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If you are researching the homebuying process timeline in 2026, you are likely looking for clarity, not sales talk.
This guide explains what actually happens when you buy a home, step by step. It focuses on the real sequence buyers experience in Missouri, with specific context for St. Louis. No shortcuts. No strategy tips. Just the timeline.
Phase 1: Setting the Financial Stage
Assessing Credit and the 28/36 Rule
The process usually begins with your financial profile.
In 2026, many lenders look for:
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Credit scores around 670+ for approval
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740+ for the most favorable rates
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Housing costs near 28% of gross income
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Total debt generally under 36–43%
These benchmarks are outlined by Ameris Bank.
Gathering Your Documentation Vault
Once you speak with a lender, paperwork comes next.
Most buyers are asked to provide:
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Two years of tax returns or W-2s
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The most recent 30 days of pay stubs
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60 days of full bank statements
In 2026, lenders also verify non-traditional income, such as freelance or rental income. This step often feels fast and document-heavy.
The Modern Pre-Approval: Why It Matters in 2026
A verified pre-approval is now a baseline requirement, not a bonus.
It shows sellers that your income, assets, and credit have already been reviewed. In many cases, homes are not shown without it.
Phase 2: The Partnership and the Hunt
Understanding the 2026 Written Buyer Agreement
Before touring homes, buyers must sign a Written Buyer Agency Agreement.
This document explains:
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The services provided
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The duration of representation
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How the broker is compensated
This requirement is outlined by the National Association of Realtors.
Navigating St. Louis Neighborhoods
With inventory up nationally in 2026, buyers often have more breathing room.
According to NAR, inventory is up about 20% across the U.S. compared to 2025, which reduces pressure to make same-day decisions. This allows buyers to compare areas more thoughtfully.
Viewing Properties With a Factual Eye
Tours are not just about layout and finishes.
Buyers often focus on:
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Age of major systems
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Signs of deferred maintenance
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Fit for long-term needs
This stage is about narrowing options, not committing.
Phase 3: The “Under Contract” Sprint
The Anatomy of a Missouri Offer
Once you choose a home, a formal offer is submitted.
A Missouri purchase agreement typically includes:
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Offer price
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Earnest Money Deposit (usually 1–3%)
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Proof of funds or a pre-approval letter
Sellers may also verify funds directly with the buyer’s financial institution.
Earnest Money: How the Deposit Works
Earnest money is paid shortly after acceptance.
It shows good faith and is later credited toward your down payment and closing costs at closing. It is not an extra fee.
The Inspection Gauntlet: Radon, Sewer, and Structure
Inspections follow quickly after acceptance.
In St. Louis, buyers commonly order:
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General structural inspections
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Radon testing
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Sewer lateral inspections
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Termite (WDI) inspections
These are highlighted by Real Estate Witch as priorities in Missouri.
Phase 4: Behind the Scenes With Your Lender
Underwriting and the Credit “Freeze”
After inspections, the lender completes underwriting.
During this period:
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Credit is refreshed
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Income and assets are re-verified
According to Amerisave, new debt—like car loans or furniture financing—can still derail approval at this stage.
Managing the Appraisal Gap
If the appraisal comes in below the contract price, the appraisal contingency applies.
This may allow:
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Renegotiation
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A buyer cash contribution
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Contract termination
The outcome depends on the contract terms.
Phase 5: Crossing the Finish Line
Reading Your Closing Disclosure (CD)
Federal law requires the Closing Disclosure to be delivered at least three business days before closing.
The CD shows:
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Final loan terms
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Interest rate
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Exact cash needed to close
This process is detailed by Rocket Mortgage.
The Final Walk-Through Checklist
The final walk-through usually happens within 24 hours of closing.
It confirms:
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The property condition is unchanged
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Repairs were completed
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Receipts are provided when required
This step is explained by Peet Law Group.
Closing Day: What to Expect
On closing day, buyers:
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Sign final documents
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Pay the remaining down payment and closing costs
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Receive confirmation of ownership
Keys are typically released once recording is complete.
Frequently Asked Questions for St. Louis Buyers
When do I pay the down payment?
At closing, along with the remaining closing costs.
What’s the difference between earnest money and a down payment?
Earnest money is paid upfront. It is later applied toward your total amount due.
Can a seller back out after signing?
Sellers have limited exit options. Buyers usually retain contingency windows.
How much are closing costs in Missouri?
Typically 2–5% of the purchase price.
Educational Notice
This article is provided for general educational purposes only. The author is a licensed real estate agent in Missouri. This content is not legal, financial, or tax advice. Buyers should consult appropriately licensed professionals and conduct their own due diligence.
