Is 2022 Your Year To Buy A House, Here Is Your Guide
Heritage Home Loans
Heritage Home Loans Spokane, WA
Published on September 15, 2022
How to buy a house in 2022 , pre-approval, preapproved, buy a house

Is 2022 Your Year To Buy A House, Here Is Your Guide

Is 2022 your year to buy a house?

Buying a home is one of the biggest financial decisions you can make. That’s why we created this guide to help you make smart decisions when trying to buy a house in 2022.  

Buying a home is possible for most people in 2022, but it will take some planning and preparation 

If you’re planning on buying your first home in 2022, it’s never too early to start planning. To decide whether it’s right for your situation, you should consider:  

  • How much you earn each month (your income).  
  • What your monthly expenses are (rent/mortgage, utilities, food).
  • Whether or not you can afford the monthly payments on a new home once everything is added up. When deciding how much of a mortgage payment to take on with your new, think about how the new payment would affect your current lifestyle and if you’re willing to make the sacrifices that would need to be made.   
  • You may also need to have some savings set aside for the down payment and closing costs.  

Get pre-approved ahead of time  

The best way to ensure that you’ll be ready when the time comes is to get pre-approved for a mortgage. This means that the lender has reviewed your financial situation and decided that they’d be willing to lend you a certain amount of money. When this happens, they will issue what’s called an “approval letter,” which lets you know how much you are able to borrow and what kind of monthly payments you can expect. The process for getting pre-approved varies from bank to bank or mortgage company. Some lenders require an appointment before they can meet with someone; others may have an online application for the pre-approval process. The requirements for a pre-approval with almost every lender will be for you to submit 

  • Pay stubs,  
  • Tax returns and  
  • Bank statements  

The more information you provide the lender the more confident you can be in the pre-approval letter you are given.  

Check your credit score 

You should also check your credit score before applying for any sort of financing—it’s free from each of the major credit bureaus (Equifax, Experian and TransUnion), so there’s no reason not to! If there are errors or problems with your report (and most people have at least one), now is the time to fix them before lenders see them during their review process. If there are errors on your report. Reach out to a lender as not all of them will need to be fixed prior to buying a home.   

Your credit score is a number that summarizes your credit history, which means it’s key to getting approved for a mortgage. Your lender isn’t going to lend you money if they don’t think you’re going to pay them back—and lenders will use your FICO (Fair Isaac Corporation) score as their measuring tool for that decision-making process.  

So, what does “good” look like? A great credit score is above 700, but anything over 620 is considered good enough to get approved for most mortgages. Many lenders can go as low as 580 if a buyer has other compensating factors.   

Your score is based on information in your credit report, which includes details about whether you’re paying bills on time and how much debt you have. The higher your score, the better your chance of getting approved for loans and credit cards.  

Credit scores are calculated using several different factors:  

  • Payment history — 35% of your score  
  • Debt — 30% of your score  
  • Length of credit history — 15% of your score  
  • New credit inquiries — 10% of your score  
  • Credit Mix – 10% of your score  

Set up a homebuying budget 

Setting up a homebuying budget is an important part of the process. Your budget should include how much you can afford and what you want to pay for a home, as well as all related expenses such as taxes and insurance. You should also consider what it will take to maintain your new home, such as regular maintenance like landscaping and repairs.  

Decide on a down payment amount  

  • What is a down payment?  

A down payment is an amount of money you pay upfront to cover part of the cost of your home. The larger your down payment, the more cash you’ll have available for closing costs and other expenses.  

  • How much should I put down?  

There’s no magic number when it comes to how much of your house price should be covered by a down payment; every buyer has different needs and financial circumstances. The key is keeping in mind that this purchase should help you reach both your short- and long-term financial goals.  

Minimum Down Payment Requirements   

The minimum down payment varies by loan program and lender, but here are some common minimums:  

  • FHA loans: 3.5% down payment  
  • VA loans: 0% down payment  
  • USDA loans: 0% down payment  
  • Conventional loans: 3% to 20% down payment   

Most lenders will also offer a down payment assistance option that varies based on your location and home buying needs.   


We hope these tips have helped you get started on your home-buying journey. Now it’s time to start planning, getting pre-approved for a loan, and saving money. It can be scary to take that first step into purchasing real estate but don’t worry—we’re here for you every step of the way!

Make 2022 Your Year To Buy A House!

Heritage Home Loans
Heritage Home Loans Spokane, WA
Click to Call or Text:
(509) 991-3493