Redfin

JUNE 27, 2025

If major repairs are needed, you may be able to use the inspection report to negotiate repairs or a lower purchase price. If no agreement is reached and you have an inspection contingency, you can cancel the sale without penalty and get your earnest money back. How much money do I need to buy a home?

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

If your offer is accepted, you will sign a purchase agreement and pay an earnest money deposit. Home Inspection The home inspection will show if this is a property you want to buy. If major issues are highlighted in the inspection report, you can negotiate with the seller over repairs, or they could credit you.

Purchase and sale agreement

Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). DTI is calculated by dividing total monthly debts by gross monthly income. What’s an earnest money deposit?

Earnest money deposit

HomeLight

JANUARY 27, 2021

Your lender is mostly thinking in terms of your DTI (debt-to-income ratio, or how much you pay toward debt each month versus how much you actually make). Definitely include an inspection contingency. When you buy a home, you’ll typically want to have it inspected first.

Closing costs

HomeLight

JUNE 30, 2022

Transaction details: the purchase agreement and a copy of your earnest money deposit. Even in a competitive housing market, where buyers are waiving inspection contingencies , it’s always a good idea to get an inspection so you know what exactly is wrong with the house before you take ownership.

Purchase and sale agreement

HomeLight

AUGUST 29, 2022

DTI: Your debt-to-income ratio helps the lender assess if you as a borrower would be able to afford your monthly payment. It shows the amount of debt you have in comparison to your income. Earnest money deposit amount. Contingencies: Financing, home inspection, and appraisal.

Earnest money deposit