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

MARCH 4, 2025

Key takeaways A foreclosed home means the buyer can no longer make payments and the bank has taken the house. There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and short sales. The bank or lender typically wont sell a home directly to you, the buyer.

Pre-approval

Redfin

JUNE 13, 2025

Lenders generally prefer a DTI below 43%, indicating you can comfortably manage loan payments. If your ratio is higher, explore loan options like VA or FHA loans that accept higher DTIs. Proof of income and employment: To approve your loan, lenders will review your income and financial stability.

Debt-to-income ratio

The Mortgage Report

JULY 15, 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? Your interest rate and loan balance don’t change.

FHA 203k rehab loan

The Mortgage Report

JUNE 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?

FHA 203k rehab loan

Redfin

JULY 31, 2025

Additionally, set aside extra savings for closing costs, moving expenses, and any home updates or repairs you may need right away. What to do instead: To start, request quotes from multiple lenders, including banks, credit unions, and mortgage brokers. Compare interest rates, closing costs, and loan terms carefully.

VA loan

Rochester Real Estate

NOVEMBER 5, 2015

Should I Go With A Mortgage Broker Or A Bank? A common question Realtors get from buyers and home owners looking to refinance is “should I go with a mortgage broker or a bank?” They cover the differences between mortgage brokers and banks, the pros and cons of each one and just as importantly, how to find a good lender.

Finance

Redfin

JULY 30, 2025

If you’re wondering if you’re ready to buy a house , consider these three factors: Financial stability: If you have a low credit score, lots of debt, and not enough funds to cover a down payment and closing costs, you may want to wait to buy a home. Closing costs: Typically 2-5% of the home’s purchase price.

Pre-approval

HomeLight

JULY 29, 2025

These companies can help sellers cash out quickly, and many will cover a seller’s closing costs. If your house complies with FHA, then it complies with most other lenders’ requirements. We Buy Houses companies buy “as is” at a discounted rate and generally take homes needing significant repairs.

As-is

Redfin

JULY 30, 2025

Loans and programs for first-time buyers Loan Who qualifies Minimum down payment Minimum credit score Key qualifications Conventional loans Borrowers with good credit and stable income 3% 620 Strong credit, steady income, low DTI ratio FHA loans Borrowers with lower credit scores and limited savings 3.5%

Debt-to-income ratio

Redfin

JUNE 27, 2025

Key takeaways: Your first-time home buyer benefits include down payment and closing cost assistance, grants, tax benefits, and low-interest or forgivable loans. Banks and mortgage lenders: Many offer first-time buyer incentives, including reduced rates, special loan terms, or access to grant programs.

Debt-to-income ratio

Redfin

AUGUST 5, 2025

If your piggy bank is full and it’s time for a move, you could have an opportunity to buy a house with cash. There are several advantages to buying a house with cash, including winning bidding wars and closing quickly on your dream home. Closing costs still apply: Closing costs don’t only apply to mortgages.

Earnest money deposit

Marco Santarelli

JUNE 19, 2025

Get quotes from banks, credit unions, and online lenders to find the best rate. Think long-term: Closing costs for refinancing can run $3,000-$5,000. Here’s some extra advice: Look at government loans: FHA loans at 6.73% or VA loans at 6.56% could be more affordable if you qualify.

Mortgages

Marco Santarelli

JUNE 19, 2025

Get quotes from banks, credit unions, and online lenders to find the best rate. Think long-term: Closing costs for refinancing can run $3,000-$5,000. Here’s some extra advice: Look at government loans: FHA loans at 6.73% or VA loans at 6.56% could be more affordable if you qualify.

Mortgages

Marco Santarelli

JUNE 26, 2025

Compare rates from different banks, credit unions, and online lenders. Consider Different Loan Types: Explore different loan types like fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, and VA loans to see which one best suits your financial situation. Get quotes from multiple lenders.

Mortgages

Marco Santarelli

MAY 5, 2025

Compare Rates from Multiple Lenders: Get quotes from banks, credit unions, and online lenders. Consider Different Loan Types: Explore options like FHA loans (if you qualify) or adjustable-rate mortgages (ARMs), but be aware of the risks involved. Don't be afraid to negotiate!

Mortgages

Marco Santarelli

MAY 22, 2025

Understand Points: Paying points (fees paid upfront) can lower your interest rate, but you need to calculate whether the upfront cost is worth the long-term savings. Factor in All Costs: Remember to consider other costs associated with buying a home, such as property taxes, homeowners insurance, and closing costs.

Mortgages

Marco Santarelli

APRIL 15, 2025

Greg Sher, managing director at NFM Lending, sums it up well: “Big tariffs right now wouldn't just make inflation worse — they could set off a chain reaction of economic trouble that central banks and governments aren't ready to handle.” Weigh the cost against the long-term savings. ” ( CNET ).

Mortgages

Housing Wire

NOVEMBER 9, 2023

A total of 224 programs will fund certain upfront loan fees including the upfront mortgage insurance premium on FHA loans , the funding fee on VA loans and the guarantee fees on USDA loans. About 74% of the 2,256 homebuyer assistance programs are down payment and closing cost assistance programs.

FHA loan

Housing Wire

APRIL 9, 2024

In late 2021, Congress renewed a 10-basis point tax on Fannie Mae and Freddie Mac loans for another decade — not based on loan risk, but to pay for non-housing spending. Homeownership is used far too often as the federal piggy bank. But now a new threat is emerging on this front. Such opportunities may arise.

FHA loan

Housing Wire

MAY 14, 2024

In late 2021, Congress renewed a 10 basis point tax on Fannie Mae and Freddie Mac loans for another decade – not based on loan risk, but to pay for non-housing spending. Homeownership is used far too often as the federal piggy bank. But now a new threat is emerging on this front. Such opportunities may arise.

FHA loan

Housing Wire

OCTOBER 27, 2020

Bank raised its FICO score requirements to 680 on FHA, VA and USDA loans. To qualify for a VA loan, borrowers must be military members or veterans and meet certain service requirements. USDA loans, on the other hand, are options for rural homebuyers. Meanwhile, U.S.

VA loan

Housing Wire

JUNE 9, 2022

For government loans, such as a Fannie Mae Homestyle Renovation loan, first-time buyers can qualify with a down payment as low as 3%, but renovation costs are limited to 75% of the home’s after-repair value, and borrowers must pay higher fees and closing costs than they would on other types of mortgage loans.

FHA loan

Housing Wire

NOVEMBER 30, 2022

. “That means FICO will collect approximately $2-8 total for all three scores out of a $40 to $50 (or more) tri-merge report and score bundle, and out of an average $3,800 in closing costs. All amounts for the tri-merge report and score bundle above this $2-8 are collected by others.

Mortgages

HomeLight

AUGUST 31, 2021

The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. In 2020, only about 10% of all home loans were FHA-backed, according to the agency’s annual report. But more than 80% of those FHA borrowers were first-time homebuyers.

FHA loan

Realty Biz

MARCH 16, 2023

If qualifying for a conventional loan is difficult, and you aren't eligible for VA or USDA loans, an FHA loan could be the answer. FHA loans allow you to pay 3.5% But there are also downsides to FHA-insured loans. So is this type of loan right for you? What are FHA Loans?

FHA loan

HomeLight

SEPTEMBER 30, 2020

“You have to wait for the current owner’s bank to approve the short sale,” says Jessica Sanchez, Director of Underwriting and Loan Management at HomeLight. To ensure they get a good deal, the bank will review things such as the current owner’s payment history, current market state, and also comps.

Short sale

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

Realty Biz

JULY 20, 2022

The Federal Housing Administration regulates and backs the FHA Loans program. These government-insured loans allow home buyers low down payments of just 3.5%. If you are a veteran or currently serving, the Department of Veterans Affairs offers no down payment home loans. Down Payment Assistance.

Loans

Realty Biz

JANUARY 11, 2023

Banks might loan you the complete amount with 100% financing. However, the majority of mortgage loans require that you come up with a down payment for your property. For example, if you purchase a home that costs $200,00 and put down 10%, you'll need to come up with $20,000. Closing Costs.

FHA loan

HomeLight

AUGUST 31, 2021

“The down payment is showing the bank that you’re putting some skin in the game,” says Helali. Every time a bank provides somebody with a loan, the bank’s essentially investing in that person.”. Basically, you’re showing the bank that their investment is safe and you’re unlikely to stop making payments. USDA loans.

FHA loan

HomeLight

JUNE 30, 2024

These websites compile data from banks, government agencies, and real estate services to provide comprehensive listings of homes that are being sold due to the owner’s inability to meet mortgage obligations. Each listing includes essential details like photos, descriptions, and contact information for agents or banks handling the sale.

Short sale

HomeLight

JUNE 19, 2023

Many DPA programs can be used to cover closing costs , too, as that’s another large chunk of change you’ll owe at closing. The Chenoa Fund The Chenoa Fund is a national program that offers DPA second mortgages on conventional and FHA loans. Our America’s Home Grant® program offers credits on closing costs.

FHA loan

HomeLight

MARCH 9, 2023

If the bill passes, the act will provide eligible homebuyers up to $25,000 cash for a down payment, closing costs, and other home-buying fees. to 10%, depending on credit score) Low closing costs Relaxed credit score requirements (500 to 620) You may have to pay Private Mortgage Insurance (PMI) as a condition of an FHA loan.

Loans

HomeLight

OCTOBER 5, 2020

Bank statements can also be used for certain mortgage loans if you have a non-traditional job or a side gig. Fair to good credit: You need a minimum credit score of 580 to qualify for an FHA loan. If you apply for a conventional loan, then you need at least a score of 620 or higher.

Short sale

Norada Real Estate

JUNE 22, 2022

As a cash buyer, you can also save on closing costs. You don't need to pay a bank attorney for the mortgage. Financing turnkey rental properties with cash means you don't need to put real estate taxes in escrow upfront nor pay for a mortgage application and loan origination fees.

Finance

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. Sometimes you’ll even find grants to help you with closing costs and down payments. Bank of America has two national DPA programs. Sound great? Sure it does!

Loans