To buy a resale property in the United States, begin by securing pre-approval for a mortgage from a lender to determine your budget. Next, work with a licensed real estate agent to identify properties, analyze market trends, and negotiate offers. After a purchase agreement is signed, complete due diligence, including home inspections and title searches, before finalizing the closing process. A down payment typically ranges from 3% to 20% of the property’s purchase price, depending on the loan type and borrower qualifications.

The down payment percentage is determined by loan programs and creditworthiness. For example, conventional loans require at least 5% down for first-time buyers (FHA loans) or 20% for non-conventional loans to avoid private mortgage insurance (PMI). Jumbo loans may require 10% down. Data from the Federal Housing Finance Agency (FHFA) shows that the average down payment in the U.S. was 13% in 2022, with 30% of buyers using loans with less than 10% down. Lower down payments often increase loan costs and interest rates due to higher risk for lenders. A 2023 report by the National Association of Realtors (NAR) noted that 65% of first-time buyers relied on down payment assistance programs or savings from family to meet minimum requirements. Resale properties, which account for 85% of U.S. home sales, often demand competitive offers in high-demand markets, emphasizing the need for thorough financial preparation and professional guidance.