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What Do You Need To Buy A House?

When it comes to purchasing a home, it's essential to understand the comprehensive costs involved. To determine how much you'll need to buy your home, you must consider both one-time expenses and ongoing financial commitments.

At Lend Me Money, we're here to provide you with valuable insights into what you need to buy a house, homeownership financing tips, and assistance for first-time homebuyers. We understand the house-buying requirements and rules for buying a house.

We ensure you're well-prepared for your home-purchasing journey, whether you're considering property investment funding or simply seeking to become a homeowner.

What is the Cost of a House?

In September 2022, the national median price of a new home was $384,800, as set out by the National Association of Realtors. However, housing prices significantly vary from state to state.

Further, as of September 2022, the median prices reported by the Federal Reserve Bank of St Louis, on a region-wise scale, are as follows.

  • Northeast: $747,000
  • Midwest: $399,800
  • West: $569,200
  • South: $426,100

Unless you plan on paying the full amount in lump sum, you will have the option to pay for your new home in installments. But you will still need to have a certain amount of ready cash at the time of closing your sale. The exact amount, which you will require to have, shall depend on the actual purchase price of the property that you select.

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Is Buying A House Better
Than Renting?

Making the decision between buying or renting a house is a significant choice that can impact your life, finances, and personal goals. The right choice depends on your unique financial situation and lifestyle, both of which require a steady income to manage the associated costs and obligations effectively. Renting and owning a property offer distinct advantages and disadvantages.

At Lend Me Money, we offer insights into the minimum requirements for buying a house for homeownership and provide assistance for first-time homebuyers.


Key Takeaways

  • Choosing whether to buy your own home or rent depends primarily on your personal goals, lifestyle and financial situation.
  • With both options, you get a place where you can live, but that necessitates having a steady income to meet your payments and other obligations.
  • Renting gives you flexibility, a predictable monthly expense sheet, and someone other than yourself who handles the repairs.
  • Homeownership comes with intangibles benefits, like the pride of ownership and an inner sense of stability, along with other tangible ones like equity and tax deductions.
  • Renting is unlike burning your cash, on a month after month scale, while owning is not necessarily helpful in building up your wealth, on a prolonged basis.

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Questions To Ask Lenders

When you're considering buying a home, it's essential to gather all the information you need to make an informed decision. As a first-time homebuyer or someone looking to qualify for homeownership, you may have questions about what's needed to buy a house and the requirements for becoming a homeowner.

Here are some crucial questions to ask lenders as you explore your options:

  • What are the minimum requirements for buying a house, and do I meet them?
  • What do I need to become a homeowner?
  • Do you need proof of income to buy a house, and what documents are required?
  • Are there any assistance programs available for first-time homebuyers?
  • Can you provide guidance on home-buying assistance and financing options?
  • What do you need to qualify for a home?
  • How can I improve my chances of approval?

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Factors To Consider Before Buying A Home?

The pursuit of a dream home involves considerations that differ significantly from those typical of buying any other real estate property. Since your primary goal revolves around occupying this house for an extended period, your utmost desire is to discover a place that ensures lasting happiness for you and your loved ones. Feel free to be discerning and take all the time necessary to assure yourself that you've indeed found a home with the perfect touch.

If you're seeking first-time homebuyer assistance, don't hesitate to reach out to us for expert guidance and support on your journey to homeownership.

Factors You Must Consider When You Buy You Own Dream Home

1. Features That You Always Desired

It is significantly important to consider the action of buying your new home with an absolutely new mindset. On previous occasions, you may have looked at properties that apparently met most of your needs – such as spacious bedrooms that perfectly fitted your family needs and more, or that commuting to your workplace or office was just a simple hop.

This time, it’s different. Your dream home should be planned to fulfill wishes rather than just meet your needs. Don’t hesitate to call your shots. We all have wish lists – the sky’s the limit!

2. Neighborhood and its Surroundings

No property exists in an air bubble. Your home forms a part of the larger community where you will live and breathe on a day to day basis. Therefore, it is of prime significance that you look for a neighborhood that best meets your specific needs, without jumping to a quick decision. Don’t hesitate to do a methodical research before you start out on your search for the perfect dream home, with a tranquil neighborhood to supplement your choice.

3. Lot Location and Property Size

Where purchasing a property is concerned, the lot itself is very often just a simple afterthought, although it should normally be the foremost one on every buyer’s mind. What’s more, it’s also the single-most part of a property which is categorically unalterable. Envisage: you can readily demolish every part of the house and start rebuilding it from the bottom up. But, regardless of what changes you plan to make, the actual lot continues to remain the same.

When looking at a property that you find interesting, take some time out to carefully evaluate the location and the actual size of the lot before you submit your offer.

4. Age of the Property

When out to purchase a home, especially the one that you have longed to own for the better part of your life: age of the property will make all the difference. Whether you plan on buying an older home or a brand new property, both have their respective pros and cons. Therefore, before submitting your offer, be aware of what you are going to sign up for. Regardless of your taste for matchless historical dwelling types, remember: older homes have a common tendency towards requiring a tiny bit extra TLC, compared to newer homes.

On the average, new construction is generally considered a more suitable option, especially if you can select certain features of your home while it is still in its initial planning phase. Besides, you may have the option to customize some parts of the property to further fit your personal needs or desired perceptions.

5. Matching Your Own Lifestyle

Whether it’s the living style of your new home or its actual aesthetic value, you will want to ensure that the home you intent to buy is in real-time also the one that gives you a calm feeling of pride while pulling up in front of its environs, day after day. Since the outer facade of a house is primarily the first thing that you or anybody else will notice at a single glance, searching for a home-style that perfectly fits your own personality plays a vital role.

Single homes are simply the very best that you can get if you are looking for the freedom to customize your new home to your own precise specifications and needs. On the contrary, Condos may be more suitable for you if you aim to own a property that you can call your own while still having access to a personal home with hotel-style amenities and comforts. Town houses offer an ideal compromise between these distinct choices, but with each associated neighborhood community being predominating different from the other. Hence, ensure that you have an outright knowledge of the policies that are most likely to prevail among each of these two dissimilar community groups.

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Can You Purchase The House Without Credit?

Turning yourself into a debt-free entity might lead to a credit score of "zero," which, while unique, presents a challenge when trying to prove your creditworthiness to a mortgage lender. However, there are solutions available. Some mortgage lenders offer "No Credit Score Mortgages" and are willing to perform "Manual Underwriting.

Our affiliate lenders at Lend Me Money are among those who can assist you in this process. Manual underwriting involves a thorough examination of your ability to repay the loan, ensuring that your financial history supports your trustworthiness as a borrower.


Is There Really a Mortgage That Requires No Credit Score?

Yes, there is. But to get a mortgage with zero credit score involves a great deal of paperwork. All that needs to be done is finding a “No Credit Score Mortgage Lender”, someone who is willing and prepared to do what is known as “Manual Underwriting” – just as some of our best affiliate lenders at Lend Me Money are willing to do for you.

Manual underwriting involves a proactive investigation of your capability to repay the loan. After all, since our lenders are about to offer you an insecure mortgage, they are obviously concerned about how you actually plan on handling the loan.

Steps That Lead To Your Home, Without a Credit Score

1. Proof of Payments You Require

Your first step is documentation – make them as plentiful as possible. You must be able to show verifiable income over the last 12-24 months, along with a history of steady payments for your regular expenses, for a minimum of four months. Such monthly expenses may be inclusive of:

  • Rent Receipts
  • Utility Bills, exclusive of your rental payments
  • Phone, cable or cell phone bills
  • Payments of your insurance premiums
  • Payments for your children’s school Tuition or childcare

Greater the quantum of evidence of your timely payment history provided by you, greater the chances of your qualifying for the mortgage required.

2. Down Payment

Usually, a standard down payment program can range from 3.5% up to 20% of your home price, depending on your financial situation.

If you are now ready to purchase your dream home, our Lend Me Money affiliate lenders are here to help and guide you step by step through the entire process.

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Common Want To Purchase A Home Questions

The rules for buying a house are easy to fulfill. If you aim to buy a house, then you need to have a stable job and enough funds to put a down payment for your mortgage. If you have the above two, then you can easily qualify for a mortgage to buy your new house.

In terms of house-buying requirements, you will need the following

  • A mortgage-qualifying credit score of about 600
  • A Debt-to-income Ratio below 50%
  • Proof of income and employment
  • Liquide cash for the down payment on your mortgage
  • Identification documents like driver's License or Social Security Number

To qualify for buying a house, you need to fulfill your minimum requirements for buying a house. These include proof of funding that is either a stable job or business. Next, you need sufficient funds to put a downpayment on your mortgage. Finally, you need authentic documentation for self-identification. After fulfilling these requirements, you can apply for a mortgage and buy your house of choice.

These are the following steps that are common in any home-buying case study:

  • Finding your ideal property
  • Securing property investment funding
  • Home inspection by visiting the place
  • Making your offer and negotiating with the current owner or broker
  • Applying for a mortgage
  • Closing the deal on your property

You can determine your budget based on the 28% rule. This rule dictates that your mortgage should not be more than 28% of your monthly income. This will allow you to manage your finances much more efficiently and ensure that your monthly mortgage installments are not too much to handle. For more home-buying assistance, contact our expert staff through the Contact Us form.

Lend Me Money does not offer any type of mortgage loan, as we are not money lenders. However, you have reached the right website for finding the right mortgage service for you. We are a platform where many of our affiliated mortgage lenders showcase their services. Now, you can compare them side by side and choose the right service for your home-buying needs. Contact our experts for more home financing tips.

Every state has its own programs for first-time homebuyer assistance. For example, the state of Kansas has a zero-interest loan program for first-time homebuyers. Regardless, you will have to check with the affiliate mortgage lenders on our platform.

There are many benefits to getting a pre-approval for your mortgage. Here are some of them in the following:

  • Get one step closer to your goal.
  • Learn about the payment terms, installments, down payments, and the amount of the house you can afford.
  • You are considered a potentially strong buyer by realtors and brokers.
  • Get more offers and have more room for negotiations.
  • Closing the deal seems fast and instant.

The following criteria will help you find the right real estate agent for your home ownership:

  • Check if the agent has a valid license.
  • Find an agent that would represent your specific interest as the buyer, not the interest of the seller.
  • Learn about their experience and training. Inquire with their past clients and pay a surprise visit to their real estate firm.
  • Observe their communication skills and professionalism.
  • Analyze their previous deals and client satisfaction.

If you are thinking of moving to a new neighborhood, then be mindful of these factors.

  • Distance from your current workplace
  • Local businesses and shops nearby
  • Walkability and safety standards
  • Public schools and health facilities
  • The availability of public transport
  • Property taxes and utility bills
  • Future development plans