Should I shop for a mortgage?

Yes, shopping for a mortgage can save you significant money. According to Freddie Mac, people who compare multiple lenders save an average of $100 per month on their mortgage payment. Getting quotes from different lenders helps you find the best rates and terms for your situation.

Can I get a loan with bad credit?

Yes, you can get a mortgage with a lower credit score. FHA loans accept scores as low as 580 with 3.5% down, while conventional loans typically require 620+. USDA and VA loans may also be options depending on your situation. Improving your credit score before applying can help you qualify for better rates.

How much should I put down on a house?

You don't need 20% down to buy a home. Many first-time buyers put down 3-10%. Government programs like FHA (3.5% down), VA (0% down), and USDA (0% down) offer low down payment options. Conventional loans may require as little as 3% down. Consider your savings, monthly budget, and long-term goals when deciding.

What is the difference between pre-approval and pre-qualification?

Pre-approval is more comprehensive and involves a credit check and income verification. It gives you a specific loan amount and rate estimate. Pre-qualification is a basic assessment without verification. Pre-approval carries more weight with sellers and gives you a clearer picture of your buying power.

What are current mortgage rates?

Mortgage rates change daily based on market conditions. As of our latest data, conventional 30-year fixed rates average around 6.5%. FHA, VA, and USDA rates may be different. Check our mortgage rates page for current rates, or contact lenders directly for personalized quotes.

How do I improve my credit score for a mortgage?

To improve your credit score: pay all bills on time, reduce credit card balances, avoid opening new accounts, and check for errors on your credit report. Even a 20-point improvement can significantly lower your mortgage rate. Start improving your credit at least 6 months before applying for a mortgage.

What are closing costs and how much are they?

Closing costs typically range from 2-5% of your loan amount and include lender fees, title insurance, property taxes, and other expenses. On a $300,000 home, closing costs might be $6,000-$15,000. Some lenders offer no-closing-cost options, but these usually result in a higher interest rate.

What is PMI and when do I need it?

Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. PMI costs 0.5-1% of your loan amount annually. FHA loans use MIP (Mortgage Insurance Premium), VA loans have a funding fee, and USDA loans have a guarantee fee instead of PMI.

How long does it take to get a mortgage?

The mortgage process typically takes 30-45 days from application to closing. Pre-approval can be done in 1-3 days. Factors that affect timing include your credit score, income documentation, property appraisal, and lender workload. Working with an experienced lender can help speed up the process.

What percentage of mortgage applications get approved?

According to our analysis of 8.1 million mortgage applications in 2024, the overall approval rate varies by loan type and applicant profile. Approval rates are typically higher for government-backed loans (FHA, VA, USDA) compared to conventional loans. Your approval chances improve with higher credit scores, stable income, and lower debt-to-income ratios.

What credit score do you need for a mortgage?

Credit score requirements vary by loan type: Conventional loans typically require 620+, FHA loans accept 580+ with 3.5% down, VA loans have no minimum score requirement, and USDA loans require 640+. Higher scores typically qualify for better rates and lower down payment requirements.

How much down payment do you need for a house?

Down payment requirements vary by loan type: Conventional loans can require as little as 3% down, FHA loans require 3.5% down, while VA and USDA loans offer 0% down options. Many first-time buyers put down 3-10%. Government programs and down payment assistance can help reduce your upfront costs.

What is the average mortgage amount in 2024?

The average loan size for home buyers varies significantly by region and property type. In 2024, average mortgage amounts range from around $200,000 in some rural areas to over $500,000 in high-cost markets. Your loan amount will depend on your purchase price, down payment, and local market conditions.

What is the difference between conventional and FHA loans?

Conventional loans require 3% down and 620 credit score, while FHA loans require 3.5% down and 580 credit score. FHA loans are government-backed and often better for first-time buyers with lower credit scores. Conventional loans typically have lower mortgage insurance costs and may offer better rates for borrowers with excellent credit.

Which loan type has the lowest down payment?

VA and USDA loans both offer 0% down payment options. VA loans are for veterans and active military, while USDA loans are for rural areas. FHA loans require 3.5% down, and conventional loans can require as little as 3% down. Your eligibility depends on your military service, property location, and financial profile.

Homebuyer.com - Homeownership Matters

Q: Is Homebuyer.com a lender?

No, Homebuyer.com is not a lender. We're part of Opendoor and provide independent mortgage education, research, and tools to help homeowners make better decisions. We analyze millions of mortgage applications and market data to give you information you can trust.

As Mentioned In

Your Homeownership Matters

Homeownership is how families build wealth, stability, and security. It's how communities grow stronger. And it's what we believe in.

Build Wealth and Stability: Your home is your largest asset. It's your first step toward long-term financial stability and generational progress. Homeownership gives you control over your largest monthly expense.
Build Stronger Communities: Homeowners raise families, pay taxes, and invest in their neighborhoods. They support local schools, small businesses, and civic organizations. Strong homeowners make strong communities.
For the People Who Built America: Teachers, veterans, nurses, builders, and small-business owners. Homeownership should work for the people who keep this country running.
Your Path Forward: You deserve clear information and honest data to make the best decisions for your family. We help you understand your options.

Millions of Americans Became Homeowners Last Year

These numbers tell the story of 8.1 million mortgage applications from 2024. See who achieved homeownership, what made them successful, and how families across America made their dreams of owning a home come true.

Explore Our Full HMDA Study →

7.6M
Mortgage Applications: Total applications processed in 2024
81%
Approval Rate: Overall mortgage approval rate in 2024
$347K
Average Loan Size: Typical mortgage amount for home buyers in 2024
85.8%
Purchase Approval Rate: Success rate for home purchase loans in 2024

7.6M
Mortgage Applications: Total applications processed in 2024
81%
Approval Rate: Overall mortgage approval rate in 2024
$347K
Average Loan Size: Typical mortgage amount for home buyers in 2024
85.8%
Purchase Approval Rate: Success rate for home purchase loans in 2024
735
Average Credit Score: Typical credit score for approved borrowers in 2024
12.3%
Average Down Payment: Typical down payment percentage in 2024

7.6M
Mortgage Applications: Total applications processed in 2024
81%
Approval Rate: Overall mortgage approval rate in 2024
$347K
Average Loan Size: Typical mortgage amount for home buyers in 2024
85.8%
Purchase Approval Rate: Success rate for home purchase loans in 2024
735
Average Credit Score: Typical credit score for approved borrowers in 2024
12.3%
Average Down Payment: Typical down payment percentage in 2024
89.2%
FHA Approval Rate: Success rate for FHA loans in 2024
92.1%
VA Approval Rate: Success rate for VA loans in 2024

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Mortgage Market Research & Home Buying Statistics

We analyze millions of mortgage applications and market data. Our research serves homeowners with transparent, citable studies that help you understand the mortgage market.

Research category: Market Analysis

HMDA Mortgage Statistics: Who Gets Approved

We analyzed 7.6 million mortgage applications to reveal who's getting approved, who's being left behind, and what buyers need to succeed in today's housing market.

Research category: Affordability

Cheapest State to Buy a House

We analyzed household income and home price data to rank all 50 states from most to least affordable, helping you understand where your money goes furthest.

Research category: Demographics

Gen Z Home Buyers: Best Zip Codes

Discover the most affordable zip codes for Gen Z home buyers, with detailed analysis of median home prices and income requirements across the country.

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Mortgage Loan Limits By State & County

Check mortgage loan limits for your state. Mortgage loan limits determine which loan types you can use and may affect your mortgage application.

California

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Conventional:: $806,500
FHA:: $524,225
VA:: $806,500
USDA:: $424,050

California Counties

Alameda County, California

Conventional:: $1,209,750
FHA:: $1,209,750
VA:: $1,209,750
USDA:: $967,800

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USDA Eligibility Map

The Complete Guide to Mortgage Pre-Approvals

15 Good Luck Plants To Bring Positive Energy to Your New Home

34 Popular House Styles in America: From Colonial to Modern

18 First-Time Home Buyer Grants and Programs

Home Maintenance Checklist for Homeowners

Frequently Asked Questions

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