There’s no single magic number—it depends on the loan. FHA loans can go as low as 580 with 3.5% down, and some lenders may work with scores in the 500s with a larger down payment. Conventional loans typically require around 620, while Georgia Dream down payment assistance requires a minimum middle score of 640. The higher your credit score, the better your interest rate and monthly payment will likely be. Even improving your score by 20–30 points can make a significant difference.

From contract to closing, most home purchases take about 30–45 days. However, getting pre-approved may only take a few days, while house hunting can range from a weekend to several months. Being fully pre-approved before you begin shopping puts you in the strongest position when you find the right home.

Earnest money is your “good faith” deposit that shows the seller you're serious about purchasing the home. Typically, it's around 1–2% of the purchase price and is held in escrow. At closing, it is credited back toward your down payment or closing costs. However, if you walk away from the contract outside agreed contingencies, you may lose the deposit.

Georgia offers several assistance programs, including the Georgia Dream Homeownership Program, which provides up to $10,000 in assistance and up to $12,500 for qualified protectors, educators, and nurses. Additional local programs may also be available. The best first step is connecting with a Georgia Dream-approved lender to determine your eligibility.

Closing costs include lender fees, appraisal fees, title work, attorney fees, taxes, insurance setup, and escrow funding. Plan to budget approximately 2–5% of the purchase price. Many buyers can negotiate seller contributions or use assistance programs to help offset these expenses.

A pre-qualification is a quick estimate based on information you provide. A pre-approval involves verification of your credit, income, and assets. Sellers view a pre-approval as a much stronger indication that you're financially ready to purchase a home.

While your interest rate remains fixed, your monthly payment may increase because property taxes and homeowners insurance are often included in your mortgage payment through escrow. If either of those costs rises, your monthly payment can increase as well.

PMI on conventional loans generally cancels automatically once your loan balance reaches 78% of the home's original value. However, you may be eligible to request removal earlier when you reach 20% equity. FHA mortgage insurance follows different rules and may remain for the life of the loan.

The total cash needed often includes your down payment, closing costs, earnest money deposit, inspection fees, and appraisal costs. Assistance programs, seller-paid closing costs, and certain loan products can significantly reduce your upfront expenses.

Market conditions change constantly, but trying to perfectly time the market often keeps buyers on the sidelines too long. The better question is whether you're financially prepared and whether the numbers work for your situation. Interest rates can change and be refinanced later, but building equity starts when you become a homeowner.