To purchase a home in the United States, follow these steps: secure a credit score above 620, save for a down payment (typically 3-20% of the purchase price), obtain pre-approval for a mortgage, research neighborhoods and properties, negotiate an offer with the seller, secure closing costs (2-5% of the loan amount), and complete the final closing.

The process begins with credit health, as lenders require a minimum score of 620 for most mortgages. A higher score, like 740 or above, qualifies for lower interest rates, saving buyers thousands over the loan term. For example, a 740 FICO score might secure a 4% mortgage rate, while a 620 score could result in 5.5%, according to the Consumer Financial Protection Bureau (2023). Saving for a down payment is critical; 20% is ideal to avoid private mortgage insurance (PMI), but programs like FHA loans allow 3.5% down. The U.S. Census Bureau (2022) notes 64% of first-time buyers used a down payment below 20%, relying on PMI or assistance programs. Pre-approval, obtained through mortgage lenders, increases offer credibility. A 2023 Zillow survey found 40% of successful buyers were pre-approved, compared to 15% of those who weren’t. Closing costs, averaging $5,000 to $15,000, include fees for appraisals, inspections, and title insurance. House hunting typically takes 3-6 months, with the national median time on market at 29 days (National Association of Realtors, 2023). Negotiating offers requires patience; 1-3% of initial offers are accepted without counteroffers. Finally, closings usually take 30-60 days, with 80% of transactions completed within four weeks (Federal Housing Finance Agency, 2023). Compliance with these steps ensures financial readiness and maximizes purchasing power.