It depends on the loan program and whether you're using down payment assistance. With DPA programs and seller concessions, qualified first-time buyers can sometimes close with as little as $1,000–3,000 out of pocket. Without DPA, expect to need 3.5% down for FHA, 5% for conventional, or 20–25% for investment property — plus closing costs typically running 2–4% of the purchase price. The honest answer is that the exact number depends on your specific situation, which is what the eligibility quiz above is built to figure out.

Pre-qualification is a quick estimate based on what you tell the lender about your finances. Pre-approval is a fully underwritten review where the lender has actually verified your income, assets, credit, and debt — and issued a real commitment letter. In Michigan markets, especially in competitive price ranges, sellers often won't accept offers without a real pre-approval. Pre-qualification is fine for early conversations; pre-approval is what you need before making offers.

In some cases, yes — but with caveats. Down payment assistance programs combined with seller concessions can structure deals where qualified buyers close without writing a check. The qualifications are real (income limits, property location restrictions, credit score floors, first-time buyer status often required), and you still need reserves to demonstrate financial stability. Zero-down doesn't mean zero qualifications — it means the down payment specifically is covered by program funds rather than your savings.

From first conversation to keys in your hand, expect 60–90 days for a typical financed transaction. The breakdown: 1–2 weeks for pre-approval and property search setup, 2–4 weeks of active searching and offer-making, then 30–45 days from accepted offer to closing. Faster is possible (cash deals can close in 2 weeks), and longer is common for buyers with complex situations or specific property requirements.

Yes. Self-employed buyers have more documentation requirements (typically 2 years of tax returns, profit-and-loss statements, and bank statements) but absolutely can qualify for conventional financing. Some self-employed borrowers benefit from bank statement loans, which qualify based on bank deposits rather than tax returns — useful when business write-offs make tax-return income look lower than actual cash flow. Loan Factory works with both conventional and bank statement products.

Real estate agent commission for buyer representation is typically paid by the seller in standard transactions. Buyer agreement specifics are reviewed and signed before any tours. On the mortgage side, all fees are disclosed in the federal Loan Estimate document within 3 business days of any application. There's no upfront cost to start a conversation.

Three options. Take the eligibility quiz above (90 seconds, get a personalized summary back within 24 hours). Book a 30-minute strategy session if you want a real conversation. Or if you're already deep in the process and ready to see real-time mortgage pricing, head to my mortgage portal at loanfactory.com/ajaydas.