What’s in the payment (PITI + MI/HOA)
Principal + Interest + Taxes + Insurance + Mortgage Insurance (if <20% down on Conventional; FHA has MIP) + HOA (if applicable).
Ways to boost buying power (without over-stretching)
- Improve credit to lower rate/PMI
- Rate buydown (permanent points or 1-0 / 2-1)
- Seller credits to offset closing costs
- Consider ARMs (5/6, 7/6, 10/6) if you’ll move/refi in 5–10 yrs
- Compare FHA vs Conventional—PMI/MIP can flip the winner
- Pay down debts or increase down payment
Helpful links
FAQs: Home Buying & Closing
How long does it take to close?
With complete docs and smooth appraisal/title, many loans close in ~21–30 days.
How much are closing costs?
Plan ~2–5% of price, plus prepaids for taxes/insurance. Seller credits can offset some or all costs.
Do taxes/insurance/HOA count in DTI?
Yes. Lenders use the full housing payment (PITI + MI + HOA) when calculating DTI.
Can I buy with <20% down?
Yes—Conventional can go to 3–5% down (eligible buyers), FHA is 3.5% down, and VA may allow 0% down if eligible.
Fixed vs ARM?
Fixed = predictable long-term hold.
ARMs can start lower if you’ll move/refi in 5–10 years.
