Home Buyer Questions, Answered

Less than most people assume. Conventional loans start around 3% down, FHA around 3.5%, and VA and USDA loans can be zero down if you qualify. MSHDA's assistance can cover up to $10,000 of it. The bigger question is usually closing costs and cash reserves, not the down payment itself.

We sign a buyer agreement up front that spells out my compensation in writing before we tour anything — that's required in Michigan now. In many transactions the seller offers to cover some or all of it, and when they don't, we talk about it before you write an offer. You will never be surprised by my fee.

Yes, and it takes less time than people expect. A pre-approval tells you your real price range, and most sellers won't seriously consider an offer without one. Get it done first so you're not falling in love with a house you can't write on.

Once your offer is accepted, a typical financed purchase closes in about 30 to 45 days. Finding the right house is the unpredictable part — that can be one weekend or six months depending on your price range and how specific you are.

Pre-qualified is an estimate based on what you told the lender. Pre-approved means they pulled credit and reviewed your documents. Only the second one carries weight with a seller.

That depends on the contingencies in your contract — usually inspection, appraisal, and financing. Inside those windows you generally have a way out with your deposit intact. Outside them, you can be risking your earnest money, so those dates matter.

It's not required, but skipping it is how people end up with a surprise roof or furnace. An inspection costs a few hundred dollars and either buys you peace of mind or gives you a reason to renegotiate.

Michigan caps how fast taxable value can rise for the current owner, but the cap resets in the year after a sale — that's the 'pop-up.' The taxes the previous owner paid are often lower than what you will pay. Always estimate your own bill instead of using theirs.

It's a good-faith deposit — commonly $1,000 to a few thousand dollars — held in escrow and applied to your costs at closing. You get it back if you cancel properly within your contingencies.

Nobody can tell you where rates are going, and I won't pretend to. What I can do is run the actual numbers both ways for the payment you'd be looking at, so you're deciding with math instead of a headline.