The Mortgage Report

JULY 14, 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? Selling eliminates the shared debt entirely.

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

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

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

Redfin

AUGUST 5, 2025

Rebuilding credit, saving for a down payment, and reducing debt are crucial steps while preparing to buy a home after bankruptcy. While filing for bankruptcy can present financial challenges, it is crucial to understand that it does not permanently close the door on homeownership. Each type has specific requirements.

Bankruptcy

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?

FHA 203k rehab loan

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 23, 2025

Many lenders offer low-down-payment loans, like FHA loans with as little as 3.5% down or VA/USDA loans with 0% down for eligible buyers. While you’ll pay more over the life of the loan, a smaller down payment can help you get into a home sooner. Getting familiar with the numbers will put you in a position to win.

Mortgages

Redfin

JULY 30, 2025

Key takeaways: First-time homebuyer: Anyone who hasn’t owned a primary residence in the past three years Common first-time homebuyer qualifications: Credit score, debt-to-income ratio, down payment, income limits, employment history, purchase limits, homebuyer education Buying your first home?

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 2, 2025

This Redfin article explains how job changes impact the mortgage process and what lenders look for—whether you’re applying for a home loan in Raleigh, NC or preparing to close on a house in Denver, CO. Changing jobs before closing on a house Changing jobs just before closing can be riskier.

Pre-approval

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

Marco Santarelli

MAY 14, 2025

New Jersey: Close to New York, this densely populated state's robust real estate market helps keep rates in check. These rates may require you to pay points upfront, or they might be based on a borrower with an exceptionally high credit score or a very small loan ( Investopedia ). Shop Around: Don't settle for the first rate you see.

Mortgages

Redfin

JULY 18, 2025

Using Redfin’s mortgage calculator , on a $50k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $205,000 and below. What’s your debt-to-income ratio? What’s your debt-to-income ratio?

Debt-to-income ratio

Marco Santarelli

JULY 11, 2025

This includes credit score, income, debt-to-income ratio, down payment, and the type of loan you choose. They're influenced by a myriad of factors, including: Bond Market: Mortgage rates closely track the 10-year Treasury yield. The rate you actually get depends on your specific circumstances.

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. You have no control over who you loan gets sold to. Did you know if you file a Chapter 13 bankruptcy, you can immediately apply for an FHA loan? Happy house hunting!

Finance

Redfin

JULY 31, 2025

They cover topics like budgeting, building credit, mortgage options, house hunting, and closing. State and local programs: Cities and states may offer down payment assistance, forgivable loans, or closing cost help. Save for closing costs Closing costs are fees and expenses you’ll pay when finalizing the home purchase.

Purchase and sale agreement

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

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

Marco Santarelli

MAY 2, 2025

Following closely behind, you'll find relatively low rates in Tennessee, Texas, California, Florida, Michigan, North Carolina, and Pennsylvania. Remember, the rate you ultimately get will depend on your individual credit score, income, debt-to-income ratio, and other factors. What Makes Mortgage Rates Tick?

Mortgages

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

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

Marco Santarelli

JUNE 3, 2025

Factors like average credit scores, loan sizes, and foreclosure rates can all affect the rates lenders offer in a particular state. Your Financial Profile: Your credit score, income, debt-to-income ratio, and down payment all play a crucial role in determining the interest rate you'll receive.

Mortgages

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. Grants Unlike loans, grants don’t need to be repaid.

Debt-to-income ratio

Marco Santarelli

MAY 6, 2025

Here's a quick look at the national averages for different loan types: Loan Type New Purchase Rate 30-Year Fixed 7.00% FHA 30-Year Fixed 7.45% 15-Year Fixed 6.03% Jumbo 30-Year Fixed 6.95% 5/6 ARM 7.24% Source: Zillow It's worth noting that these are just averages. What's Driving Mortgage Rate Fluctuations?

Mortgages

Redfin

JULY 30, 2025

Here are some key factors that determine whether you’re ready to take on a mortgage: Credit score : Most conventional loans require a credit score of at least 620, while FHA loans may accept scores as low as 580. Income stability: Lenders typically want to see at least two years of consistent employment history.

FHA loan

Marco Santarelli

MAY 22, 2025

Your Individual Profile Matters: The rate you ultimately secure will depend on your credit score, income, debt-to-income ratio, and the size of your down payment. Factor in All Costs: Remember to consider other costs associated with buying a home, such as property taxes, homeowners insurance, and closing costs.

Mortgages

The Mortgage Report

JULY 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? Check your refinance eligibility.

FHA 203k rehab loan

Housing Wire

MARCH 25, 2021

Gone are the days when you had to put 20% down to get approved for a loan to purchase a home. For example, a conventional loan lets you put as little as 3% down. An FHA loan requires as little as 3.5% With these rates, it’s a bit easier to save a down payment , while still paying down debt. And so is owning a home.

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

JUNE 4, 2021

with an FHA loan. To determine what kind of house you can afford, you need to analyze your debt-to-income ratio (DTI). Your DTI shows how much money you put towards debt each month, and it’s relatively simple to calculate. . Step 3: Figure Out What You Can Afford. The truth is, saving money takes time.

Debt-to-income ratio

Housing Wire

APRIL 4, 2022

The spectacular and historic spike in interest rates will hurt most homebuyers, but one group is especially vulnerable: FHA borrowers. Over 80% percent of FHA purchasers are first-time homebuyers, and borrowers of color obtained over 40% of FHA loans last year, according to HUD.

FHA loan

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

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

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

HomeLight

OCTOBER 11, 2021

You’re getting ready to start shopping for a house, and you’re pretty certain you want to go with an FHA loan. The Federal Housing Administration backs loans with less strict credit requirements and low down payment options to help families become homeowners. How much house can you afford if you’re getting an FHA loan?

FHA loan

HomeLight

JUNE 16, 2023

If you’re selling to a buyer backed by an FHA loan , your home must clear an FHA appraisal for the loan to close. The FHA appraisal determines a property’s market value and ensures that the property meets the U.S. By contrast, most conventional loans require a credit score of 620 or above.

FHA loan