2020-2024 data; the US median is 0.94%.

Homestead exemption: how it works and how to claim it

A homestead exemption lowers the taxable value of your primary home. Texas exempts $140,000 of school-tax value; New York has none, only STAR.

How to appeal your property taxes: steps and deadlines

Appeal the assessed value, not the tax rate. Deadlines run from 25 days in Florida to 30 in Alabama; New York's Grievance Day is usually in May.