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. Missing out on first-time homebuyer programs Between saving for a down payment and covering closing costs, buying a home can feel financially overwhelming.

Pre-approval

HomeLight

JULY 28, 2025

A bridge loan is a short-term loan designed to help you buy a new home before your current one sells. It lets you tap into your existing home’s equity to cover a down payment and closing costs, giving you more flexibility in a tight timeframe. Your debt-to-income ratio (DTI) will also factor into approval.

Equity

The Mortgage Report

JULY 24, 2025

These help home buyers better afford the down payment costs and/or closing expenses. The good news is that you are allowed to receive financial gifts from close family members to help with your down payment. Use cash gifts Everybody loves getting presents, especially when the gift is money to help buy a home. Authored By: Erik J.

FHA 203k rehab loan

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. For instance, the U.S.

Debt-to-income ratio

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? What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

JULY 24, 2025

Similarly, HomeReady and Home Possible programs, backed by Fannie Mae and Freddie Mac, respectively, are designed for low-to-moderate-income borrowers and typically require a minimum 3% down payment. FHA loans are designed for primary residences, meaning you must live in the property you purchase with the loan.

FHA loan

Marco Santarelli

DECEMBER 22, 2024

Debt-to-Income Ratio: Lenders prefer lower debt-to-income (DTI) ratios. This ratio compares your monthly debt payments to your gross monthly income. Down Payment: Larger down payments often lead to lower interest rates. The lower your DTI, the more favorable your application will look.

Mortgages

Redfin

FEBRUARY 24, 2025

Whether you prefer the ease of a move-in-ready home or the idea of designing a space from scratch, understanding the costs and benefits of both options will guide you toward the best decision. Constructing a home gives you full control over aspects like materials, design, and size, allowing for customization. it depends. is $419,200.

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? What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

JULY 31, 2025

They cover topics like budgeting, building credit, mortgage options, house hunting, and closing. 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.

Purchase and sale agreement

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? What’s your debt-to-income ratio?

Debt-to-income ratio

AAOA

MARCH 24, 2025

Often called workforce housing, they cater to median-income earners with more affordable rents while offering decent amenities and a good location. They may face functional issues, have outdated designs, or require maintenance and renovations. After your offer is accepted, youll begin the closing process.

Property Management

Redfin

JULY 30, 2025

You’re buying in a designated redevelopment area, where certain programs have less strict rules. Closing costs: Typically 2-5% of the home’s purchase price. You can estimate affordability with your current income and down payment. Make sure to also account for closing costs, insurance, and additional fees.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

Joint borrowers must have a stable employment history and sufficient income to meet the lender’s requirements. Additionally, lenders consider the debt-to-income ratio, which compares the borrowers’ total monthly debt payments to their gross monthly income. chat_bubble close How Can I Help?

Debt-to-income ratio

Redfin

JULY 31, 2025

DTI = (Gross Monthly Income /Total Monthly Debt Payments)​×100% Let’s say your total monthly debt payments are $1,500 and your gross monthly income is $4,000. DTI= (Gross Monthly Income ÷ Total Monthly Debt Payments) x 100% DTI= ($4,000 ÷$1500) X 100% DTI= 0.375 X 100% DTI = 37.5%

Loans

The Mortgage Report

JULY 22, 2025

Things to consider: You’ll need to qualify for the loan on your own — your credit, income, and debt-to-income ratio all matter. Refinancing comes with closing costs , which usually cost between 2% and 5% of the loan amount. Closing costs and Realtor commissions will cut into the final amount you walk away with.

FHA 203k rehab loan

Redfin

AUGUST 5, 2025

Jumbo construction loans are designed to finance constructing a new home up to a certain threshold. Your DTI is the relationship between the debt you owe and the income you bring in every month. If you dream of building a large home, a jumbo construction loan may be in your future. Should I get a jumbo construction loan?

Construction

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? What’s your debt-to-income ratio?

Debt-to-income ratio

Marco Santarelli

MAY 2, 2025

Following closely behind, you'll find relatively low rates in Tennessee, Texas, California, Florida, Michigan, North Carolina, and Pennsylvania. These are often “teaser” rates designed to grab your attention, and they might come with hidden costs or strict requirements. Don't Fall For the “Teaser” Rates!

Mortgages

Rochester Real Estate

NOVEMBER 5, 2015

However, fees for the loans can be higher than a bank and it’s likely that your loan will be sold on the secondary market after closing. This article provides 14 insights for Veterans to save money and minimize their out of pocket investment, save on the interest rate and closing costs, and structure the purchase contract.

Finance

Redfin

JULY 3, 2025

These details directly impact your debt-to-income ratio , how much you afford and borrow. If you’re still legally tied to a shared mortgage or other debts, it can limit your ability to qualify for a new loan. If you’re the one making those payments, they count as debt. Should you rent first?

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. Eligibility depends on factors like income, location, home price, and use of an approved lender. You shared ownership with a spouse in the past, but are now buying solo.

Debt-to-income ratio

The Close

JULY 1, 2025

As a real estate agent, understanding FHA loan requirements can allow you to guide your clients towards homeownership, close more deals, and earn the trust of first-time homebuyers. FHA mortgage loan Conventional mortgage loan Credit score 500 620 Income required (debt-to-income ratio) 50% 36% to 45% Minimum down payment 3.5%

FHA loan

Redfin

JULY 16, 2025

Solar panels are devices designed to capture sunlight and convert it into usable electricity for your home. This could affect your financing or debt-to-income ratio. During the home inspection, request that the inspector look closely at the roof and the solar equipment. What are solar panels and how do they work?

Purchase and sale agreement

Redfin

JULY 28, 2025

Low income is generally defined as being below a specific threshold of the area’s median income (AMI), which can vary by location and employment. Each loan option we’ll discuss has qualification requirements for AMI, as well as other factors like credit score and debt-to-income ratio (DTI).

VA loan

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. For instance, the U.S.

Debt-to-income ratio

Marco Santarelli

JUNE 11, 2025

As of today, June 11, 2025, the states with the lowest 30-year new purchase mortgage rates are New York, Colorado, California, Virginia, Connecticut, and New Jersey , closely followed by Florida and Texas. Those are often “teaser rates” designed to grab your attention. Looking for the best deal on a mortgage?

Mortgages

Redfin

JUNE 10, 2025

Having a friend alongside you to help with the complexities, de-stress when you need a break, and go all out on the latest interior design trends can ease the process, and even make it fun. Friendships tested: No matter how close you are to someone, buying a house together can put a lot of strain on a relationship.

Purchase and sale agreement

Redfin

AUGUST 5, 2025

It may seem like a lofty expense, but there are several affordable options, including one vital program designed for this exact scenario. A credit history that shows no missed payments and a low debt-to-income ratio will prove to lenders that you can handle an additional mortgage.

Debt-to-income ratio

Redfin

JULY 30, 2025

Debt-to-income (DTI) ratio : Your monthly debt payments should be no more than 36%–43% of your gross income. Closing costs: Budget around 2%–5% of the home’s price for additional fees and services. Yes, your debt-to-income ratio matters. You can qualify with as little as 3.5%

FHA loan

Housing Wire

SEPTEMBER 27, 2023

Homebuyers faced surging mortgage costs, fees and monthly payments in 2022 amid a tightening monetary policy designed to combat persistent inflation. And because their income didn’t keep up, lenders’ denials for a home loan jumped last year, according to a Consumer Financial Protection Bureau (CFPB) report released Wednesday.

Debt-to-income ratio

Housing Wire

MAY 24, 2024

Student loan debt may affect your home-buying goals in a few key ways. Debt-to-income ratio (DTI) Lenders calculate your DTI ratio by dividing your total monthly debt payments (including student loans) by your gross monthly income to assess your ability to handle additional debt, like a mortgage.

Debt-to-income ratio

Housing Wire

AUGUST 7, 2023

Fannie Mae and Freddie Mac have had affordable lending goals for years, but the impact of closing the minority homeownership gap has not been that significant. Income and credit information are inputted into the AUS. 1 answer has been, “They understand my borrowers and know how to close my loans.”

Closing

Housing Wire

MAY 25, 2022

These borrowers may have already experienced rejection when applying for more traditional loans due to factors like having less than perfect credit, high debt-to-income ratios, low reportable income and a number of other increasingly common reasons such as being self-employed or freelance workers. Why partner with Newrez?

Debt-to-income ratio

Housing Wire

AUGUST 26, 2024

trillion once the Flagstar deal closes. Middleman pointed to average loan-to-value ratios of 50%, average debt-to-income ratios in the low 40% range, and credit scores in the low 700s as indicators of an “extraordinary” credit. Cooper had become the largest U.S. trillion unpaid principal balance (UPB).

Mortgages

HomeLight

DECEMBER 5, 2023

A bridge loan is your short-term financial bridge, designed to help you purchase that new home while your old one is still on the market. It hands you the cash needed for a down payment and covers those pesky closing costs on your new purchase. Your lender might need to crunch the numbers and calculate your debt-to-income ratio (DTI).

Equity

HomeLight

JUNE 22, 2023

Why, maybe it’s even dealing with the anxiety that comes while you’re waiting for closing day to finally come. To figure out how much house you can afford , you’re going to have to take a close look at a few different variables. Monthly income The very first thing you need to consider is your income.

Debt-to-income ratio