You don't need 20% anymore. Many buyers here use conventional loans with as little 3-5% down, and FHA loans allow 3.5%. The amount you need for a down payment depends on the type of loan and your financial situation. While 20% is a common benchmark, many buyers put down less. If you qualify for VA or USDA loans, you may not need a down payment at all. Minnesota also has down payment assistance programs that can help first-time home buyers.

You may find the right home after one day, or you may find the right home after a few weekends of touring homes. Typically, plan for it to take up to 6-8 weeks to find the right home. In competitive markets, it may take longer. Once your offer is accepted, the closing process usually takes 30-45 days. The timeline depends on your financing, appraisal, and inspection.