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? Authored By: Erik J.

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

The Mortgage Report

JULY 10, 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? Review and compare loan offers.

Equity

Marco Santarelli

APRIL 30, 2025

Homeowners also need to factor in refinancing costs, like closing costs and how long they plan to stay in their homes. If refinancing adds $3,000 in costs, homeowners should calculate how long it will take to recover those costs with their savings. FHA loans require only a 3.5%

VA loan

The Mortgage Report

JUNE 9, 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

JUNE 27, 2025

Don’t skip critical steps like the home inspection or negotiating closing costs. Take note of closing costs, loan terms, and any additional fees. Overlooking your credit score Your credit score plays a major role in whether you’ll qualify for a mortgage loan and the interest rate you’ll secure.

Pre-approval

Redfin

JULY 23, 2025

These are great for making homeownership more accessible, but just know you’ll almost certainly pay PMI on these, adding a bit to your monthly cost. FHA loan (government-backed option): Minimum 3.5% FHA loans are fantastic if you have a lower credit score or fewer savings. FHA loans – as low as 3.5%

FHA loan

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

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?

FHA 203k rehab loan

The Mortgage Report

JULY 8, 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? After closing, you receive a one-time lump sum of cash.

Equity

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

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

The Mortgage Report

JULY 22, 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? Time to make a move?

FHA 203k rehab loan

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?

Equity

Marco Santarelli

DECEMBER 22, 2024

Government Loans (FHA/VA) : These loans typically cater to those who might not qualify for conventional mortgages. FHA loans have low minimum requirements for credit and down payments, making them accessible. VA loans are available to veterans and active military members with favorable terms and conditions.

Mortgages

The Mortgage Report

JUNE 23, 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

JUNE 27, 2025

Seller concessions refer to closing costs or other fees that the seller agrees to pay on the buyer’s behalf. Seller concessions are financial contributions made by the seller to reduce the buyer’s out-of-pocket expenses at closing. These costs can include lender fees, taxes, insurance, or even home warranties. They can.

Seller concession

Redfin

JANUARY 28, 2025

FHA loans These loans are popular for their flexible credit requirements and low down payment options, which make homeownership more accessible. FHA loans are assumable , but the buyer must meet the lenders approval criteria, including a sufficient credit score and stable income.

Loans

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

Rochester Real Estate

NOVEMBER 5, 2015

While this type of loan is a good option for many real estate consumers, I believe there are several quirks all buyers should know about and understand if they are considering an FHA loan. Did you know if you file a Chapter 13 bankruptcy, you can immediately apply for an FHA loan? Happy house hunting!

Finance

Redfin

MARCH 4, 2025

Government-owned properties Some mortgages are government-backed, like VA loans and FHA loans. If a buyer with a government-backed loan goes into foreclosure, the government will take control of the property. Can you buy a foreclosure with an FHA loan?

Pre-approval

Redfin

JULY 28, 2025

It offers a $2,500 borrower credit toward the down payment or closing costs of a home, and considers positive rent payments towards loan eligibility. A homeowner’s education course is also required to qualify for this loan. A homeowner’s education course is required for this loan as well.

VA loan

Norada Real Estate

JUNE 22, 2025

Loan Type : Choosing between conforming loans, FHA loans, VA loans, and others can impact interest rates as well. Lender Fees : Beyond interest rates, potential borrowers should watch out for origination fees, closing costs, and other lender fees that could inflate the overall cost of the mortgage.

Mortgages

Redfin

APRIL 11, 2025

The initial costs , like a down payment and closing costs, can be a big hurdle for many first-time homebuyers. Unlike renting, you’re responsible for all maintenance and repair costs , which can be unpredictable and add up. FHA loans : Often feature lower down payment and credit score requirements.

Marketing

Redfin

JULY 24, 2025

Cons of a piggyback loan: You’ll have two monthly mortgage payments. You’ll likely incur closing costs for both loans. Qualifying for two loans can be more complex and may require a higher credit score. Over the long term, LPMI can end up costing you more than traditional PMI.

FHA loan

Marco Santarelli

MARCH 31, 2025

VA loans are a fantastic benefit for eligible veterans, active-duty service members, and surviving spouses. They often feature competitive interest rates (like the 6.09% 30-year VA rate today) and typically don't require a down payment. This makes the decision less clear-cut, underscoring the need to compare offers carefully.

Mortgages

Marco Santarelli

JUNE 19, 2025

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. Pay down debt and check your report for errors.

Mortgages

Marco Santarelli

JUNE 19, 2025

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. Pay down debt and check your report for errors.

Mortgages

HomeLight

MAY 14, 2025

These companies can help sellers cash out quickly, and many will cover a sellers closing costs. Be aware of minimum property standards for certain loans When you place your home on the market, its hard to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan.

As-is

Redfin

MARCH 4, 2025

For example, you may qualify for a hardship withdrawal to cover your down payment or closing costs. How to borrow from your 401k account to buy a house To borrow from your 401k loan to finance a down payment, youll need to talk to your employers benefits office or HR department, or with your 401k plan provider.

Debt-to-income ratio

HomeLight

JULY 29, 2025

These companies can help sellers cash out quickly, and many will cover a seller’s closing costs. Be aware of minimum property standards for certain loans When you place your Minneapolis home on the market, it’s difficult to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan.

As-is

HomeLight

JULY 23, 2025

These companies usually buy at a discount but offer quick closings and often cover the seller’s closing costs. But if you do end up working with a financed buyer, know that different mortgage types (such as conventional loans or government-backed FHA, USDA, or VA loans) have varying minimum property standards.

As-is

HomeLight

MAY 15, 2025

These companies can help sellers cash out quickly, and many will cover a sellers closing costs. Be aware of minimum property standards for certain loans When you place your home on the market, its hard to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan.

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. Many programs offer low-interest or no-interest loans to cover down payments or closing costs. Grants Unlike loans, grants don’t need to be repaid.

Debt-to-income ratio

Marco Santarelli

JUNE 20, 2025

Factor in all the costs involved, such as appraisal fees, closing costs, and any prepayment penalties on your existing loan. FHA Loans: Insured by the Federal Housing Administration, these loans are geared toward borrowers with lower credit scores and smaller down payments.

Mortgages

Marco Santarelli

JUNE 26, 2025

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. Understand Your All-In Costs: Don't just focus on the interest rate.

Mortgages