Design FHA loan Principal VA loan 
Housing Wire
NOVEMBER 7, 2023
In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5%
HomeLight
DECEMBER 8, 2023
An assumable mortgage is a type of home loan transaction that allows a new buyer to take over the seller’s existing mortgage. Instead of securing a new mortgage, the buyer takes over where the seller left off, literally “assuming” the remaining principal balance, repayment period, and other terms.
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HomeLight
JUNE 22, 2023
Credit scores typically fall into one of these ratings: 580 and below: poor 580-669: fair 679-739: good 740-799: very good 800-850: excellent The minimum credit score you need to be approved for a mortgage will depend on what kind of loan you are applying for.
HomeLight
OCTOBER 29, 2021
Conventional loans closed in an average of 47 days in July 2021, while FHA loans took 51 days, and VA loans required an average of 52 to close. The title review (see Step 2) is designed to catch these issues, and title insurance protects you if the search didn’t uncover a problem. Interest rate.
RIS Media
MAY 24, 2021
If you choose a conventional or FHA loan, a down payment is required. The amount of the down payment that’s needed is based on the home’s price and property type, as well as the loan product. For a conventional loan, exactly how much depends on the lender and loan type—you might put down 3%, 10%, 20% or more.
HomeLight
JUNE 30, 2021
A low interest rate means you’ll pay less interest on your principal over the life of the loan. Because you’re taking out a bigger mortgage loan, you’ll be making larger monthly payments. USDA loan. Department of Agriculture loan is a zero-down mortgage option for qualifying homebuyers and homes. Must have U.S.
HomeLight
AUGUST 27, 2020
There are still some federally-backed mortgage programs designed for first-time homebuyers that can help. These federal loans often have less restrictive qualification requirements and often are more affordable than other mortgage options. An FHA-approved appraiser must ensure the property meets HUD standards.
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