How Long Does it Really Take to Buy a Home?
Buying a home is an exciting time for most people. Before you get started, it helps to understand the typical home-buying timeline.
From the time you start touring homes to closing day, many buyers spend 2 to 6 months. The exact timeline depends on several factors, especially how long it takes to find the right home. Once a seller accepts your offer, the mortgage and closing process often takes 30 to 60 days, though it can be shorter or longer depending on the loan, the property, and how quickly required steps are completed.
Keep reading as we take a closer look at how long it can take to buy a home, from preapproval to home shopping, underwriting, and closing.
As you begin the home-buying process, having a general sense of timing can help you set expectations. That can make the process feel more manageable, especially if a step takes longer than planned.
Here’s a general timeline of what buyers using FHA financing may experience.
| Stage | Timeframe | What Happens |
|---|---|---|
| 1. Get finances ready | 1-4 weeks | Review your credit, estimate your budget, save for your down payment and closing costs, and gather financial documents. |
| 2. Get preapproved | 1 – 7 days | You’ll provide a lender with income, asset, and credit information and, if eligible, receive a preapproval letter. |
| 3. Find a real estate agent | A few days – 2 weeks | You may interview agents recommended by people you trust or agents you find online. Your agent can help guide you through the home search and purchase process. |
| 4. Search for a home | A few weeks to several months | You’ll tour homes to find one that fits your needs and budget. This stage often varies the most based on the buyer and local market conditions. |
| 5. Make an offer and negotiate | 1 – 7 days | You’ll submit an offer and may negotiate price, contingencies, closing timing, and other terms. In competitive markets, this step can take longer. |
| 6. Complete the home inspection and due diligence | 1 – 2 weeks | You can complete a home inspection, review disclosures, and negotiate repairs or credits if needed. |
| 7. Appraisal | About 1 – 2 weeks, sometimes longer if repairs or follow-up items are needed | The lender orders an appraisal to assess the home’s value. For FHA financing, the appraisal also includes certain property condition and safety requirements. |
| 8. Underwriting and final loan approval | 2 – 4 weeks | The lender reviews your financial information, documentation, and property-related items. They may ask for updated documents before issuing final approval. |
| 9. Closing preparation | Several days to 1 week | After the loan is cleared to close, you’ll receive final loan disclosures and prepare the funds needed for closing. |
| 10. Closing day | 1 day | You’ll sign your closing documents and pay any required funds due at closing. |
Before you start looking at homes, make sure you’re financially prepared. This stage can begin early and doesn’t always take long, but it can affect how smoothly the rest of the process goes.
Before you go too far into the process, estimate how much cash you may need upfront. With FHA financing, your minimum required down payment can depend in part on your qualifying credit profile, and lender overlays may also apply.
In general, borrowers with stronger credit may qualify for a 3.5% minimum down payment, while borrowers with lower credit scores may need a larger down payment. Individual lenders may set stricter standards.
The down payment is only one part of your upfront costs. You may also need to budget for closing costs, prepaid taxes and insurance, a home inspection, and moving-related expenses. Depending on the home’s condition, you may also want to keep additional funds available after closing.
One reason some buyers consider FHA financing is that it may offer more flexible credit qualification than other loan types. Still, lender requirements vary, and a higher credit score may help you qualify for better loan terms.
Pulling your credit early can help you spot errors and understand where you stand before applying. If needed, you may have time to improve your credit by paying bills on time, reducing balances, and avoiding new debt unless necessary.
When it’s time to get preapproved and apply for your mortgage, the lender will likely ask for financial and employment documentation. Gathering these items early may help the process move more efficiently later.
These documents may include:
Before you start touring homes, it’s usually a good idea to get preapproved. This step can take anywhere from a day to a week and can give you a better idea of how much you may be able to borrow. That can help you focus your home search on properties that fit your budget.
A preapproval letter can also show sellers that you’re a serious buyer.
Getting preapproved typically means providing a lender with information about your income, assets, debts, and credit. Based on that information, the lender estimates how much you can afford.
If you qualify, the lender will issue a preapproval letter showing the loan amount you may be approved for. You can include that letter with an offer to help demonstrate that you’ve already started the financing process. Still, preapproval is not a final loan approval, and your loan will still need to go through full underwriting.
For many buyers, touring homes is the most time-consuming part of the process. If you find the right home quickly, this stage may be relatively short. If not, the search can take several months.
Your location and local housing market can also affect timing. When inventory is limited, fewer homes may be available in your price range or with the features you want, which can extend the search.
Once you find a home that works for you, your real estate agent can help you submit an offer. The seller may accept the offer, reject it, or make a counteroffer. In some situations, multiple buyers may compete for the same property, which can slow the process.
Once your offer is accepted, you’ll move into the mortgage process. Before you can close on your new home, a few important steps still need to happen.
While your lender may not require a home inspection, it’s usually a smart step and is often scheduled soon after you accept your offer. That gives you time to identify issues and discuss them with the seller before inspection-related deadlines pass.
A home inspector evaluates the home’s condition, including major systems and structural components such as plumbing, electrical, HVAC, the roof, and the foundation. Depending on your contract terms, you may ask the seller to make repairs, offer a credit, or adjust the purchase price.
Buyers sometimes confuse the home inspection with the FHA appraisal, but they serve different purposes.
Separate from the home inspection, the lender typically requires an appraisal. For FHA loans, the appraisal also includes certain property condition and safety standards.
The appraiser estimates the home’s market value by reviewing the property and comparing it with similar nearby homes. For FHA financing, the appraiser also evaluates whether the property appears to meet applicable minimum property requirements.
If repair issues or additional review items come up, that can extend the timeline.
Underwriting is when the lender takes a closer look at your financial profile and documentation. The underwriter reviews income, employment, assets, debts, credit history, and property-related documentation to determine whether the loan meets program and lender requirements.
Even if you already provided documents during preapproval, the lender may still ask for updated items or additional explanations. Responding quickly can help keep the process moving.
Underwriting does not always end in an immediate final approval or denial. In some cases, the lender may issue a conditional approval, which means certain items must still be satisfied before the loan can close.
The final walkthrough usually happens shortly before closing, often within about 24 hours of signing. This is your chance to confirm the home is in the expected condition, that agreed-upon repairs have been completed (if applicable), and that the seller has moved out per the contract.
Closing day is the final step in the home-buying process. During closing, you’ll sign your final loan and title documents and provide any funds due at closing. Once everything is complete, you’ll receive the keys and officially become a homeowner.
