: Your initial equity stake. While 20% ($80,000 on a $400k home) avoids mortgage insurance, the median for first-time buyers is closer to 10% ($40,000). Minimums vary by loan type: Conventional : 3% for first-time buyers ($12,000). FHA : 3.5% ($14,000). VA/USDA : 0% for eligible borrowers.

Understanding the Hidden Costs of Buying a Home - Truist Bank

: A "good faith" deposit submitted with your offer (roughly $4,000 to $12,000 ) that is later credited toward your down payment or closing costs. Due Diligence Fees :

: $300–$600 required by lenders to verify the home's value. 2. Hidden and Post-Closing Costs

: Fees for loan origination, title insurance, and taxes. On a $400,000 home, expect to pay $8,000 to $20,000 at the closing table.

: $300–$500 to evaluate the property's condition.

In 2026, the average price of an existing home in the U.S. is approximately . However, the actual cost to buy a house is significantly higher than the "sticker price" due to upfront fees, hidden expenses, and ongoing carrying costs. 1. Upfront Cash Requirements

Many buyers are surprised by expenses that arise immediately after getting the keys.