Redfin

JULY 11, 2023

Government-backed loans, such as FHA or VA loans, provide more flexible qualification criteria and specific benefits. Once the borrower’s equity reaches 20%, PMI can be canceled. These may include proof of income, bank statements, employment verification, credit history, and debt information.

Pre-approval 59

Pre-approval Mortgages Pre-qualification Debt-to-income ratio 59

Redfin

AUGUST 29, 2024

Homeownership is a long-term investment, and staying in one place allows you to build equity and stability. These loans are typically issued for more expensive homes and come with stricter qualification requirements. VA loan: Backed by the U.S. VA loans don’t require a down payment, among other benefits.

Earnest money deposit 52

Earnest money deposit Purchase and sale agreement Pre-approval Debt-to-income ratio 52

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. Buyers should arrange financing with a bank or mortgage lender ahead of time. Qualifying for a HUD home.

Pre-approval 105

Pre-approval Pre-qualification FHA loan Inspection 105

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.

Pre-approval 56

Pre-approval Agents Pre-qualification Debt-to-income ratio 56

HomeLight

AUGUST 16, 2021

Are you open to doing some sweat equity in the beginning?” Painting walls and replacing floors can add instant equity to your home — but these jobs require hard work, and they’re not for the buyer who wants a flawless, move-in ready abode. Here’s a quick breakdown: Loan type. Buyers with strong credit and qualifications.

Closing costs 105

Closing costs Purchase and sale agreement Inspection Loans 105

HomeLight

MAY 31, 2021

Conventional home loans are private loans that aren’t secured by any kind of government program, and these are available through banks, credit unions, and mortgage companies. The minimum down payment can be as low as 3%, but that is contingent on the buyer’s qualifications. What about interest rates?

Mortgages 85

Mortgages Debt-to-income ratio Loans Closing costs 85

HomeLight

APRIL 11, 2022

A property’s appraised value also indicates how much you’ll pay in real estate taxes — and gives you an idea of how any improvements you make can add to your home’s equity. That way, you can have a sense of what a bank appraisal may mark your home’s value. If you have enough equity in the house, a lender may also waive the appraisal.

Loans 111

Loans Pre-approval Inspection Agents 111