The Mortgage Report

JULY 24, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? How Soon Can I Refinance?

FHA 203k rehab loan

Redfin

JULY 30, 2025

Which loan is right for you? Conventional loans: You have a credit score of 620+, stable income, and can put at least 3% down. FHA loans: You have a credit score of 580+ (or 500+ with 10% down) and a higher DTI ratio. VA loans: You’re an eligible veteran, active-duty service member, or surviving spouse.

Loans

Redfin

JUNE 13, 2025

Step 3: Research second-time homebuyer programs and loans Step 4: Work with an experienced agent Step 5: Make a strong offer as a second-time homebuyer Step 6: Plan your transition Second-time homebuyer FAQs Is it harder to buy a house the second time? In this article: Is it harder to buy a house the second time? In short, yes—and no.

Debt-to-income ratio

Redfin

AUGUST 1, 2025

Higher credit limits and lower interest rates for loans and credit cards are among the many reasons people try to improve their credit. Let’s explore whether you can buy a house with that score and what loan options may be available. The key is finding a loan program that you qualify for and that fits your needs.

VA loan

The Mortgage Report

JULY 11, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? How Soon Can I Refinance?

FHA 203k rehab loan

Redfin

JULY 15, 2025

The income needed for a $250k mortgage depends on several financial factors, including your debt-to-income ratio, credit health, and property taxes in your area. This assumes average interest rates, a standard loan term, and a modest down payment. What is the income needed for a $250k house?

Debt-to-income ratio

The Mortgage Report

JULY 14, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? How Soon Can I Refinance?

FHA 203k rehab loan

Redfin

JULY 24, 2025

According to Redfin Real Estate, the minimum down payment for first-time homebuyers varies depending on the type of loan. Many loans offer down payments as low as 3% or even 0%. Here’s a quick breakdown: FHA loans, for example, typically require 3.5% VA and USDA loans may offer 0% down for eligible borrowers.

FHA loan

Redfin

JUNE 27, 2025

Not getting pre-approved for a home loan before starting your search A common mistake for first-time homebuyers is jumping into the search without first getting pre-approved for a mortgage. Options like FHA loans , VA loans , and USDA loans offer low down payments and more lenient credit guidelines.

Pre-approval

Redfin

JULY 23, 2025

Of course, that number can change based on your credit score, existing debt, and monthly expenses. What is the income needed for a $600k house? Lenders typically suggest that your total monthly housing expenses – mortgage, taxes, insurance, and any HOA fees – stay under 28% to 31% of your gross monthly income.

Debt-to-income ratio

Marco Santarelli

MAY 9, 2025

Year Median Home Price (2024 Dollars) Median Household Income (2024 Dollars) Price-to-Income Ratio 1974 $195,638 $70,785 2.76 times the average annual income. times the average annual income! The median monthly income is about $6,717.50. Student Loan Debt: This is a huge one for my generation and younger.

Debt-to-income ratio

Redfin

JULY 23, 2025

In addition to repaying the principal amount of the loan, the monthly mortgage payment includes additional costs that can vary based on location and mortgage type. Many lenders offer low-down-payment loans, like FHA loans with as little as 3.5% down or VA/USDA loans with 0% down for eligible buyers.

Mortgages

Redfin

JULY 21, 2025

Using Redfin’s mortgage calculator , on an $80k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $325,000 and below. What’s your debt-to-income ratio? of your loan amount per year. What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

JULY 30, 2025

Key takeaways: First-time homebuyer: Anyone who hasn’t owned a primary residence in the past three years Common first-time homebuyer qualifications: Credit score, debt-to-income ratio, down payment, income limits, employment history, purchase limits, homebuyer education Buying your first home? Let’s get started.

Debt-to-income ratio

Redfin

JULY 18, 2025

Using Redfin’s mortgage calculator , on a $90,000 a year salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $370,000 and below. What’s your debt-to-income ratio? of your loan amount per year. Where are you trying to live?

Debt-to-income ratio

Redfin

JULY 22, 2025

Using Redfin’s mortgage calculator , on a $200k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $820,000 and below. What’s your debt-to-income ratio? of your loan amount per year. What’s your debt-to-income ratio?

Debt-to-income ratio

Marco Santarelli

JULY 11, 2025

Average Loan Size: Loan size correlates with rates. This is because operational costs are the same, regardless of the size of the loan. This is something that not many people possess Loan Size: Some advertised rates are only available for smaller loan amounts. This borrower is least likely to default on the loan.

Mortgages

Marco Santarelli

MAY 14, 2025

Average Loan Size: The average loan size in a state can also impact rates. States with higher property values (and therefore larger loan amounts) might see different rates than states with smaller average loan sizes. A smaller pool of lenders could potentially mean higher rates.

Mortgages

Redfin

JULY 18, 2025

Using Redfin’s mortgage calculator , on a $50k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $205,000 and below. What’s your debt-to-income ratio? What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

JULY 2, 2025

This Redfin article explains how job changes impact the mortgage process and what lenders look for—whether you’re applying for a home loan in Raleigh, NC or preparing to close on a house in Denver, CO. Starting a new job doesn’t automatically disqualify you from getting a mortgage, but it can raise some red flags for lenders.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

It’s unfortunate, but not every prospective buyer is going to be able to qualify for a home loan. In the simplest terms the main difference is that a bank has its own lending criteria and offers loans by using its own funds. Top Mortgage Blogs From 2017 Best Mortgage & Home Financing Blogs From 2017 We’re back!

Finance

Redfin

MARCH 3, 2025

Common down payment options 20% down ($60K) No PMI, lower monthly payments, and less interest paid over time 10% down ($30K) PMI required, moderate monthly payment 5% down ($15K) PMI required, highest monthly payment, and more interest paid If you cant afford 20% down, many lenders offer low-down-payment loan options.

Mortgages

Redfin

MARCH 4, 2025

A 401(k) loan allows you to borrow the money without penalty, but you need to repay it. A 401(k) withdrawal is subject to a 10% penalty and income tax. A 401(k) is a type of retirement savings account, where you elect a certain portion of your income to go into the account. However, youll need to pay back the loan with interest.

Debt-to-income ratio

Redfin

JULY 31, 2025

to 1% of the loan amount Escrow fees: 1% of the home sale price Recording fees: $125 Property taxes: Varies Homeowner’s insurance premiums: Varies 6. Loan types for first-time homebuyers include: Conventional Loan: Offers flexible down payment options as low as 3% with private mortgage insurance (PMI). These require just 3.5%

Purchase and sale agreement

Marco Santarelli

MAY 2, 2025

Average Loan Size: This one is pretty straightforward. If you're in the market for a home, you're probably glued to mortgage rates! As of today, May 2, 2025, the states with the lowest mortgage rates for a 30-year new purchase are New York and Washington. These nine states showed average mortgage rates hovering between 6.68% and 6.85%.

Mortgages

Redfin

JULY 28, 2025

Buying a home can seem out of reach for many people, but even with a low income, homeownership is possible. There are many loan options and assistance programs made specifically for low-income buyers. Yes, you can absolutely still buy a house with low income.

VA loan

Redfin

JUNE 9, 2025

Using Redfin’s mortgage calculator , on a $100k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $425,000 and below. What’s your debt-to-income ratio? of your loan amount per year. What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

JULY 30, 2025

Most homebuyers will need to think ahead about the following costs when estimating how much money is needed to purchase a home: Down payment: The down payment is a percentage of the home’s purchase price, anywhere from 0% to 20% depending on your loan. You can estimate affordability with your current income and down payment.

Pre-approval

Redfin

JULY 16, 2025

Your actual income needs may vary based on your debt, credit score, down payment, and local taxes. What is the income needed for a $300k house? Most lenders follow a guideline that your monthly housing expenses should fall between 28% and 31% of your gross monthly income. What if my DTI is 43%?

Debt-to-income ratio

Marco Santarelli

JUNE 3, 2025

Factors like average credit scores, loan sizes, and foreclosure rates can all affect the rates lenders offer in a particular state. Your Financial Profile: Your credit score, income, debt-to-income ratio, and down payment all play a crucial role in determining the interest rate you'll receive.

Mortgages

Redfin

JUNE 27, 2025

Eligibility depends on factors like income, location, home price, and use of an approved lender. Many programs offer low-interest or no-interest loans to cover down payments or closing costs. In some cases, these loans are deferred until you sell the home (or even forgiven after a set number of years). Let’s get started.

Debt-to-income ratio

Marco Santarelli

MAY 6, 2025

Here's a quick look at the national averages for different loan types: Loan Type New Purchase Rate 30-Year Fixed 7.00% FHA 30-Year Fixed 7.45% 15-Year Fixed 6.03% Jumbo 30-Year Fixed 6.95% 5/6 ARM 7.24% Source: Zillow It's worth noting that these are just averages. This represents a slight increase from the end of last week.

Mortgages

Redfin

JULY 17, 2025

It gives them confidence that your income is reliable enough to support a mortgage. They want to be confident that you have a reliable source of income to make your monthly payments—not just now, but for years to come. Some lenders will treat your education and new role as a sign of income stability. Recent grad?

VA loan

Redfin

JULY 30, 2025

In fact, today’s first-timers are older than ever, thanks to factors like rising home prices , student loan debt, and stricter lending standards. Income stability: Lenders typically want to see at least two years of consistent employment history. In most states, you need to be at least 18 years old to legally buy a house.

FHA loan

Marco Santarelli

MAY 22, 2025

Key Mortgage Rates in May 2025: Loan Type Rate 30-Year Fixed 7.11% FHA 30-Year Fixed 7.37% 15-Year Fixed 6.11% Jumbo 30-Year Fixed 7.10% 5/6 ARM 7.53% Important Considerations It's crucial to remember that the rates you see advertised online, often called teaser rates , aren't always what you'll get. Why Did Mortgage Rates Jump?

Mortgages

The Mortgage Report

JULY 16, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? How Soon Can I Refinance?

FHA 203k rehab loan

Redfin

AUGUST 5, 2025

After such a stressful time, you may wonder, “Can I get an FHA loan after a foreclosure?” ” The answer is yes – borrowers can get an FHA loan after a foreclosure. However, you’ll face a waiting period, also known as the FHA foreclosure waiting period.

FHA loan