The Mortgage Report

JULY 7, 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?

Equity

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. But the buying process also raises plenty of questions, and that’s totally normal.

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

JULY 31, 2025

Look into first-time homebuyer benefits Many programs are designed to make homeownership more accessible for first-time buyers by reducing upfront costs, lowering monthly payments, and helping with mortgage qualification. State and local programs: Cities and states may offer down payment assistance, forgivable loans, or closing cost help.

Purchase and sale agreement

Redfin

MARCH 4, 2025

A 401(k) loan allows you to borrow the money without penalty, but you need to repay it. The difference between these two accounts is that traditional 401(k) contributions are pre-tax, so youll be taxed once taking them out. There are two options to consider – 401(k) loans and 401(k) withdrawals. What is a 401(k)?

Debt-to-income ratio

Housing Wire

DECEMBER 28, 2023

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loan officer. Wrapping up the year, HousingWire analyzed some of the key factors that defined 2023 for loan originators and how they stayed competitive.

Loans

HomeLight

FEBRUARY 12, 2021

You’ve just received the first offer on your home — and it’s backed by an FHA loan. So what do you need to know about FHA loans as a seller? Today, FHA loans represent a fair share of the mortgage market; in 2018, the FHA insured 12.1% FHA loans help make homeownership more accessible.

FHA loan

HomeLight

OCTOBER 22, 2021

You may be wondering how affordability calculators work if you’re ready to get some numbers down on paper before showing up for a pre-qualification meeting with a lender. Its purpose is to help give you an idea of how much home you can afford with a home loan. Get it right, and you move into your dream home.

Pre-qualification

RIS Media

DECEMBER 19, 2020

Pre-qualifying for a mortgage is often the first step toward owning a home. Here’s some information that can help you to figure out how and when to apply for a loan this year: Pay Attention to Falling Rates. Look at Loan Types. Look at Loan Types. Talk to a Lender.

Loans

Marco Santarelli

SEPTEMBER 30, 2023

FHA mortgage rates are typically higher than conventional mortgage rates, but they can be a good option for borrowers with lower credit scores or smaller down payments. The minimum credit score for an FHA loan is 580 with a 3.5% However, many FHA lenders require credit scores of at least 620. can qualify for an FHA loan.

FHA loan

Realty Biz

DECEMBER 10, 2020

How to Get Preapproved For a Loan. As such, this qualification process will only give you a rough idea of the size of mortgage you can get. If there are problems like cracked windows or a roof that needs repair, there can be problems with some loan types. Let’s review what a preapproved mortgage is and how to apply for one.

Loans

HomeLight

AUGUST 31, 2020

Knowing whether you qualify and how to qualify as a first-time homebuyer is half the battle, then comes understanding the advantages — like low-money-down or no-money-down loans and grants that often accompany the coveted first-time buyer status. down (FHA). USDA Rural Development loans also allow for 100% financing (or 0% down).

Debt-to-income ratio

Realty Biz

MARCH 30, 2023

There are fixed-rate mortgages, adjustable-rate mortgages, hybrid loans, reverse mortgages, and FHA loans that all come with varying interest rates. Documentation and the Pre-Approval Process Pre-approval is a must for anyone looking to purchase a home. Let's take a closer look.

Mortgages

The Close

MAY 28, 2025

620 Conventional loans FHA loans VA loans Jumbo loans Average turn time is 42 days Visit Better Mortgage Conventional: 6.75% FHA: 6.625% VA: 6.5% 620 Conventional fixed-rate loans FHA loans VA loans Jumbo loans Investment property loans Underwriting can take anywhere from a few days to a few weeks Visit U.S.

VA loan

HomeLight

OCTOBER 5, 2020

When a home is listed as a short sale, the lender forgives the remaining balance of the loan. You’ll need to get preapproved for a mortgage loan. ” She adds, “You need a strong pre-qualification letter from a legitimate lender, and there’s no getting around that. It has everything you’ve ever wanted.

Short sale

RIS Media

AUGUST 5, 2020

The 2019 – 2020 State of Asia America Report , an annual AREAA publication, provides a snapshot of the state of AAPI homeownership pre-COVID-19. Just 6 percent and 2 percent of Asian loan applications are for FHA loans and VA loans, respectively. Additional closing costs associated with VA loans.

VA loan

HomeLight

JUNE 28, 2021

Due to the nature of how a home becomes a “HUD home,” purchasing one differs from the traditional homebuying process, and there are a few qualifications, special incentives, and risks that any savvy homebuyer should be aware of. Get pre-qualified with a mortgage lender. Source: (Jeremy Yap / Unsplash). What is HUD? Johnson in 1965.

Pre-approval

Realty Biz

SEPTEMBER 30, 2023

Government-backed programs: Government-backed mortgage programs, such as FHA loans, VA loans, and USDA loans, often have more relaxed credit score requirements. Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance.

Finance

Realty Biz

FEBRUARY 7, 2023

Once you have figured out the loan term and whether it is fixed or assumable, you should consider the loan type. What Type of Loan Program Works For You? Understanding the perfect mortgage fit for you is part of preparing to get a home loan. Each of these types of loans has its pros and cons.

Pre-approval

HomeLight

OCTOBER 27, 2020

Some types of loans do require you to provide your tax returns. Step 1: Determine what kind of loan you want (and can get). That’s not true of every loan, though. If you are applying for an FHA loan , for example, you’ll have to provide your tax returns, no matter what. What’s a qualified mortgage loan? .

Debt-to-income ratio

Realty Biz

DECEMBER 12, 2022

A mortgage is a loan that you take out from a bank or other financial institution to buy, build or substantially improve on a property. There are many different types of mortgages , including conventional, FHA, VA, and USDA loans. Mortgage Pre-Approval and Pre-Qualification Are Not The Same. Let's dig in.

Debt-to-income ratio

HomeLight

MARCH 2, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs you might have as well. This Pacific Coast city combines the urban vibes of art and culture alongside fun physical activities like surfing or boating. Looking to Buy Your Dream Home in San Diego?

Closing

HomeLight

MARCH 6, 2023

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs to consider as well.

Earnest money deposit

HomeLight

AUGUST 16, 2021

First-time homebuyer loans can help make it easier on first-time homebuyers , offering access to special mortgage programs with low down payments. Note that for government-backed first-time home-buyer loans such as FHA or USDA, it’s not just the buyer that must qualify, but the home, too — so check the requirements for your specific mortgage.

Loans

Lab Coat Agents

NOVEMBER 20, 2024

This type of mortgage allows you to take over the existing loan of the seller, often with favorable terms. If you are the buyer, this means you inherit the loan’s principal balance, interest rate, and repayment terms. FHA loans often allow for assumptions if both the seller and buyer meet the necessary requirements.

Purchase and sale agreement

Realty Biz

APRIL 8, 2024

This includes checking your credit score, saving for a down payment, and getting pre-approved for a mortgage. This includes checking your credit score, saving for a down payment, and getting pre-approved for a mortgage. What Is a Mortgage Pre-Approval? What Is the Difference Between Pre-Qualification and Pre-Approval?

Pre-qualification

Redfin

JULY 31, 2024

Prepare thoroughly : Improve your credit score, set a budget, and get pre-approved to streamline the home-buying process and secure a favorable mortgage. A higher credit score can help you secure a lower mortgage interest rate and better loan terms. Compare terms and interest rates to find the best fit for you.

Pre-approval

Realty Biz

SEPTEMBER 23, 2023

When choosing a buyer's agent, consider factors like experience and qualifications. Understanding the mortgage process, including prequalification and pre-approval, is also essential. Understanding the mortgage process, including prequalification and pre-approval, is also essential. What is a Buyer's Agent Agreement?

Purchase and sale agreement

Marco Santarelli

OCTOBER 6, 2023

However, certain programs like FHA loans and VA loans allow for lower credit scores. FHA loans can accept a credit score as low as 500 with a higher down payment, while VA loans often require a credit score of 580. Buying a house with no money down is possible, but it requires a good credit score.

VA loan

Marco Santarelli

JULY 10, 2024

This is significantly higher than the pre-pandemic rates, which hovered around 3-4%. This option depends on whether you can take over a mortgage from a seller who already possesses a low-interest rate loan. Eligibility and Types: FHA Loans: Often assumable if the buyer meets the FHA's credit and underwriting requirements.

Pre-qualification

Redfin

MARCH 18, 2022

Shopping for and securing an affordable mortgage loan is no easy feat. And in the end, that means a higher mortgage rate than they can afford or, worse, no loan at all. Do you want to make sure your mortgage loan comes through smoothly? Unfortunately, that’s easier said than done. That you get a great rate?

Mortgages

Windemere Buying

OCTOBER 18, 2021

Not getting pre-approved Getting pre-approved is a key component of the early stages of the buying process and will help to maximize your chances of getting your offer accepted. VA Loans can be a lifesaver for active service and veteran personnel, offering zero down payment and lower-than-average mortgage rates.

Pre-approval

Redfin

APRIL 7, 2023

Get pre-approved for a mortgage My advice to first-time homebuyers is to find a good loan officer and get pre-approved, fully underwritten approval is best. Work with that loan officer and their agent to understand what timeframes they’re comfortable with in an offer. – Gary Giffin | Redfin Partner Agent, AARE 2.

Pre-approval

Redfin

AUGUST 29, 2024

Your credit score is important as it influences whether you qualify for a loan, the type of loan, and what interest rate you’ll receive. Generally speaking, a credit score of 620 is the minimum credit score for a conventional loan, although some lenders look for a score of 700 for new homebuyers. 3,000/$7,000 = 0.42

Earnest money deposit

HomeLight

APRIL 11, 2022

A lender not only uses an appraisal as a quality check but also to arrive at a loan-to-value (LTV) ratio — this helps lenders evaluate the risk level of the loan. You might have heard that the home appraisal process is nerve-racking for sellers, who are eager to see what financial value a professional appraiser places on their home.

Loans

HomeLight

MAY 31, 2021

Before you even start looking, you’ll also need to find a mortgage lender who will determine how much house you can afford , make sure your credit is in good standing, and see what kind of loan programs will work best for you. These are things you just might not know as a buyer — but your agent and loan officer can give you guidance!

Mortgages

HomeLight

AUGUST 16, 2021

The pool and the wallpaper are a good jumping-off point, but if you haven’t asked yourself the big question (“what do I need to buy a house?”), ”), then you may need to back up a step or five. Buying a house is a dream for millions of people, and homeownership remains a cornerstone of American life. Research your market.

Closing costs